The Astana Financial Services Authority has imposed financial penalties on Veritas Group Limited and S1LK PAY Ltd after separate investigations found regulatory breaches under the AIFC framework. Veritas was fined USD 18,072 and S1LK PAY USD 19,224. Both firms accepted the findings, settled the matters, and took corrective action, with the penalties reflecting a 30% settlement discount under the AFSA Enforcement Policy. Veritas carried on activities requiring AFSA authorisation without the appropriate licence and made Financial Promotions in breach of applicable requirements. It has since ceased the unauthorised activities and withdrawn the related promotional materials. The investigation into S1LK PAY found deficiencies in its systems and controls framework for ongoing compliance with regulatory requirements and the fundamental principles set out in the Acting Law of the AIFC. The firm cooperated with the AFSA and developed a remediation plan, and the AFSA will continue to monitor both companies' implementation of remedial actions. No Decision Notices will be published for these cases because they were investigated, settled, and concluded during the transition from the previous framework, which did not require publication in all settlement cases, to a revised approach under which all enforcement outcomes will be published. The press release therefore serves as the public disclosure for these matters, while future Decision Notices will be issued in line with the updated Enforcement Policy.

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