A new normative act on the approval of the rule for the completion and submission of AML/CFT risk supervision reporting forms by obliged entities has entered into force

On 9 December 2024, the Head of the Service for Accounting, Reporting and Auditing Supervision (SARAS) issued Order No. N-16, which approves the rule for the completion and submission of AML/CFT risk supervision reporting forms by obliged entities. 

Pursuant to the new rule, obliged entities (certified accountants, accountants providing professional services, accounting firms, auditors and/or audit firms) are required to submit their annual AML/CFT risk supervision report for the reporting period from 1 January to 31 December of each year by 31 January of the following year.

The exception is:
a) the level of AML/CFT risk of the obliged entity and/or other factors relevant for AML/CFT purposes, on the basis of which a different reporting period (shorter or longer) is determined for a particular obliged entity by decision of SARAS;
b) submission of the first report, i.e. for the 2025 reporting period, obliged entities shall submit their annual reports for the reporting period from 1 March 2025 to 31 December 2025. Obliged entities are required to submit this report immediately, at the latest by 31 January 2026. 

The report includes 7 forms relating to the client's activities, their geographical area, types of transactions and other important aspects. The forms also contain information on the reports sent to the Financial Monitoring Service of Georgia on suspicious transactions or attempts to prepare, conclude or execute such transactions, as well as information on the implementation of existing recommendations.
The rule enables SARAS to effectively assess the primary AML/CFT risks of an obliged entity using a risk-based approach and to conduct effective supervision in accordance with international and local practices.
SARAS will provide electronic reporting software in accordance with the requirements of the aforementioned rule by the end of 2024.