AFSA joins IOSCO I-SCAN initiative to strengthen investor protection against online fraud
The Astana Financial Services Authority (AFSA) has joined IOSCO[1]’s International Securities and Commodities Alerts Network (I-SCAN), a global cooperation platform for securities regulators to exchange information and coordinate efforts to combat online investment fraud and illegal financial activity. Joining I-SCAN provides AFSA with the opportunity to publish its fraud warnings in IOSCO’s global alert system.
The I-SCAN platform was established by IOSCO to address the growing risks associated with the rapid digitalisation of financial markets. As retail investors increasingly engage in capital markets via mobile applications, social media and online platforms, the prevalence and sophistication of fraudulent schemes are also rising. I-SCAN enables regulators to identify, flag and remove illegal investment offers more effectively, thereby strengthening investor protection and fostering greater trust in financial markets.
“AFSA’s participation in I-SCAN is an important step towards enhancing the security and transparency of the financial environment. By working alongside the international regulatory community and local authorities, we are reinforcing efforts to protect investors from fraud and raise awareness of unauthorised schemes and deceptive practices. Our priority is to maintain market stability and promote confidence in the financial system through timely alerts, increased transparency, and coordinated cross-border actions,” said Evgeniya Bogdanova, Chief Executive Officer of AFSA.
The I-SCAN initiative promotes strict oversight of investment products advertised online, close cooperation among regulators, and proactive removal of fraudulent content across digital platforms.
AFSA encourages local online platforms in the Republic of Kazakhstan to explore opportunities to engage with the I-SCAN framework. Cooperation between platforms and supervisory authorities supports the timely identification and prevention of misconduct. In line with IOSCO’s position, effective measures against online scams require effective internal controls, compliance with national regulations and prompt information sharing with regulators.
Joining I-SCAN will further enhance AFSA’s supervisory capabilities in the area of digital financial services and strengthen AIFC’s standing as a jurisdiction aligned with international standards.
AFSA is actively working to help investors reduce risks. Here are some key steps you can take to protect yourself:
- Beware of unauthorised financial firms. All financial services firms in the AIFC must be authorised by AFSA. If they’re not, it may be a scam. Check our official Public Register to confirm if a firm or individual is authorised, and always access the Register directly through this official website aifc.kz – never through email links or third-party websites.
- Know your rights. Be cautious when using online financial services. Share details only with verified providers. Read the terms of any offer carefully and know how your data will be used. Regularly review your bank statements for unusual activity. Only authorised firms can offer financial services and must clearly explain products, assess suitability, and provide key information, written agreements, and regular updates.
- Make informed decisions when dealing with digital assets. This is a higher-risk sector. Transactions are often irreversible, making losses hard to recover if you deal with unverified providers. In Kazakhstan, trading digital assets is only permitted on crypto exchanges licensed by AFSA.
- Stay vigilant. If you suspect you have been contacted by an unauthorised firm or individual offering AFSA-regulated services, report it to us using this form.
- Use multiple sources for verification. Always cross-check a firm’s legitimacy through trusted sources. Tools like I-SCAN offer international data to help you identify unauthorised activities and red flags before investing.
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 4,000 firms from 85 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 with a favourable legal and regulatory environment and a developed infrastructure for starting and doing business, attracting investment, creating jobs and developing Kazakhstan’s economy. https://aifc.kz/
Contact information:
Public Relations and Communications Division of AFSA: +7 (717) 264 73 43; +7 7172 61-37-45 email: [email protected]
[1] IOSCO (International Organization of Securities Commissions) is the international body that brings together securities regulators from over 100 jurisdictions with the aim of coordinating efforts to uphold the integrity, efficiency, and transparency of global financial markets.