In the modern financial system, a state-of-the-art Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) program is not an option; it is a fundamental pillar of corporate integrity and a mandatory requirement for your license to operate. For banks, payment service providers, asset managers, and other financial institutions in Georgia, compliance is a continuous and rigorously enforced obligation. A failure in your AML framework can result in severe sanctions from the National Bank of Georgia (NBG), the loss of correspondent banking relationships, and irreversible damage to your public trust. Legal Sandbox Georgia provides expert, hands-on legal counsel to design, implement, and audit a formidable AML/CFT compliance program that satisfies regulators and protects your institution from financial crime.
We architect a bespoke AML/CFT compliance program that is meticulously tailored to your specific business model and risk profile. This involves drafting your core internal AML policy, designing a robust risk assessment methodology, and establishing clear, actionable internal control procedures. We ensure your framework is fully compliant with the Law of Georgia on Facilitating the Prevention of Money Laundering and Terrorism Financing and aligns with the global standards set by the Financial Action Task Force (FATF).
The core of any effective AML program is knowing who you are doing business with. We provide practical assistance in implementing rigorous Customer Due Diligence (CDD) and Know-Your-Customer (KYC) processes. This includes structuring your client onboarding workflow, establishing enhanced due diligence (EDD) protocols for high-risk clients and Politically Exposed Persons (PEPs), and advising on transaction monitoring systems designed to effectively detect and flag suspicious activity for reporting to the Financial Monitoring Service of Georgia.
A compliance program is only as effective as its execution. We conduct independent AML audits to assess the effectiveness of your current policies and controls, identifying any weaknesses or gaps before they are discovered by regulators. Furthermore, we develop and deliver customized AML training programs for your employees and management, fostering a powerful, organization-wide culture of compliance.