Financial Crime World

Kazakhstan’s Financial Intelligence Unit (FIU) Intensifies Crackdown on Money Laundering and Terrorist Financing

Strengthening Anti-Money Laundering Measures

In an effort to combat the growing threat of money laundering and terrorist financing, Kazakhstan’s Financial Intelligence Unit (FIU) has issued new guidelines for financial institutions to report suspicious transactions.

New Reporting Requirements

Under the rules, financial institutions are required to submit reports on all transactions exceeding a certain threshold amount, as well as those that exhibit suspicious indicators. The FIU has also established strict deadlines for reporting, with transactions requiring immediate attention and others needing to be submitted within 24 hours of detection.

Enhanced Monitoring and Verification

To ensure compliance with the new rules, financial institutions have been instructed to:

  • Conduct regular monitoring of transactions using algorithms and sensitivity tests
  • Ask customers appropriate questions to verify the purpose of transactions and related documents

Additional Requirements

Financial institutions are also required to:

  • Maintain records of all transactions
  • Provide training for staff on anti-money laundering (AML) procedures

Electronic Reporting Portal

The FIU has established a web-based portal for submitting reports, which can be accessed using an electronic digital signature. The agency has also designated software that supports the predefined XML format for reporting.

Expert Insights

According to experts, the new guidelines are expected to significantly enhance Kazakhstan’s ability to detect and prevent money laundering and terrorist financing. “These measures demonstrate the government’s commitment to combating financial crime and protecting the integrity of our financial system,” said a spokesperson for the FIU.

Contact Information

For more information on the new guidelines and reporting requirements, financial institutions can contact the FIU at:

  • Address: 8 Kunayev Street, Astana, Kazakhstan
  • Email: aml@afsa.kz

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