AFSA Fines Verum Payments Limited

The Astana Financial Services Authority (AFSA) has imposed a financial penalty on Verum Payments Limited (“Company”) following regulatory breaches identified as part of an investigation conducted by the AFSA and resolved by settlement.

The AFSA fined Verum Payments Limited in the amount of USD 21,854 following settlement of the breaches.

The Company accepted the AFSA’s findings and agreed to settle the matter, accepting the financial penalty as determined by the AFSA. In addition, the Company has taken active steps to implement corrective measures to address the contraventions identified. As a result, the AFSA exercised its discretion to apply a 30% settlement discount to the financial penalty in accordance with paragraph 7.7.1 of the AFSA Enforcement Policy. The financial penalty referenced above incorporates this discount.

Summary of misconduct

Verum Payments Limited conducted Regulated Activity and made Financial Promotions prior to completing the required post‑authorisation conditions. Following the AFSA’s investigation, Verum Payments Limited developed a comprehensive action plan to address and remediate the identified contraventions.

Publication of settlement outcomes

At the time these enforcement matters were resolved, the AFSA Enforcement Policy did not mandate the publication of Decision Notices in settlement cases. Subsequently, the AFSA introduced a revised approach, which includes an undertaking to publish all outcomes of enforcement proceedings as part of its enhanced transparency framework.

As this case was investigated, settled, and concluded during the transition to the updated publicity regime, it was processed under the previous, non-publication framework. Accordingly, no Decision Notice will be published in respect of this matter.

As a result, the AFSA considers this press release to be an appropriate and sufficient means of publicly disclosing its enforcement actions, consistent with internationally recognised standards and practices underpinning credible deterrence.

Going forward, Decision Notices arising from the AFSA’s enforcement actions will be published in accordance with paragraphs 7.5.1 and 8.3.1 of the AFSA Enforcement Policy.

The AFSA will continue to monitor the Company’s implementation of its remediation actions to ensure sustained compliance with the AIFC regulatory framework.

Reference:

The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), 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. afsa.kz

The Astana International Financial Centre (AIFC) is an independent jurisdiction where investors and businesses meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law. aifc.kz

Public Relations and Communications Division of AFSA, [email protected]