Summary
Under the Tax Code of Georgia, banks can disclose taxpayer account information to the Revenue Service for tax purposes. A renewed power of attorney is required if a companys director changes. Banks must adhere to currency transaction rules by the National Bank of Georgia. For acquiring services, banks can partner with platforms selling third-party products, needing a merchant agreement and compliance documents.Full Conversation
The bank's client is "LLC Company", on whose behalf Giorgi Giorgadze performed operations in the bank based on a perpetual power of attorney issued by the company's director, Nikoloz Gegchkori, on March *, *. According to the extract from the Business Register, from February *, *, Nikoloz Gegechkori will no longer be the director of the Company LLC. Discuss whether it is necessary to submit a renewed power of attorney to the bank for Giorgi Giorgadze to perform banking operations from the Company LLC accounts.
In this situation, it is necessary to submit a renewed power of attorney for Giorgi Giorgadze to continue performing banking operations for LLC Company. Once Nikoloz Gegchkori is no longer the director, the validity of the previous power of attorney may be questioned. A new power of attorney should be issued by the new director to ensure uninterrupted operations and compliance with legal requirements.
A bank customer uses a term deposit in U.S. dollars. The monthly commission for the deposit service is * GEL. In order to pay the said commission, the customer applied to the bank with an order to transfer * U.S. dollars to the account, the purpose of which was indicated as the monthly commission for the term deposit. The bank refused to accept the said amount, regarding which the customer is filing a claim. Based on the Order of the President of the National Bank of Georgia on Approval of the Rules for Payment Transactions Discuss whether the bank should perform the transaction under the conditions specified above;
In Georgia, banks must comply with the regulations set by the National Bank of Georgia. If the bank's refusal is based on the requirement that transactions must be conducted in the currency specified for the payment (here, * GEL), their stance might be valid. However, if the regulations allow for conversions or partial payments, the refusal could be contested. It would be advisable to review the specific rules on currency conversion and transaction requirements from the National Bank of Georgia.
A company that allows users to purchase products from various Georgian designers through its website has applied to the bank for the purpose of using the acquiring service. Based on the Order of the President of the National Bank of Georgia on Approval of the Regulation on Card Instruments Discuss whether the bank can provide services to a company on whose website third parties sell their products. If the answer is yes, describe with which party and what type of documents will be required to provide such services;
Case Rating: *
Based on the Order of the President of the National Bank of Georgia on Approval of the Regulation on Card Instruments, a bank can provide acquiring services to a company with a platform where third parties sell products. Key documents likely required include:
- Merchant Agreement with the platform
- KYC documents for the platform and selling parties
- Compliance with anti-money laundering regulations
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