Anti-Money Laundering

Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) & Sanctions Compliance

Money laundering and terrorist financing can destabilise communities, economic sectors, or whole national economies. Criminals and terrorist networks may be able to carry out their criminal and potentially destructive activities through undetected financial support structures.

The AFSA as a supervisory authority is committed to maintaining a regime that acts as a significant deterrent to any criminal elements, including money launderers and persons wishing to assist, in any way, acts of terrorism.

Money laundering is the process of making illegally-gained proceeds (i.e., “dirty money”) appear legal (i.e., “clean”). Typically, it involves three steps: placement, layering, and integration. First, the illegitimate funds are furtively introduced into the legitimate financial system. Then, the money is moved around to create confusion, sometimes by wiring or transferring through numerous accounts. Finally, it is integrated into the financial system through additional transactions until the “dirty money” appears “clean.“ United States Treasury Department.

Terrorism financing refers to activities when any person by any means, directly or indirectly, unlawfully and willfully, provides or collects funds with the intention that they should be used or in the knowledge that they are to be used, in full or in part, in order to carry out an act of terrorism. International Convention for the Suppression of the Financing of Terrorism.

In this section you will find all the information relating to Anti-Money Laundering and Counter-Terrorist Financing.

Please be reminded that firms wishing to work at the AIFC must comply with both Kazakhstani AML/CFT Law and AIFC’s AML Rules. To do so, please explore carefully the resources presented in this section.