The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market has issued a resolution to amend various regulatory legal acts of the Republic of Kazakhstan concerning the regulation of financial organizations, reports Kazpravda.kz citing the press service of the state body.
It is reported that to minimize the risks associated with the use of banking services in the realm of illegal drug trafficking and digital assets, the following amendments have been made to the internal control rules:
- requirements have been established for banks regarding the automation of identifying transactions that exhibit characteristics corresponding to the typologies, schemes, and methods of legalizing (laundering) criminal proceeds and financing terrorism, as approved by the state body responsible for financial monitoring, related to:
1) illegal production, circulation, and (or) transit of drugs;
2) making payments and transferring funds to digital asset exchanges that are not participants in the International Financial Center "Astana," the list of which is formed by the authorized body;
3) making payments and (or) transferring funds to online casinos and internet gambling establishments.
- limitations have been set 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.