The Rule for Understanding the Customer’s Ownership and Control (Governance) Structure and Identification and Verification of a Beneficial Owner by the Obliged Entity Entered into Force

The Rule for Understanding the Customer’s Ownership and Control (Governance) Structure and Identification and Verification of a Beneficial Owner by the Obliged Entity has been approved in accordance with the Law of Georgia on Accounting, Reporting and Auditing and the Law of Georgia on Facilitating the Prevention of Money Laundering and the Financing of Terrorism.

The purpose of the Rule is to provide guidance to obliged entities on the process of understanding the customer’s ownership and control (governance) structure and identification and verification of the beneficial owner. This, in turn, will assist obliged entities in carrying out their work processes in accordance with the Law, the Financial Action Task Force (FATF) recommendations and the EU money laundering directives (2015/849 and 2018/843).