I-SCAN

AFSA’s participation in global initiatives (IOSCO, FATF, etc.) helps counter cross-border schemes. For example, the IOSCO I-SCAN project has become an international “blacklist” of fraudulent practices and platforms. Cooperation with foreign counterparts enables swift information exchange and joint investigations.

AFSA Joins Global Effort to Combat Online Investment Fraud

AFSA has joined the International Securities and Commodities Alerts Network (I-SCAN), a global initiative led by the International Organization of Securities Commissions (IOSCO). I-SCAN serves as a collaborative platform for regulators worldwide to exchange information, coordinate responses, and combat fraudulent financial activity online.

By joining I-SCAN, AFSA publishes scam warnings on IOSCO’s global alert system, enhancing its ability to identify, track, and remove illegal investment offerings more effectively.

“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,”
— Evgeniya Bogdanova, Chief Executive Officer of AFSA

Why I-SCAN Matters

The I-SCAN initiative was established in response to the increasing digitalisation of financial markets. With more retail investors using mobile apps, social media, and online platforms to access capital markets, fraudulent schemes have become more sophisticated and widespread.

Through I-SCAN, AFSA and other regulators are able to:

Monitor and remove illegal investment promotions
Share intelligence and coordinate enforcement actions across borders
Improve the speed and accuracy of investor alerts

Partnering with Local Platforms

AFSA encourages online platforms in Kazakhstan to explore collaboration with the I-SCAN framework. Strong cooperation between platforms and regulators supports:

Faster identification of scams
Prevention of unauthorised offerings
Better compliance with local and international standards

Effective fraud prevention also requires platforms to maintain strong internal controls, follow national regulations, and share timely information with supervisory authorities.

How You Can Protect Yourself

AFSA is committed to helping investors stay informed and safe. Here are steps you can take to reduce your risk:

✅ Verify Authorisation: All financial services firms in the AIFC must be authorised by AFSA. Use the Public Register on our official website to check a firm’s status.
✅ Be Cautious Online: Share personal or financial data only with verified providers. Review agreements carefully and be alert to suspicious activity in your accounts.
✅ Digital Assets Require Extra Caution: Only licensed crypto exchanges may operate in Kazakhstan. Dealing with unlicensed providers increases your risk of irreversible loss.
✅ Report Suspicious Activity: If you are contacted by an unauthorised firm or suspect fraud, report it via the link.
✅ Use Trusted Sources: Cross-check investment offers through official channels. Tools like I-SCAN help identify red flags and unauthorised activity.

By joining I-SCAN, AFSA strengthens its oversight of digital financial services and reinforces the AIFC’s alignment with global regulatory standards.

Disclaimer: While I-SCAN is a valuable resource for identifying and monitoring potential fraud and unauthorised financial activity, it is not exhaustive and only one of many tools investors should use when assessing the legitimacy of a firm or investment offer.

The absence of a firm from the I-SCAN database does not necessarily mean the firm is legitimate or fully compliant. I-SCAN primarily includes alerts and warnings issued by participating regulatory authorities, and not all unlicensed or fraudulent entities may be listed at any given time.

Investors are strongly encouraged to take a multi-layered approach to verification, which includes:

Checking the firm’s status on the AFSA Public Register or the equivalent regulator in the firm’s home jurisdiction.
Reviewing licensing details, company registration numbers, and authorised services.
Being cautious of unsolicited offers, especially those made via social media, messaging apps, or unverified websites.
Seeking advice from financial professionals or contacting the relevant regulatory authority if in doubt.