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AFSA has ensured that all clients’ funds and deposits have been returned in full by the Bank prior to its Licence being withdrawn.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]
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