In accordance with the law of Georgia on Commercial Banks, article 211:
A commercial bank operating in Georgia has the right to refuse to open an account or provide services (without any justification). A commercial bank has a right to refuse opening account or close an existing account if a customer refuses to provide requested information by the Commercial Bank in accordance with the Foreign Account Tax Compliance Act (FATCA).
In addition, the bank can also close a bank account, if the balance on the account is not enough to cover bank service fee and no operations has being made for at least one year. Accounts can be closed according to the current legislation as well as in accordance with the agreement between the bank and account owner.
Considering all above stated laws, regulations and rights, Foreign Account Tax Compliance Act (FATCA) as well as bank’s internal polices, JSC Silk Road Bank inform its customers that the bank is currently updating the data of the bank account holder(s) and those who will not provide all necessary information to the bank within 30 calendar days after the publication of this notice, the bank will use the right granted by the legislation and close such bank accounts and balances on this accounts will be transferred to "unclaimed accounts”, on which respective commission fee will be charged.
The commission rates are posted on the bank's website.
