AFSA suspends the Licence of Sanity Capital Ltd following its failure to meet ongoing fitness and propriety requirements of the AFSA

The Astana Financial Services Authority (AFSA) has suspended the Licence of Sanity Capital Ltd after the firm had breached regulatory requirements in relation to the AFSA’s capital and liquidity requirements. Sanity Capital Ltd also failed to ensure that all mandatory appointments were filled at all times by Approved Individuals or Designated Individuals as required by the AFSA.

Despite Sanity Capital Ltd previously being ordered to resolve the above matters in a timely manner, it has not done so, so AFSA had to take measures.

The AFSA requires companies to comply with the minimum requirements set by the regulator and will not hesitate to take appropriate action against participants who persist in ignoring the regulator’s requirements and failing to present credible plans to meet them.

Deputy CEO of the AFSA Mr Gareth Ling said: “No clients of Sanity Capital Ltd suffered any detriment or were exposed to any undue risks, but this does not mean the AFSA’s minimum requirements to be a “fit and proper” person should be taken any less seriously by firms wishing to remain authorised to provide financial services in or from the AIFC”.

Reference:

The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), which is established in accordance with the Constitutional Law of the Republic of Kazakhstan “On the Astana International Financial Centre” for the purposes of regulating financial services and related activities in the AIFC. AFSA administers the AIFC Regulations and Rules and is responsible for the authorisation, registration, recognition and supervision of financial firms and market institutions in the AIFC.

Over 1,300 firms from 64 countries are registered in the AIFC. These firms provide banking, insurance, investment, professional and other services. The range of financial services offered at the AIFC is comparable to the list of services available in long-established financial centers of the world, such as London, Hong Kong, Singapore, Dubai and others. www.afsa.kz 

The Astana International Financial Centre (AIFC) is an independent jurisdiction that began operations in 2018. In accordance with the 2025 Development Strategy, the key task of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and South Caucasus. www.aifc.kz