Agency for Financial Market Regulation and Development: Kaspi Bank Strictly Complies with Sanctions
Photo: Orda
The Agency for Regulation and Development of the Financial Market (ARFRM) responded to claims that Kaspi Bank “misled” foreign investors, Orda.kz reports.
According to the Agency for Regulation and Development of the Financial Market, Kaspi complies with the sanctions of the US and other countries. The agency has also stated that Kaspi Bank is a systemically essential financial institution demonstrating sustainable growth and high transparency. It is the second bank in the country in terms of assets, loan volume, and deposit base.
The bank fully complies with the sanctions regime of the US, the EU, and other foreign countries and cooperates on an ongoing basis with correspondent banks in the US and the EU to ensure best KYC (Know Your Customer - Ed. ) practices, risk management and internal control concerning transactions with a high level of compliance risk, the agency emphasizes.
The bank regularly carries out the necessary compliance procedures per internal standards to minimize risks, the agency adds. Meanwhile, the agency has already raised the requirements for second-tier banks concerning checking clients and their transactions, primarily cross-border ones.
A Culper Research report has claimed Kaspi Bank misled American investors and regulators. In response, Kaspi CEO and co-founder Mikhail Lomtadze labeled the Culper Research report as "a typical attack by speculators."
Original Author: Nikita Drobny
Latest news
- Kazakhstan Moves To Ban Imports Of Radioactive Waste
- The Government Says It Has A Plan To Raise Kazakhstanis’ Incomes
- Kazakh Bloggers May Be Fined For Unofficial Political Endorsements
- Kazakhstan’s Average Salary Rose, But Real Incomes Continued To Fall
- KNB Special Forces Bring Four Terrorism Suspects Back To Kazakhstan By Plane
- German Police Open Case Against Fugitive Ex-Prosecutor Duissenov
- Kazakhstani Meat Exports Remain Competitive Despite Uzbekistan’s Subsidies
- Kazakhstan’s Real Estate Market Showed Signs Of Recovery In April
- Fuel And Ore Theft Schemes Uncovered At Kazakhmys Facilities
- Goods Marked “Made In Kazakhstan” To Get Priority Placement On Marketplaces
- Ecology Ministry Explains 13 Million Tenge Fine For Picking Dandelions
- Kazakhstan Refineries Increase Oil Processing Depth To 90%
- High Rates No Longer Keep Kazakh Banks’ Profits Rising, Analysts Say
- Almaty Health Officials Prepare for Possible Hantavirus Cases
- Ministry Says Saiga Deaths Remain Within Natural Limits
- Kazakhstan Faces Shortage of Doctors and IT Specialists
- Kazakhstan Petition Calls for VAT Removal on Feminine Hygiene Products
- Kazakhstan to Publish Register of Convicted Economic Crime Offenders
- Kazakhstan’s Economy Grew 3.6% in Four Months
- Shymkent Colleges Used Fictitious Students to Steal Over 1.3 Billion Tenge
