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SARAS Publishes the Draft Order of the Head of SARAS on the Implementation of the Compliance System by an Obliged Entity in the Direction of AML/CFT to Receive Feedback from Interested Parties

In accordance with Article 29 of the Law of Georgia on Accounting, Reporting and Auditing, SARAS has developed a draft Order of the Head of the Service for Accounting, Reporting and Auditing Supervision on the Implementation of the Compliance System by the Obliged Entity. 
This is intended to facilitate the establishment of a legal framework that indicates to obliged entities the minimum requirements that their compliance systems must meet. 
The implementation of the Rule will raise awareness among obliged entities and ensure their compliance with both Georgian legislation and international standards, namely the recommendations of the Financial Action Task Force (FATF) and EU Directives (2015/849 and 2018/843).

According to the Law of Georgia on Facilitating the Suppression of Money Laundering and Terrorism Financing “to fulfil requirements of this Law, the obliged entity shall implement internal policies, procedures, systems and mechanisms, which are consistent with the nature and size of its business, and associated money laundering and terrorism financing risks”. Accordingly, in order to ensure the implementation of the compliance system, the obliged entity must carry out the activities defined in the Rule.   

Approval of the project will help the obliged entities, which are accountable to SARAS, to fulfil their obligations under the Law of Georgia on Facilitating the Suppression of Money Laundering and Terrorism Financing.  

In the project development process, the involvement of interested parties is important. That’s why SARAS publishes the draft project in order to receive feedback. Please familiarize yourself with the draft Order of the Head of SARAS on the Implementation of the Compliance System by an Obliged Entity and the Explanatory Note. 

Please submit your suggestions and/or recommendations in an electronic form by 4 March.