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”.
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
PR and Communications Division of AFSA
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