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Kazakhstan’s Financial Regulator Issues Fines and Warnings to Several Institutions
Astana, Kazakhstan - The National Bank of Kazakhstan has taken action against several financial institutions for violating regulatory requirements.
Fines Imposed
The National Bank imposed fines on several institutions for non-compliance with regulatory requirements. Specifically:
- AZIYA VALUT LLP was fined for failing to maintain required records for 90 days.
- Two microfinance organizations were fined a total of KZT 147,680 (approximately USD 360) for submitting incomplete and unreliable financial reports.
Warnings Issued
Several institutions received warnings from the National Bank for violating regulatory requirements. These included:
- Authorized organizations that failed to submit complete and reliable reports on their activities.
- An organization engaged in microfinance activities that failed to maintain required records.
Regulatory Non-Compliance
The National Bank emphasized the importance of compliance with regulatory requirements, stating that non-compliance can have serious consequences for financial institutions and the overall stability of the financial system. The bank noted that it will continue to monitor the activities of financial institutions and take action against those that fail to comply with regulatory requirements.
Regional Branches Implicated
Several regional branches of the National Bank were involved in the enforcement actions, including:
- Akmola branch
- Aktobe branch
- North Kazakhstan branch
The National Bank’s efforts to enforce compliance with regulatory requirements are aimed at ensuring the stability and integrity of the financial system, as well as protecting the interests of consumers and investors.