Kazakhstan Unveils New Financial Regulations to Combat Illegal Activities
Click to start listening
Synopsis
Kazakhstan's Agency for Regulation and Development of the Financial Market has introduced new regulations to combat illegal activities, including drug trafficking and illicit digital assets circulation, while setting a one-year limit on foreign bank cards.
Key Takeaways
- New financial regulations introduced in Kazakhstan.
- Focus on illegal activities such as drug trafficking.
- One-year expiration limit on foreign-issued bank cards.
- Exemptions for businessmen, investors, and diplomats.
- Banks required to enhance transaction detection processes.
Almaty, Jan 15 (NationPress) The Agency for Regulation and Development of the Financial Market in Kazakhstan has rolled out a set of new regulations targeting drug trafficking, the illicit circulation of digital assets, and various other illegal activities.
The agency has established a one-year expiration limit on bank cards issued to non-residents. Necessary amendments have been made to the existing legal framework.
It was clarified that these new regulations do not affect payment cards that are already active. Businesspeople, investors, and diplomats are excluded from this policy.
The agency has also directed financial institutions to identify transactions related to the illegal production, trafficking, and transit of drugs, as well as payments and money transfers to digital platforms that are not linked to the Astana International Financial Centre, and transactions involving electronic and online casinos.
Additionally, banks must enhance their evaluation of clients who possess more than five cards from the same institution or three cards from different banks, as reported by Xinhua.
Moreover, banks are mandated to verify beneficial ownership details of businesses using official documentation, publicly available data, and other relevant methods to comply with these regulations.
Discussing the national agenda for 2025, Kazakh President Kassym-Jomart Tokayev highlighted earlier this month that despite ongoing geopolitical tensions, Kazakhstan has strengthened its position on the international stage as a mediator promoting peace dialogue, which positively influences the country's security and sustainable economic development.
The year 2024 posed considerable challenges for Kazakhstan, including external pressures and natural disasters. However, the nation not only managed the situation but also progressed with its reform initiatives, Tokayev stated.
Many projects and initiatives have been executed in this regard, and more are on the way, Tokayev added.
