The Astana Financial Services Authority (AFSA) has issued the Consultation Paper on Proposals to the amendments to the AIFC Anti-Money Laundering, Counter-Terrorist Financing and Sanctions Framework to seek public’s opinion.
The current Astana International Financial Centre (AIFC) Anti-Money Laundering, Counter-Terrorist Financing and Sanctions (AML/CFT) framework maintains a regime that acts as a significant deterrent to illegal activities in financial sector, including money laundering, sanctions violations and persons wishing to assist, in any way, terrorism financing and proliferation of weapons of mass destruction.
During the practical implementation of the AIFC AML/CFT framework, AFSA has identified several areas for potential improvement within the AIFC Anti-Money Laundering, Counter-Terrorist Financing and Sanctions Rules. Specifically, certain provisions necessitate clarification due to differing interpretations by the AIFC Participants. Additionally, amendments and further clarifications are required to align these provisions more closely with FATF standards.
The proposals in this paper will be of interest to the Authorised Firms, Authorised Market Institutions, FinTech Lab Participants, DNFBPs, and Registered Auditors in the AIFC.
We invite comments from interested stakeholders.
The deadline for providing comments is 20 October 2024. Once we receive your comments, we shall consider if any refinements are required to this proposal.
AFSA prefers to receive comments by email at [email protected].
The Consultation Paper may be found via this link: https://orderly.myafsa.com/articles/consultation-paper-asfa-j-ce-2024-0001-from-20-september-2024-on-proposals-to-the-amendments-to-the-aifc-anti-money-laundering-counter-terrorist-financing-and-sanctions-framework.
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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 3000 firms from 82 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]
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