The Astana Financial Services Authority (AFSA) has hosted a panel session “The Results of the Pilot Project on Interaction between Banks of Kazakhstan and Crypto Exchanges registered in the AIFC.” Participants of the pilot project on interaction between Kazakhstan’s retail commercial banks and AIFC-registered crypto exchanges gathered at a panel session to discuss the interim results of the project a year after its launch. The session included moderator Rafal Trepka, General Manager for Central Asia at Mastercard, Chief Executive Officer at ATAIX Eurasia Ltd. Arutyun Pogosyan, General Manager of Binance Kazakhstan Zhaslan Madiyev, Chief Executive Officer of Biteeu Eurasia Ltd. Talgat Dossanov, Advisor to CEO at Eurasian Bank Natalia Romenskaya, Deputy Chief Executive Officer of Altyn Bank Zhanara Aikimbayeva and Managing Director of Bank Freedom Finance Ablaikhan Ospanov.  

The objectives of the project are to provide crypto exchanges with access to the market of Kazakhstan and allow Kazakhstan residents and crypto miners to trade on the platforms of AIFC crypto exchanges; create favorable conditions for investments through fiat channels provided by STBs of Kazakhstan, and amend the national legislation of Kazakhstan and the AIFC Acts based on pilot project’s results.

The pilot involved five crypto exchanges: Binance, Ataix, Intebix, Xignal и Upbit and eight Kazakhstan’s STBs: Halyk Bank, Altyn Bank, Zaman Bank, Freedom Bank, Eurasian Bank, Bereke Bank, Nurbank and CenterCredit.

«If terms of clients, we have users from more than forty countries. We can say that the exchange is international, because somewhere around 70% of clients are foreign clients and 30% are local users. Among legal entities, 35% are AIFC participants and 65% are foreign legal entities. In terms of innovations, we have integration with GSM operators that allow you to replenish the crypto exchange through mobile wallets. The integration has already been done, but we are still waiting for approval. We also decided to develop custodial services, which is also a kind of innovation on our part,” said Arutyun Pogosyan, Chief Executive Officer of ATAIX Eurasia Ltd.

General Manager of Binance Kazakhstan Zhaslan Madiyev said: «I would like to note that such a seemingly small project as the integration of crypto exchanges with the banking sector has served as a locomotive for the development of such related areas and greatly impacted economic and social development. Kazakhstan is the only country in the post-Soviet area that has gone so far both in regulation, in the legislative framework and in market development. Considering all these factors such as legislative, regulated and institutional, it is clear that Kazakhstan is the most prepared for the development of players and the digital asset industry in general.”

“It should be noted that the regulator here is in a very active and very friendly dialogue. It does not take a position to ban everything but takes a position on how to make sure that customers are safe and secure,” said Advisor to CEO at Eurasian Bank Natalia Romenskaya.

“I can say with confidence that this is the most client-oriented regulator. That is, nowhere did we have such an opportunity to communicate by phone, by email every day with the regulator. This is a very big advantage.  I am sure that the regulator is doing everything to ensure that this pilot develops also thanks to Government support. Thanks to this Kazakhstan has become the first in the region to develop in this whole direction,” said Chief Executive Officer of Biteeu Eurasia Ltd. Talgat Dossanov

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.

Around 2,000 firms from 75 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]

The Astana Financial Services Authority (AFSA) with AIFC Business Development Team have hosted a panel session “Investing in Emerging Markets – Opportunities Created in the AIFC for Asset Management” during the Astana Finance Days 2023. The session involved AFSA Managing Director and Chief Legal Officer Ishaq Burney, Director of Stakeholder Engagement at Qatar Financial Centre H.E. Sheikh Fahad Jassim  Al Thani, Head of Marketing Markets – Corporate at Pictet Asset Management Alain Nsiona Defise, Partner at Latham Watkins LLP Edward R. Kempson, Member of Management Board of SkyBridge Invest-Director of SkyBridge Invest Branch in the AIFC Zamira Sundetova, Chief Executive Officer of White Hill Capital Ltd Aslan Sultanov and Deputy Chief and Investment Officer at Tokio Marine Asset Management International Pte. Ltd. Sudip Biswas.

The geographically advantageous location of the AIFC, its proximity to the markets of Central Asia with a population of 75 million people and a total GDP worth 350 billion US dollars, as well as a special jurisdiction serve as an ideal platform for creating and maintaining a successful business in this sector.

The session was focused on the environment that the AIFC comprehensive regulatory regime provides for global and local private equity, hedge funds and real estate fund managers to diversify their investment strategies.

The number of asset management companies in the AIFC is showing steady growth. Since the beginning of 2022, this number has increased from six to about thirty.

The speakers also explored the challenges and opportunities of investing in frontier and emerging markets, in Central Asia, the EAEU, sectors and strategies for investing and the role financial hubs and regulators play in such markets.

Alain Nsiona Defise, Head of Emerging Markets – Corporate at Pictet Asset Management said “As far as Kazakhstan is concerned, we have been investing for a long time in the country. One of the elements that we believe is the strength of Kazakhstan is the balance sheet and strong credit. It’s a very attractively valued market.”

“Why have we chosen the AIFC? Because of its common law, tax incentives and highly developed infrastructure; flexible regulation of legal entities. The AIFC has its own technologically advanced ecosystem and that really simplifies operating in the AIFC. There are two ways to become an asset manager in the AIFC: if you have a similar licence in an equivalent jurisdiction, you can get a recognition. Alternatively, you can set up a company from scratch and in that case, you should meet all the regulatory requirements. The process is not relatively simply but it is transparent,” said Zamira Sundetova, Member of the Management Board of SkyBridge Invest – Director of the SkyBridge Invest Branch in the AIFC.

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 2,000 firms from 75 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]

The Astana Financial Services Authority (AFSA) has signed a Memorandum of Understanding (MoU) with the Securities and Commodities Authority (SCA) of the United Arab Emirates (UAE). The purpose of the MoU is to enhance mutual cooperation and exchange of information between SCA and AFSA in the fields of general supervision and surveillance on securities markets and financial services companies operating in each jurisdiction. Formalisation of cooperation between AFSA and SCA will facilitate and support cross-border transactions between the capital markets of the Astana International Financial Centre (AIFC) and the United Arab Emirates.

The first business initiative between the AIFC and UAE that will be enabled through signing of this regulatory MoU is access of the Astana International Exchange (AIX), the investment exchange of the AIFC, to the Tabadul Digital Exchange Hub. It is a regional exchange hub, whose current participants are the Abu Dhabi Securities Exchange, Bahrain Bourse and Muscat Stock Exchange, established for purposes of providing mutual market access. Tabadul enables investors to trade directly on the onboarded exchanges through local authorised brokers.

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 1,900 firms from 74 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]

The Astana Financial Services Authority has hosted a panel session “The Impact of Economic Sanctions on Financial Centres and the Role of Financial Regulators in Preventing Financial Crime.” The session involved Deputy CEO and Chief Regulatory Officer of AFSA Gareth Ling, Deputy Chairman of Financial Services Commission of Bulgaria Vladimir Savov, Non-Executive member of the Board of AFSA Mukhtar Bubeyev, Director of Financial Stability Department at Central Bank of Azerbaijan Rustam Tahirov, Head of Market Surveillance and Issuer Supervision at Central Bank of Hungary Peter Bakos and Chief Executive Officer of Brillink Bank Elizabeth Chung.

The response of countries to the imposition of wide-ranging sanctions highlights the need to strengthen the role of the financial regulator in protecting financial systems and preventing financial crime.

The panel session focused on the impact of economic sanctions on the financial centres, as well as the importance of the financial regulator in systematically and rigorously identifying and mitigating sanctions risks from all areas.

“It was a shocking development one year ago. It had to diversify away from new procurement, new sources of gas, for example, in the aftermath of the sanctions imposed. In the financial sector, we as a regulator immediately tried to ascertain what is the level of exposure of our supervising entities to financial assets basically in the conflict zone, if you will. It turns out it’s not that big but immediately for example in the insurance sector. So, you know, we had to think a little bit creatively in a non-traditional situation, which happened actually for the first time for all of us. So, we have to find ways to minimise the suffering for ourselves and also for our supervised entities, while remaining, of course, fluid and planned, because there is no other way around it. So, creativity and flexibility, I guess, are the names of the game in situations like this,” said Deputy Chairman of Financial Services Commission of Bulgaria Vladimir Savov.

“One of the most important topics for the last period is high inflation. And the response to that inflation is the risk towards monetary policy and higher rates as a result. So, this is not, and I do believe that this is not only a monetary policy challenge but also it poses challenges from a regulatory point of view. And what we have seen is quite interesting how financial crime and fraud is correlated to interest rates. What we have seen in Hungary, a significant increase in illicit and unauthorised lending due to this high-rate environment,” noted Head of Market Surveillance and Issuer Supervision at Central Bank of Hungary Peter Bakos.

“This impact is a mixture of negative and positive. I wouldn’t say positive, but new opportunities arise because of this. So, if we come to negative aspects, probably disruption in trade and supply chain and rising prices and inflation is a key challenge for regulators. And probably all regulators around the region and the world. But on the other hand, relatively high energy prices as well as increased potential perspective for gas export to Europe is kind of a mitigating factor in this,” said Director of Financial Stability Department at Central Bank of Azerbaijan Rustam Tahirov.

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.

Around 2,000 firms from 75 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]

The Astana Financial Services Authority (AFSA) has hosted a session “Future of Crypto Regulation: Discussion with Experts Representing Academia and Industry.” The panel session  included Professor in Banking and Finance Law of Queen Mary University of London Rosa Maria Lastra, Lead of Digital Asset Regulation at Cambridge Centre for Alternative Finance Zain Umer, Head of Operations at Bitfinex Jesse Knutson, Chief FinTech Officer of Monetary Authority of Singapore Sopnendu Mohanty, Global Money-Laundering Reporting Officer at Binance Amjad Qadish, Co-founder and CEO of Bybit Ben Zhou, Vice President of Business Development at BigONE Exchange Athena Miao and Managing Director of World Alliance of International Financial Centres Dr. Jochen Biedermann.

Cryptomarket capitalisation is currently worth 1.17 trillion USD. While some countries recognise cryptocurrencies as a means of payment, others are developing laws to regulate the rapidly growing crypto business.

Following the collapse of cryptocurrency exchanges, demands for better regulation of digital assets have increased. While the European Union and other countries have already created regional rules, global politicians have been criticised for creating a regulatory vacuum in this area.

The participants of the session discussed trends and challenges, shared views that reflect the overall picture of the industry and tried to look into the future.

“We are seeing adoption, a real adoption of universal regulatory framework for crypto assets and it’s happening right here in Asia, in Africa and the Middle East, away from the investors and away from the Wall Street. We have two fantastic new crypto regimes in Dubai and Hong Kong, which are now two of the leading crypto asset hubs in the world. We see emerging countries to lead the way and hopefully develop a regulatory regime which are fair and proportionate and allow for innovation to thrive while risk is mitigated,” said Lead of Digital Asset Regulation at Cambridge Centre for Alternative Finance Zain Umer.

“Markets in Crypto-assets (MiCA), adopted by EU, adds credibility to the crypto industry, and I think the crypto industry is very much in need of a credibility that regulation can provide following the scandals of 2022 and some of the market movements in the last few months. It’s a very large aim, a platform for operators, the 27 member states of the European Union. So, yes, it can become a global standard,” said Professor in Banking and Finance Law of Queen Mary University of London Rosa Maria Lastra.

“Customer is in the first place. I think that’s something every crypto firm must think very carefully. What kind of customer? How they. What skills are they having? You know, the whole. People who participate, the founders, the owners of the company, must demonstrate good market conduct. Every any crypto company must think whether they’re complying with this high tech regulatory standard. And if they don’t comply, I think they don’t need to operate in this space because this is a very responsible space. It involves consumers money. You can’t take that for granted,” said Chief FinTech Officer of Monetary Authority of Singapore Sopnendu Mohanty.

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.

Around 2,000 firms from 75 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]

The Astana Financial Services Authority (the “AFSA”) has agreed to the voluntary withdrawal of the Licence of Otan Private Bank Ltd for the Regulated Activities of Accepting Deposits, Providing Credit, Advising on a Credit Facility, Arranging a Credit Facility and Providing Money Services.

One of the AFSA’s core principles for Authorised Persons (Principle 10 – Client assets and money) is that where an Authorised Person has control of or is otherwise responsible for assets or money belonging to Clients which it is required to safeguard, it must arrange proper protection for them in accordance with the responsibilities it has accepted. In this regard, the AFSA has ensured that all clients’ funds and deposits have been returned in full by the Bank prior to its Licence being withdrawn.

After withdrawal of the Licence, the Bank (now called OPB Ltd) is now -registered as a Private Company operating in the AIFC undertaking, for the time being, the activity of a holding company.     

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 1,900 firms from 74 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]

The Astana Financial Services Authority (AFSA) has been awarded the Corporate Registers Forum (CRF) 2023 Innovation Award – Commendation. AFSA received the award for the project of digitalisation of registration services.

Over four years, AFSA has achieved fully automated services provided by its Registration Division. These include registration, event-driven filings, annual report filings, name reservation, receipt of extracts from the public register, certificates and receiving reminders. The digitalised services, conducted entirely online, allow AIFC participants and potential participants to receive services from 30 minutes to 3 hours depending on the type of services. The services are designed very simply with maximum convenience and business-oriented approach, as well as maximum logic to prevent errors and mistakes by the applicants while filling out the application forms. Since the services have been digitalised, 98% of applications for registration are carried out online, which helps reduce the application processing time by staff. Some of the processes, such as event-driven filings, receiving Certificate of Good Standing, extracts from the Public Register or name reservation are processed instantly without the involvement of employees.

“AFSA has completely digitised company registration services thanks to the Digital Resident self-service portal. This has helped us to reduce the registration process for participants from five days to just 3 hours maximum. 98% of all AIFC company registration applications are submitted online, which leads to speedier turnaround times for applicants. Last year, the number of registered firms reached 1738 by the end of 2022, representing an 68% increase compared to 2021. Since registration is the point of entrance to the AIFC, automation plays an especially important role in making sure that participants receive fast and quality services,” said AFSA Registrar of Companies Laura Nurgaliyeva.

The CRF is an international association for administrators of corporate and securities registers involving over 70 countries as member jurisdictions, such as the UK, Singapore, Hong Kong, USA, Australia, UAE and others.

The CRF Innovation Awards celebrate the spirit of innovation and honours CRF jurisdiction members which have successfully put in place world-class initiatives, as well as those which have creatively implemented customised solutions, to make a real difference to their stakeholders.  The award recipients are annually recognised as a frontrunner or innovator by having their achievements acknowledged and celebrated.

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 1,800 firms from 72 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 that began operations in 2018. In accordance with the 2025 Development Strategy, the key task of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and South Caucasus. www.aifc.kz

Contact information:

PR and Communications Division of AFSA

+7 (717) 264 73 43; +7 7172 61-37-45, [email protected] 

Representatives of the Astana Financial Services Authority (AFSA) have had a face-to-face meeting with assessors of the Eurasian group on combating money laundering and financing of terrorism (EAG).

A mutual evaluation of the national AML/CFT system of Kazakhstan (The Republic of Kazakhstan and AIFC) is currently underway for conformity to international AML/CFT standards.

The purpose of the meeting was to reach consensus on the key issues arisen during the formation of the Mutual Evaluation Report.

During the session, the assessment team and the assessed State should work to resolve disagreements on technical compliance and effectiveness and identify potential priority issues for discussion at the Working Group on Mutual Evaluations and Legal Issues meeting / Plenary Meeting. This is a key step before the defense of the Mutual Evaluation Report in June 2023 at the EAG meeting.

During 2021–2022, with the direct participation of the Financial Monitoring Agency of the Republic of Kazakhstan, the AIFC financial regulator (AFSA) has implemented the main measures aimed at strengthening the AML/CFT regime and increasing the level of technical compliance with the requirements of the Recommendations of the Financial Action Task Force (FATF).

EAG assists member-states in the implementation of 40 FATF Recommendations. The results of typological research allow us to identify the most high-risk areas and sectors and build an effective risk management methodology. As a result of the work carried out to date, AML/CFT requirements are reflected and detailed in more than 80 AIFC Acts that regulate various areas of our participants’ activities.

According to the AML/CFT Law of the Republic of Kazakhstan, AIFC participants are subjects of financial monitoring, and AFSA as the Financial Regulator is designated as the body that controls their compliance with the current AIFC law on AML/CFT issues.

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 1,800 firms from 72 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 that began operations in 2018. In accordance with the 2025 Development Strategy, the key task of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and South Caucasus. www.aifc.kz

Contact information:

PR and Communications Division of AFSA

+7 (717) 264 73 43; +7 7172 61-37-45

[email protected] 

The Astana Financial Services Authority (AFSA) announces that it has agreed a settlement with Freedom Finance Global PLC (FFG) regarding regulatory deficiencies identified during a supervisory inspection concluded in 2022.

FFG acknowledged that it lacked the appropriate systems and controls, and its conduct was in breach of a wide number of rules and core principles set out in the AIFC acts.  FFG further acknowledged inadequacies in multiple areas of its operations.

Following acceptance by FFG of the AFSA’s findings and payment of a financial penalty, FFG has cooperated with the AFSA and quickly remediated certain areas and has agreed to implement a remediation action plan in the other areas raised by the AFSA.

Gareth Ling, Deputy Chief Executive and Chief Regulatory Officer of the AFSA said “The AFSA expects all Authorised Firms to meet the high expectations and requirements of the AFSA, in both the letter of its rules and the spirit of the principles underlying them, and notes that FFG has acknowledged this and is committed to doing so. It is important that Authorised Firms are aware of all applicable requirements and have proper arrangements in place to ensure compliance with them both initially and on an ongoing basis”.

Sergey Lukyanov, Chairman of the Board of Directors of Freedom Finance Global PLC said “FFG acknowledges its failings and is committed to addressing in a timely manner the matters that the AFSA has raised.   FFG remains committed to the AIFC and to bringing economic benefits to the citizens and economy of both the AIFC and Kazakhstan”.

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 1,700 firms from 70 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 that began operations in 2018. In accordance with the 2025 Development Strategy, the key task of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and South Caucasus. www.aifc.kz

Contact information:

PR and Communications Division of AFSA

+7 (717) 264 73 43

[email protected]