The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market has issued a resolution to amend certain regulatory legal acts of the Republic of Kazakhstan regarding the regulation of financial organizations' activities, reports Kazpravda.kz citing the press service of the government agency.
It is reported that to minimize the risks associated with the use of banking services in the illegal drug trade and digital assets, the following amendments have been made to the internal control rules:
- requirements have been established for banks to automate the detection of transactions that exhibit characteristics corresponding to the typologies, schemes, and methods of money laundering and terrorist financing, as approved by the government agency responsible for financial monitoring, related to:
1) illegal production, circulation, and/or transit of drugs;
2) making payments and money transfers in favor of digital asset exchanges that are not participants of the International Financial Center "Astana," the list of which is formed by the authorized body;
3) making payments and/or money transfers in favor of electronic casinos and internet casinos.
- restrictions have been imposed on the validity period of payment cards for non-residents of the Republic of Kazakhstan – 12 months;
- the number of payment cards per client has been reduced.