The Astana Financial Services Authority (AFSA) has issued the Consultation Paper № AFSA-P-CE-2022-0002 to seek suggestions on the proposed Regulatory Guidance on Fitness and Propriety. According to the proposed guidance, the fitness and propriety assessment will apply to Authorised Persons (including applicants and FinTech Lab participants), Ancillary Service Providers, Approved Individuals, where applicable in accordance with the AIFC Rules and Regulations. The proposed guidance is developed to bring in more clarity on the AFSA’s approach to Fitness and Propriety standards.
This year the Eurasian group on combating money laundering and financing of terrorism (EAG) will conduct the second round of the Mutual Evaluation of technical compliance of the legislation of the Republic of Kazakhstan, against international standards of combating money laundering and terrorist financing. Furthermore, according to the Financial Action Task Force’s (FATF) recommendations, supervising authorities should demonstrate measures taken to prevent criminals from holding a significant controlling interest or a management function in firms.
Full content of the consultation paper may be found via this link https://aifc.kz/files/legals/450/file/cp-on-proposed-regulatory-guidance-on-fitness-and-propriety.pdf.
All comments should be in writing and sent to the address indicated below or by email:
Policy and Strategy Division
Astana Financial Services Authority (AFSA)
55/17 Mangilik El, building C3.2, Kazakhstan
Email: [email protected]
The deadline for providing comments is 14 May 2022
When sending your comments, please indicate in a subject line: “Consultation Paper # AFSA-P-CE-2022-0002”. You may, if relevant, identify the organisation you represent when providing your comments. The AFSA reserves the right to publish, including on its website, any comments you provide, unless you expressly request otherwise. Comments supported by reasoning and evidence will be given more weight by the AFSA.
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