The amendments to the Practical Guidance provide explanations on the existing Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) requirements on AML audit imposed by AIFC AML/CTF and Sanctions Rules (“Rules”) and do not introduce any additional new requirements.
The amendments to the Guidance help AIFC Participants improve their understanding of how to conduct an independent AML audit, provide guidelines on the profile of a proper AML auditor, and serve as a useful tool for AML auditors on how to comply with existing AFSA requirements and recommendations.
The amendments concerning the AML audit are annexed to the Practical Guidance to AIFC AML Framework as Annex 7 and titled as the Guidance on AML Audit. The full Practical Guidance (with amendments) is available via this link.
This Guidance on AML Audit also provides explanations on the general goals of AML audit and describes the main actions and steps preceding the audit event. It also provides practical assistance to the AIFC Participants in researching for the competitive auditor, recommendations for interactions with AML auditor and important notes that should be considered by the Participants to meet the relevant AML/CFT regulatory requirements.
AFSA Chief Executive Officer Nurkhat Kushimov: “Continuous and well-structured work in AML and CTF helps protect business operations and the economy. Recent FATF/EAG evaluation result for Kazakhstan and AIFC has shown that Kazakhstan is compliant with most FATF recommendations. What is important to emphasise is that progress in this area depends on both the regulator’s work and the firms’ informed efforts to maintain and enhance their respective AML/CTF controls. This is exactly what the Guidance is designed to do.”
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 2,300 firms from 78 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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