Bank Of Georgia Kyc Form Updated May 2026

A new, standalone annex has been added. It asks not only about the account holder’s political status but also about close associates (business partners) and family members living in the same household.

Common mistakes that cause rejection:

This is perhaps the most critical update for foreign account holders. The Bank of Georgia KYC form updated version separates tax residency by country. For each jurisdiction where you are tax resident, you must provide:

Bank of Georgia will report the account balance, interest, and gross proceeds to the tax authority of your country of residence if it is a CRS-participating jurisdiction (including all EU countries, UK, China, India, UAE, etc.). bank of georgia kyc form updated

The global financial landscape is shifting toward greater transparency. International bodies like the Financial Action Task Force (FATF) have repeatedly called for stricter controls on shell companies, anonymous beneficiaries, and cross-border cash flows. Although Georgia is not on the FATF “grey list,” the country is actively working to maintain its reputation as a compliant and reliable financial hub.

The Bank of Georgia KYC form updated initiative is driven by three primary factors:

Failure to submit the updated KYC documentation by the bank’s specified deadline—typically 30 to 90 days from notification—may result in restriction of online banking access or suspension of outgoing transfers. A new, standalone annex has been added

To understand the "what," one must first understand the "why." Bank of Georgia has not arbitrarily changed its paperwork. Three major drivers forced this revision:

Q: Is there a fee to submit the updated KYC form? A: No. Bank of Georgia does not charge for KYC updates. However, notarization of documents (if required) carries a cost of 10-50 GEL per page at a Georgian notary office.

Q: Do I need to visit Georgia to submit the form? A: Not necessarily. If you are a non-resident with a standard personal account, you can complete the form online and upload notarized copies. For corporate accounts or complex ownership structures, a video call with a compliance officer may be mandatory in lieu of a physical visit. Bank of Georgia will report the account balance,

Q: What if I refuse to provide my foreign TIN? A: Under CRS rules, Bank of Georgia is legally obligated to report accounts without a TIN as “undocumented.” This may lead to withholding taxes or account restriction. It is strongly recommended to provide the TIN.

Q: My company structure changed after submitting the form. What should I do? A: You must file an updated KYC form within 30 days of any change to directors, UBOs, or authorized signatories. Use the “Amendment” section of the form.