National Bank: Georgia Has Met Most Requirements for SEPA Membership
The National Bank of Georgia (NBG) states that Georgia has fulfilled most of the requirements to join the Single Euro Payments Area (SEPA), and these efforts have been positively assessed by the Directorate-General for Financial Stability, Financial Services and Capital Markets Union of the European Commission (DG FISMA).
According to the NBG, significant legislative changes have been implemented in recent years to align Georgia’s financial regulations with SEPA standards. Notably, supervisory policies and practices have been brought in line with EU directives on anti-money laundering and the financing of terrorism (AMLD).
The NBG has issued and updated several regulatory documents, including guidelines for preventive measures, risk assessments for money laundering and terrorism financing, and risk management of correspondent banking relationships. Additional measures include the regulation of accompanying transfer information and the introduction of rules for the public disclosure of AML fines, which are expected to enhance transparency and legal compliance in the financial sector.
Another important development has been the regulation of virtual assets. Following amendments adopted by the Parliament of Georgia, the NBG created a regulatory framework for virtual asset service providers. This includes registration procedures, legal acts, and guidance documents, all of which have contributed to Georgia’s improved standing in Moneyval’s evaluation of Recommendation 15.
The NBG also reports that several remaining recommendations are in the process of implementation by relevant state agencies and the Bank itself. A central registry of bank accounts is being developed as part of the Instant Payment System (IPS) project to meet the requirements of relevant European directives.
The NBG emphasized that most of the technical and regulatory tasks related to SEPA accession have been completed. Based on the experience of other countries, this progress supports Georgia’s readiness for SEPA membership. The National Bank, along with other state agencies, continues to cooperate with EU institutions and expresses hope that the final decision on Georgia's SEPA membership will be positive.
