Title: Georgia’s Auditors and Accountants Receive AML/CFT Compliance Training

The Council of Europe, in collaboration with the Service for Accounting, Reporting and Auditing Supervision (SARAS), hosted an online training program for Georgian auditors and accountants on “Anti-money laundering/countering financing of terrorism (AML/CFT) compliance” in late December 2021.

Capacity-Building Effort

The training program aimed to educate SARAS, as the country’s AML/CFT supervisory institution, on raising awareness among auditors and accountants about their potential money laundering and terrorism financing risks. The initiative reached 40 private sector representatives as well as participants from SARAS and the Financial Monitoring Service (FMS).

Collaborative Approach

The collaboration between the supervising authority, the FIU, and reporting entities underscored the importance of effective AML/CFT implementation and information sharing. FMS representatives provided insights into the application of Georgia’s 2019 AML/CFT legal framework and addressed the risks faced by auditors and accountants per the 2019 National Money Laundering and Financing of Terrorism Risk Assessment of Georgia.

Key Training Topics

• Relevant international standards
• Typical AML/CFT offenses
• Red flags and risk assessment

Benefits for Participants

Georgian auditors and accountants, as designated entities under the Georgian Law on AML, gained valuable insights on:

• Identifying and verifying customers
• Reporting suspicious activities and transactions
• Efficiently implementing a Risk Based Approach (RBA)

Request for Additional Training

The event’s success prompted SARAS to request two additional similar trainings in early 2022, further emphasizing the need for capacity-building initiatives in Georgia’s AML/CFT compliance sector.

International Initiatives

This training forms part of the Council of Europe’s efforts to strengthen Georgian non-financial institutions’ AML/CFT compliance with international requirements. The project, “Enhancing the systems of prevention and combating corruption, money laundering and terrorist financing in Georgia,” is funded by the European Union and the Council of Europe.

Key Takeaways

• The Council of Europe and SARAS collaborated to provide training on AML/CFT compliance for Georgian auditors and accountants.
• Participants from SARAS, the FIU, and the private sector attended the event.
• Training topics covered relevant international standards, offenses, and red flags.
• The increased demand for these trainings underscores the importance of AML/CFT compliance and collaboration between institutions in Georgia.