New normative act adopted by SARAS

The adoption of the subordinate act is conditioned by the requirement in the Law of Georgia on Accounting, Reporting and Auditing that an obliged entity shall implement a compliance control system to meet the requirements of the Law.

The rule covers matters that an obliged entity needs to consider when implementing a compliance control system.

The adoption of the Rule ensures awareness raising of obliged entities and compliance with Georgian legislation on the one hand, and harmonization with EU Directives (2015/849 and 2018/843) and international standards, in particular the recommendations of the Financial Action Task Force (FATF), on the other.

Obliged entities have until 31 December 2024 to comply with the requirements set out in the above-mentioned Rule, which will provide them with the necessary transitional period.