The Central Bank of Georgia will launch a money laundering (AML) investigation into crypto companies.
The Central Bank of Georgia will initiate mandatory inspections of virtual asset service providers (VASPs) from September 1, 2023.
Georgia Central Bank to Open Mandatory Money Laundering Investigations
It will open money laundering investigations aimed at increasing Georgia’s compliance with Russia and western sanctions against Russia. This attitude of the Central Bank of Georgia was interpreted as an important step in the fight against black money.
Central bank officials state that these inspections will help monitor sanctions and that the financial sector attaches great importance to this issue.
In addition, the central bank is preparing to impose some restrictions on foreign bank account holders. From September 1, Russian citizens will not be able to instantly withdraw more than 20 percent from their savings account. This measure is aimed at supporting Georgia’s economic stability, as the Russians’ increasing foreign currency deposits.
These developments come at a time when the Georgian government is preparing to pass legislation on cryptocurrencies. A local bill aims to align crypto regulation with European Union directives, giving legal status to organizations trading digital assets. The upcoming crypto rules are aimed at preventing issues such as money laundering and terrorist financing, and aim to contribute to making Georgia a global crypto hub.
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