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Kazakhstan’s Financial Regulator Issues Warnings and Fines to Banks, Microfinance Organizations

The National Bank of Kazakhstan has taken enforcement action against several banks, microfinance organizations, and currency exchange operators for violating regulatory requirements.

Regulatory Violations

In a statement, the central bank said that it had issued warnings to several financial institutions for failing to submit complete and accurate reports on their activities. The institutions in question were:

  • AZIYA VALUT LLP, a currency exchange operator
  • Two microfinance organizations

Additionally, the National Bank of Kazakhstan fined several banks for similar violations, including:

  • “An organization engaged in microfinance activities” (two separate fines)
  • AZIYA VALUT LLP
  • Several other banks

Compliance Issues

The regulator also took action against several banks for failing to comply with qualification requirements. One bank was fined for failing to keep records for 90 days.

Enforcement Actions

The list of enforcement actions taken by the National Bank of Kazakhstan includes:

  • Warnings issued to AZIYA VALUT LLP, a currency exchange operator, for failing to submit complete and accurate reports on its activities.
  • Fines imposed on two microfinance organizations for similar violations.
  • Fines imposed on several banks for failing to comply with qualification requirements.
  • A fine imposed on “An organization engaged in microfinance activities” for failing to keep records for 90 days.

Regional Branches Involved

The enforcement actions were taken by the National Bank of Kazakhstan’s Regional Branches, including those in:

  • Almaty
  • Astana
  • Aktobe

Future Monitoring

The regulator has said that it will continue to monitor financial institutions’ compliance with regulatory requirements and take action as necessary to ensure the stability and integrity of the country’s financial system.

Contact Information

National Bank of Kazakhstan Phone: +7 7172 709 000 Email: info@nationalekonomika.kz Website: www.nationalbank.kz