Agency for Financial Market Regulation and Development: Kaspi Bank Strictly Complies with Sanctions

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