Посты с тэгом: AFSA

The Astana Financial Services Authority (“AFSA”) hereby issues this public alert concerning fraudulent activities involving the unauthorised use of the name Kantai Securities Limited and Kantai Wealth Management Ltd. (the “Company”).

Kantai Securities Limited (BIN 180740900057) is a company registered in the Astana International Financial Centre (“AIFC”) and holds an AFSA licence (No. AFSA-A-LA-2021-0003, dated 9 February 2021) authorising it to carry out the regulated activities of Advising on Investments and Arranging Deals in Investments.

The Company was previously known as Kantai Wealth Management Ltd. and was renamed to Kantai Securities Limited on 30 May 2024.

Current Status of the Company

The AFSA emphasizes that:

• The Company’s licence does not authorise it to:
  • Holding or managing client funds;
  • Opening or operating trading or investment accounts for clients;
  • Providing brokerage services;
  • Conducting foreign exchange transactions;
  • Dealing in or facilitating transactions involving digital assets.

Fraudulent Activity and Impersonation

The AFSA has received information and complaints indicating that certain individuals are representing themselves as representatives of the Company and engaging in fraudulent investment activities.

These activities include:

• Entering into purported “investment agreements” referencing both the former and current names of the Company;
• Soliciting funds from individuals under the guise of investment opportunities;
• Misrepresenting payments as “donations” instead of investments;
• Refusing to return funds and imposing conditions for withdrawals;
• Pressuring individuals to use unregulated platforms, including cryptocurrency wallets and exchanges;
• Applying psychological pressure and manipulative tactics to prevent clients from withdrawing funds.

The AFSA strongly cautions members of the public to:

• Exercise extreme caution when approached with unsolicited investment offers, particularly those involving digital assets or guaranteed returns;
• Be aware that legitimate AIFC-licensed firms will not pressure clients, request payments to personal accounts, or require the use of unregulated third-party platforms for withdrawals.

Reporting and Further Action

If you have been approached with such offers, or have concerns regarding suspicious investment activities or promotions, you are encouraged to report the matter promptly to the AFSA via email to [email protected].

The AFSA warns the public to exercise utmost caution when dealing with entities claiming to provide financial services on the basis of an AFSA licence, and encourages the public to verify the status of any such entity through the Public Register, which contains information on all entities authorised and/or registered by the AFSA.

Reference:

The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), 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. afsa.kz

The Astana International Financial Centre (AIFC) is an independent jurisdiction where investors and businesses meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law. aifc.kz

Public Relations and Communications Division of AFSA, [email protected]

The Astana Financial Services Authority (AFSA) has imposed financial penalties on Veritas Group Limited and S1LK PAY Ltd. (each, a “Company”, and together, the “Companies”, noting that they do not form part of the same group) following regulatory breaches identified as part of investigations conducted by the AFSA and resolved by settlement.

The AFSA fined Veritas Group Limited in the amount of USD 18,072, and S1LK PAY Ltd. in the amount of USD 19,224 following settlement of the respective breaches.

Each Company, acting independently, accepted the AFSA’s findings and agreed to settle their respective matters, accepting the financial penalties as determined by the AFSA. In addition, each Company has taken active steps to implement corrective measures to address the contraventions identified. As a result, the AFSA exercised its discretion to apply a 30% settlement discount to the financial penalties in accordance with paragraph 7.7.1 of the AFSA Enforcement Policy. The financial penalties referenced above incorporate this discount.

Summary of misconduct

During the relevant period, Veritas Group Limited engaged in activities requiring authorisation under the AIFC regulatory framework without holding the appropriate licence issued by the AFSA, and in doing so, conducted Financial Promotions in contravention of applicable regulatory requirements. In response to the AFSA’s requirement, the Company has ceased all unauthorised activities and withdrawn all related promotional materials.

The investigation into S1LK PAY Ltd. identified certain deficiencies in its systems and controls framework relating to ongoing compliance with applicable regulatory requirements and the fundamental principles set out in the Acting Law of the AIFC. S1LK PAY Ltd. has cooperated with the AFSA and developed an action plan to remediate the identified deficiencies.

Publication of settlement outcomes

At the time these enforcement matters were resolved, the AFSA Enforcement Policy did not mandate the publication of Decision Notices in all settlement cases. Subsequently, the AFSA introduced a revised approach, which includes an undertaking to publish all outcomes of enforcement proceedings as part of its enhanced transparency framework.

As these two cases were investigated, settled, and concluded during the transition to the updated publicity regime, they were processed under the previous, non-publication framework. Accordingly, no Decision Notices will be published in respect of these matters.

As a result, the AFSA considers this press release to be an appropriate and sufficient means of publicly disclosing its enforcement actions, consistent with internationally recognised standards and practices underpinning credible deterrence.

Going forward, Decision Notices arising from the AFSA’s enforcement actions will be published in accordance with paragraphs 7.5.1 and 8.3.1 of the AFSA Enforcement Policy.

The AFSA will continue to monitor each Company’s implementation of its remediation actions to ensure sustained compliance with the AIFC regulatory framework.

Reference:

The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), 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. afsa.kz

The Astana International Financial Centre (AIFC) is an independent jurisdiction where investors and businesses meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law. aifc.kz

Public Relations and Communications Division of AFSA, [email protected]

The Astana Financial Services Authority (AFSA) has imposed a financial penalty on Verum Payments Limited (“Company”) following regulatory breaches identified as part of an investigation conducted by the AFSA and resolved by settlement.

The AFSA fined Verum Payments Limited in the amount of USD 21,854 following settlement of the breaches.

The Company accepted the AFSA’s findings and agreed to settle the matter, accepting the financial penalty as determined by the AFSA. In addition, the Company has taken active steps to implement corrective measures to address the contraventions identified. As a result, the AFSA exercised its discretion to apply a 30% settlement discount to the financial penalty in accordance with paragraph 7.7.1 of the AFSA Enforcement Policy. The financial penalty referenced above incorporates this discount.

Summary of misconduct

Verum Payments Limited conducted Regulated Activity and made Financial Promotions prior to completing the required post‑authorisation conditions. Following the AFSA’s investigation, Verum Payments Limited developed a comprehensive action plan to address and remediate the identified contraventions.

Publication of settlement outcomes

At the time these enforcement matters were resolved, the AFSA Enforcement Policy did not mandate the publication of Decision Notices in settlement cases. Subsequently, the AFSA introduced a revised approach, which includes an undertaking to publish all outcomes of enforcement proceedings as part of its enhanced transparency framework.

As this case was investigated, settled, and concluded during the transition to the updated publicity regime, it was processed under the previous, non-publication framework. Accordingly, no Decision Notice will be published in respect of this matter.

As a result, the AFSA considers this press release to be an appropriate and sufficient means of publicly disclosing its enforcement actions, consistent with internationally recognised standards and practices underpinning credible deterrence.

Going forward, Decision Notices arising from the AFSA’s enforcement actions will be published in accordance with paragraphs 7.5.1 and 8.3.1 of the AFSA Enforcement Policy.

The AFSA will continue to monitor the Company’s implementation of its remediation actions to ensure sustained compliance with the AIFC regulatory framework.

Reference:

The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), 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. afsa.kz

The Astana International Financial Centre (AIFC) is an independent jurisdiction where investors and businesses meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law. aifc.kz

Public Relations and Communications Division of AFSA, [email protected]