Sophia Asanidze

Information

Title

Deputy head of money laundering inspection and supervision department

Biography

My compliance experience spans almost 20 years. My career progression in supervision was greatly influenced by my experience in the private banking sector. Approaching processes from a business standpoint enabled me to maintain a balanced approach as a supervisor. Notable project I spearheaded was the implementation of off-site supervision for financial sector in 2015. Together with my team I developed a risk matrix to gather sector information and assign risk, facilitating the effective determination of risk-based supervisory measures. Our off-site risk assessment model has been adopted by several countries, including those in Europe, to enhance the efficiency of their supervisory processes. In 2020, Moneyval (Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism) evaluated Georgia's compliance with FATF 40 Recommendations. This involved extensive work, such as updating guidance documents for financial institutions, establishing a new supervisory framework, and conducting sector training. I led this entire process, which resulted in a positive evaluation of the National Bank of Georgia. Subsequently, I was chosen as an evaluator for Moneyval. As a result, in 2022, I participated in evaluating Romania's AML/CFT system in terms of preventing money laundering and countering the financing of terrorism which I think was a great experience. Since January 2023, I serve as the Head of the AML Department and play an active role in implementing the VASPs supervisory framework and ensuring international sanctions compliance. The supervisory measures carried out together with my team significantly contributed to receiving positive responses from international partners, positioning our country as a regional leader in both areas.