Transfer to Georgia Rejected? What Is Really Behind the Sanctions Screening at SOLO and TBC

The situation: rejected transfers between own accounts

In recent weeks several of our clients have reported a similar experience: a perfectly normal transfer from their own US or German account to their own SOLO or TBC account in Georgia was suddenly rejected, although it had never been a problem before.

This article explains what is behind it, why it is no reason to give up Georgia as a banking location, and how you can avoid rejections in future. As SWICOR (Swiss Corporate Solutions Ltd.) we support remote account opening in Georgia and accompany you in exactly these situations as well.

What actually happened in summer 2026

Within just a few months, three Western sanctions authorities targeted Georgia-related players:

Expert analyses interpret this development as Georgia increasingly being perceived as a country used by both Russian and Iranian actors to evade sanctions – citing, among other things, a high number of Iranian company registrations in the country.

This is the geopolitical backdrop against which Western banks have tightened their sanctions screening for all payment traffic with Georgia – regardless of whether an individual transaction actually has any connection to the sanctioned parties.

Why Citibank and Deutsche Bank of all banks

It is no coincidence: both Citibank (New York and London) and Deutsche Bank (Frankfurt and Deutsche Bank Trust Company Americas in New York) are among the correspondent banks through which TBC Bank processes its international USD and EUR payments. Since Bank of Georgia (and thus SOLO), as the second of the two dominant London-listed Georgian banks, maintains a similarly structured international payments setup, a comparable or partly overlapping correspondent network is likely.

What this means in practice

Every USD transfer to a Georgian account passes through one of these US correspondent banks, every EUR transfer through a European one. These very institutions – global banks with their own independent sanctions compliance – have demonstrably made their automated screening systems more sensitive for all payment traffic with Georgia in response to the three sanctions rounds.

A transaction does not itself have to be connected to a sanctioned person in any way. It is enough that automated filters currently classify the destination country as higher risk and route the transaction to manual review – or reject it outright if documents are missing.

Why this is not a "Georgia ban"

Important for putting this into context: there is no blanket sanctions regime against Georgia as a country, and it remains entirely legal to transfer money to a Georgian account. What has changed is the depth of screening by correspondent banks – not the legal situation itself.

Both major Georgian banks have also publicly confirmed that they comply with and actively implement US, EU and UK sanctions requirements – which makes their own compliance departments stricter as well.

The actual sanctions apply exclusively to specifically named persons, organisations and the crypto service providers mentioned – not to the broad mass of private clients or entrepreneurs with a normal, well-documented business relationship. The currently higher rejection rate mainly affects transactions where the purpose, source of funds or client profile is not sufficiently up to date or plausibly documented at the bank.

Why Georgian banks remain a good choice

Paradoxically, this stricter screening is also a sign of integrity: both TBC Bank and Bank of Georgia are listed on the London Stock Exchange and therefore bound by strict international disclosure and compliance standards. Both have already shown that they respond to US and EU sanctions decisions – for example when they ended their cooperation with the sanctioned Russian payment provider Unistream in 2024.

A bank that actively and demonstrably implements sanctions requirements is, in the long run, the more reliable choice for serious international clients than an institution that ignores such issues and could itself become a sanctions risk.

In addition, Georgia's fundamental advantages as a banking location – stable multi-currency accounts, personal service, attractive terms and a banking landscape that is solid by regional standards – remain unaffected. The current situation is a temporarily higher documentation effort, not a structural reason to move away from Georgia.

Practical steps to avoid a rejection

If you are planning a transfer to your own Georgian account, bear the following points in mind:

1. 1Inform your personal relationship manager in advance. Both SOLO and TBC Concept provide a personal adviser. Announce larger transfers in advance and ask specifically which documents should be on file so the bank can confirm a plausible overall picture to the correspondent bank.
2. 2Give a clear, detailed payment reference. Vague references such as "Transfer" or "Self" are more likely to be flagged as a risk by automated filters. A clear wording such as "Transfer of personal savings between own accounts, no commercial background" gives the correspondent bank immediately usable information.
3. 3Keep up-to-date evidence ready. Statements from the sending bank, proof of source of funds or proof of income should be available at short notice in case the correspondent bank or the Georgian bank asks questions.
4. 4Expect additional review time for larger amounts. Transactions from a higher five-figure amount in particular are currently reviewed manually more often – plan a time buffer.
5. 5After a rejection, do not simply try the same route again. If a transfer has been returned, it should not be resubmitted unchanged. First clarify with your relationship manager which additional information is required.

How SWICOR supports you

Experienced support is particularly valuable in exactly these situations. As SWICOR (Swiss Corporate Solutions Ltd.) we have established contacts with the relevant people at SOLO and TBC Concept and help you to

• ✛identify and correctly prepare the evidence currently required by the bank in advance,
• ✛word your payment purpose and client profile so that automated screening systems detect no unnecessary risk,
• ✛clarify directly with your personal banker, after a rejection, which additional information is needed for a new attempt,
• ✛and set up your overall account structure so that it remains robust under stricter sanctions screening.

Conclusion

• ✛Three consecutive sanctions rounds (UK May, EU July, US August 2026) against Georgia-based crypto players have noticeably raised Georgia's perceived country risk at international correspondent banks.
• ✛Citibank and Deutsche Bank are confirmed correspondent banks of TBC Bank – their stricter screening plausibly explains why even harmless own-account transfers can suddenly be affected.
• ✛There is no blanket sanctions regime against Georgia – it targets specifically named parties, not the broad mass of private clients.
• ✛Georgian banks remain a good choice, precisely because they demonstrably respond to Western sanctions requirements and are bound by international compliance standards.
• ✛Good preparation – a clear payment reference, current evidence and prior coordination with your relationship manager – considerably reduces the risk of rejection.

Frequently asked questions