Anti-Money Laundering

Anti-Money Laundering

  • 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

  • The Republic of Kazakhstan AML Legislation

The Law of the Republic of Kazakhstan No 191-IV dated 28 August 2009 on counteracting legalisation (laundering) of proceeds obtained through criminal means and financing of terrorism and other existing legal acts of the Republic of Kazakhstan in the field of AML/CFT - https://www.gov.kz/?lang=en

  • National Risk Assessment (NRA - 2021).

Russian version 
Kazakh version
English version_Report Structure Republic of Kazakhstan on national risk assessment of legalization (laundering) of criminal proceeds
English version_National Risk Assessment of the Financing of Terrorism and Proliferation of Weapons of Mass Destruction

  • AIFC AML/CTF Legal Regime

Anti-Money Laundering, Counter – Terrorist Financing and Sanctions Rules

  • The AML Module of the AFSA Rulebook

The AML Module of the AFSA Rulebook contains all of the AFSA requirements on Anti-Money Laundering, Counter-Terrorist Financing, and relevant sanctions in one module.

The AML module has been designed to provide a single reference point for all persons and entities (collectively called Relevant Persons) who are supervised by the AFSA for Anti-Money Laundering (AML), Counter-Terrorist Financing (CTF) and sanctions compliance under the regimes referred to above.

It is important for Relevant Persons to familiarise themselves with the AML Module and assess the extent to which the Rules apply to them, and on a continuing basis.

  1. Anti-Money Laundering Guide
  2. Understanding Anti-Money Laundering, Counter - Terrorist Financing Compliance Requirements
  3. The Joint Order Governor of the AIFC (Dated 11 July 2018 No.65) and MF RK (Dated 19 July 2018 No.678) “On Concerning Some Issues Related to AML/CFT”

 

  • The Risk-Based Approach

List of FATF Guidances in relation to the Risk-Based Approach with direct links:

 

  • Reporting of Suspicious Transactions and/or Activities to FIU by the AIFC Relevant Persons

https://kfm.gov.kz/en/to-help-sps/sdvo/

 

  • AFSA Annual AML Return

According to the Section 13.7 “Reporting” of the AIFC AML Rules - A Relevant Person must complete the AFSA AML Return Form on an annual basis and submit such form to the AFSA within two (2) months after the end of each year.

Information from the AML Return provides the AFSA with important information on the Relevant Persons’ AML systems.  The information also helps us to:

  1. understand the risk of money laundering and financing of terrorism activities in each Relevant Person;
  2. ensure that information we have for our reporting entities is complete, accurate and current; and
  3. determine the best use of our resources in meeting our AML/CTF regulatory objective.  

Annual AML Return Form

  • Compliance with International Obligations
  1. FATF Recommendations - https://www.fatf-gafi.org/media/fatf/documents/recommendations/pdfs/FATF%20Recommendations%202012.pdf;
  2. IOSCO website block of AML Reports - https://www.iosco.org/library/pubdocs/pdf/IOSCOPD181.pdf;
  3. Basel Committee AML Reports - https://www.bis.org/list/bcbs/tid_199/index.htm.