AFSA holds a face-to-face meeting with the EAG assessors’ team on the implementation and effectiveness of measures to combat money laundering, terrorist and proliferation financing
Representatives of the Astana Financial Services Authority (AFSA) have had a face-to-face meeting with assessors of the Eurasian group on combating money laundering and financing of terrorism (EAG).
A mutual evaluation of the national AML/CFT system of Kazakhstan (The Republic of Kazakhstan and AIFC) is currently underway for conformity to international AML/CFT standards.
The purpose of the meeting was to reach consensus on the key issues arisen during the formation of the Mutual Evaluation Report.
During the session, the assessment team and the assessed State should work to resolve disagreements on technical compliance and effectiveness and identify potential priority issues for discussion at the Working Group on Mutual Evaluations and Legal Issues meeting / Plenary Meeting. This is a key step before the defense of the Mutual Evaluation Report in June 2023 at the EAG meeting.
During 2021–2022, with the direct participation of the Financial Monitoring Agency of the Republic of Kazakhstan, the AIFC financial regulator (AFSA) has implemented the main measures aimed at strengthening the AML/CFT regime and increasing the level of technical compliance with the requirements of the Recommendations of the Financial Action Task Force (FATF).
EAG assists member-states in the implementation of 40 FATF Recommendations. The results of typological research allow us to identify the most high-risk areas and sectors and build an effective risk management methodology. As a result of the work carried out to date, AML/CFT requirements are reflected and detailed in more than 80 AIFC Acts that regulate various areas of our participants’ activities.
According to the AML/CFT Law of the Republic of Kazakhstan, AIFC participants are subjects of financial monitoring, and AFSA as the Financial Regulator is designated as the body that controls their compliance with the current AIFC law on AML/CFT issues.
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 1,800 firms from 72 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
Contact information:
PR and Communications Division of AFSA
+7 (717) 264 73 43; +7 7172 61-37-45
