SARAS publishes a draft order on the submission of risk supervision reports for feedback from interested parties

Based on the objectives of the Law of Georgia on Accounting, Reporting and Auditing and the Law of Georgia on Facilitating the Suppression of Money Laundering and Terrorism Financing, SARAS has developed a draft order of the Head of SARAS on the Approval of the Rule for Filling in and Submitting Reports for Supervising Risk of Money Laundering and Terrorism Financing by an Obliged Entity. 

The purpose of submitting reports provided for in the draft order is to enable SARAS, in accordance with the legislation, to proportionally supervise and assess the risks of money laundering and terrorism financing associated with accountants providing professional services, certified accountants, auditors, accounting firms and audit firms. In addition, the submission of reports in the initial phase of the reform will make it possible to significantly increase the level of awareness of the obliged entities, as well as to provide SARAS with timely information on the risks associated with those obliged entities.  

According to the draft, the obliged entity shall annually submit annual report on supervising the risk of money laundering and terrorism financing. The first report shall be submitted in 2025, when, as an exception, the obliged entity shall submit semi-annual and annual reports consisting of 7 forms.  

Reports will be submitted electronically through the relevant registries of obliged entities. Certified accountants providing independent services, unlike other obliged entities, will use the relevant tab of the registry of certified accountants on the SARAS website to submit their reports. SARAS will ensure building electronic reporting software by the end of 2024. 

The involvement of interested parties is important for the project, which is why SARAS publishes the draft order and its annexes in order to receive feedback. We invite you to familiarize yourself with draft order of the Head of SARAS on the Approval of the Rule for Filling in and Submitting Reports for Supervising Risk of Money Laundering and Terrorism Financing by an Obliged Entity and its annexes (“Reporting forms for legal entities”, “Reporting forms for natural persons”). 
As well as the following amendments: 

On Approving the Rule for Maintaining the State Registry of Accountants Providing Professional Services and the State Registry of Accounting Firms Electronically, their Structure and Design, the List of Information and the User Identification;
On Approving the Rule for Maintaining a Unified Registry of Certified Accountants;
On Approving the Rule for Maintaining the Website and Registry Electronically, their Structure and Design, the List of Information and the User Identification and Explanatory Note. 

Please submit suggestions and/or recommendations electronically by 15 May.