Opening and Operating Bank Accounts
Opening and Operating Bank Accounts
Opening and Operating Bank Accounts
Dealing in Investments as Principal
Dealing in Investments as Agent
Managing Investments
Managing a Collective Investment Scheme
Providing Custody
Arranging Custody
Providing Trust Services
Providing Fund Administration
Advising on Investments
Arranging Deals in Investments
Managing a Restricted Profit Sharing Investment Account
Islamic Banking Business
Providing Islamic Financing
Insurance Intermediation
Operating a Representative Office
Accepting Deposits
Providing Credit
Advising on a Credit Facility
Arranging a Credit Facility
Providing Money Services
Effecting Contracts of Insurance
Opening and Operating Bank Accounts means one or more of the following activities:
- Opening and operating Bank Accounts;
- Services enabling funds to be placed on a Bank Account as well as all the operations required for operating a bank account; and
- Services enabling funds withdrawals from a Bank Account as well as all the operations required for operating a Bank Account.
General requirements
5 000 USD
*According to AIFC Fees Rules 5.1.1., the application may not be regarded by the AFSA as submitted, and therefore ready to be reviewed, until the fee has been paid in full.
Therefore, when the application is ready for submission, please send us a completed request for invoice (please follow the link to download the form) and after that we will issue the invoice for payment. If the payment to be made by a natural person, then please provide a copy of his/her ID as well.
In accordance with the AIFC Fees Rules 1.1-1. an applicant seeking to conduct Regulated Activities in relation to Digital Assets, must pay to the AFSA an additional application fee in the amount of 2 000 USD.
Registration fee is 300 USD (paid once) if you apply via the self-service portal and 500 USD (paid once) if you apply on paper via [email protected].
3 000 USD
- Appointment of a Board of Directors;
- Appointment of approved and designated individuals (SEO, Finance Officer, Compliance Officer, MLRO and a deputy MLRO, Risk Manager, Internal Audit Manager);
- Appointment of committees within the company (Risk Committee, Compliance Committee etc.);
- AML Policy
- Compliance Manual
- Compliance Monitoring Program
- Risk Management Policy
- Remuneration Policy (AIFC GEN Rules 5.3.7.)
- Outsourcing Policy (AIFC GEN Rules 5.2.)
- Business Continuity Plan/Disaster Recovery Plan (AIFC GEN Rules 5.8.4.)
- Conflict of Interest (AIFC GEN Rules 5.6.)
- Credit Risk Management Policy (AIFC Banking Business Prudential Rules 9.)
- Market Risk Management Policy (AIFC Banking Business Prudential Rules 6.1)
- Operational Risk Management Policy (AIFC Banking Business Prudential Rules 7.1)
- Interest Rate Risk Management Policy (AIFC Banking Business Prudential Rules 8.1)
- Concentration Risk Policy (AIFC Banking Business Prudential Rules 5.25)
- Large Exposure Policy (AIFC Banking Business Prudential Rules 5.26)
- Trading Book policy (AIFC Banking Business Prudential Rules 6.2)
- Liquidity Risk Management Policy (AIFC Banking Business Prudential Rules 9)
- Group Risk Management Policy (AIFC Banking Business Prudential Rules 10.2)
- Disclosure Policy (AIFC Banking Business Prudential Rules 12.2)
*By clicking here you can find guides to the minimum requirements for some policies and procedures.
Application package
Supplement Trading Facilities
Application Approved Individual status
Application Designated Individual status
Financial projections template
Request for Invoice
Fit and Proper Questionnaire for Controllers
Application RA (standard)_A08
Supporting documents
- Incorporation certificate of Parent/head office (if applicable)
- Board minutes approving establishment of the AIFC entity
- Résumés/CVs for Controllers that are natural persons
- Résumés/CVs for the members of the Board of Directors (both executive and non-executive) as applicable
- Last audited accounts (if applicable)
- Last audited Group accounts (if applicable)
- A shareholding chart that depicts how the applicant is related to each of its shareholders (including natural persons) and to its related entities, Subsidiaries, and head office/Branch, as applicable
- An organisation chart depicting the key appointments and reporting lines and, where applicable, the reporting lines to the Group or head office
- If the applicant is a start-up evidence of source of funds
- Evidence, such as non-binding letters of engagement, to support the applicant’s revenue-stream estimations in the financial projections
- If the applicant is a start-up, a copy of the Shareholders’ agreement
- Copies of any Board and management committees’ terms of reference
- A copy of each Controller’s Kazakhstani ID card (if a Kazakhstani citizen or resident)
- A copy of each Controller’s passport (for non-Kazakhstani citizens)
- If your Parent is regulated in another jurisdiction provide a copy of its regulatory licence. It must include any restrictions or conditions
- A copy of the applicant’s interbranch accounting policy (if applicable)
- Standard Client Agreement
- List of above-mentioned policies and procedures
*Under AIFC Financial Services Framework Regulations 31 (5), the AFSA may require the applicant to provide additional information reasonably required for the AFSA to be able to decide the application