Georgian Banks Begin Blocking Transfers of Clients Over 60 Years Old

Several Georgian banks and payment services have started blocking transfers for clients over 60 years old, which financial monitoring algorithms consider "high risk." This information was reported by Civil.ge, citing a source from the National Bank of Georgia (NBG).

New rules began to take effect on September 1. Under these rules, card transfers exceeding 500 lari per month are considered suspicious by the NBG and are subject to additional verification measures. These measures include online trading, forex platforms, gambling and casinos, operations with cryptocurrencies, and virtual assets.

The bank also reserves the right to block a payment if the transfer amount is chosen from a suspicious pattern of transactions by a particular client.

The bank confirms the transfer blocking, and if the technical team manages to resolve the issue, the transfer is allowed.