The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has adopted amendments to banks’ anti-money laundering and counter-terrorist financing internal control requirements and to the risk management and internal control framework for second-tier banks and branches of non-resident banks, aiming to reduce misuse of bank services linked to illegal drugs and digital assets. The changes require banks to automate the detection of transactions exhibiting characteristics that match money laundering and terrorism financing typologies, schemes and methods approved by the state body responsible for financial monitoring, including activity connected to illegal drug production, circulation and/or transit, payments and transfers to digital asset exchanges that are not participants of the Astana International Financial Centre (based on a list maintained by an authorised body), and payments and/or transfers to electronic and internet casinos. The package also limits the validity period of payment cards for Kazakhstan non-residents to 12 months and reduces the number of payment cards permitted per client.

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