The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan published an update on a law signed by the Head of State that amends several legislative acts and strengthens measures to restrict financial market access for persons and entities linked to the financing of terrorism and extremism. The law introduces a ban on individuals included in the relevant list of organizations and persons associated with the financing of terrorism and extremism from holding participation shares in the charter capital of insurance brokers. It also gives the Agency powers to apply supervisory measures to insurance broker participants and shareholders who are included in the list, including the right to require them to reduce their stake in an insurance broker’s charter capital to below 10%. Similar measures apply to banks, insurance organizations and investment portfolio managers, and the approach is presented as consistent with Financial Action Task Force standards. The amendments take effect 60 calendar days after the law’s first official publication.
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan 2025-07-09
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan gains powers to bar listed terrorism and extremism financing persons from insurance broker ownership and force stakes below 10%
Kazakhstan's Financial Market Agency announced a law restricting market access for entities linked to terrorism financing. It prohibits listed individuals from holding significant shares in insurance brokers and empowers the Agency to enforce stake reductions below 10%. These measures align with Financial Action Task Force standards and apply to banks, insurance organizations, and investment portfolio managers.