Kazakhstan introduces new financial rules against illegal activities

Almaty, Jan 15 Kazakhstan's Agency for Regulation and Development of the Financial Market has introduced a series of new rules against drug trafficking, illicit circulation of digital assets and other illegal activities.

The agency has set a one-year expiration limit on bank cards issued to foreigners. Relevant amendments have been incorporated into the current legislation.

The agency clarified that the new rules do not apply to already activated payment cards. Businessmen, investors and diplomats are exempt from the policy.

It has also instructed banks to detect transactions connected with illegal production, trafficking and transit of drugs, payments and money transfers to digital exchanges that are not affiliated with the Astana International Financial Centre; and transactions involving electronic and online casinos.

Banks are also required to enhance their assessment process for clients who hold more than five cards issued by the same bank or three cards issued by three different banks, Xinhua news agency reported.

Additionally, banks must verify beneficial ownership information on businesses using official documents, open-source data, and other appropriate methods to fulfill this requirement.

Outlining the domestic agenda for 2025, Kazakh President Kassym-Jomart Tokayev said at the start of this month that despite geopolitical tensions, Kazakhstan has solidified its role on the international stage as a mediator fostering dialogue for peace, which positively impacts the country's security and sustainable economic growth.

2024 presented significant challenges to Kazakhstan, including external pressures and natural disasters. However, the country not only maintained control over the situation but also advanced its reform agenda, he said.

"Many projects and initiatives have been implemented in this direction, and there will be even more," Tokayev said.