AFSA approved Guidance to Rules of Internal Control for AML/CFT purposes
On May 21, 2020, AFSA approved the Guidance (Requirements) applicable to the Rules of Internal Control for the AML/CFT purposes. It is designed for the relevant AIFC Participants supervised by AFSA in consultation with the Ministry of Finance of Kazakhstan (the “Guidance”), Strategy2050.kz has learnt from AIFC's press service.
This Guidance is developed in accordance with:
- paragraph 3-2 of Article 11 of the Law of the Republic of Kazakhstan “On counteracting the legalisation (laundering) of proceeds from crime and the financing of terrorism” (AML/CFT Law);
- section 4.3.1 of the AIFC Anti-Money Laundering, Counter-Terrorist Financing and Sanctions Rules (AML Rules) and;
- paragraph 4 of the Joint Order of the Governor of the Astana International Financial Centre (dated 11 July 2018 No.65) and the Ministry of Finance of the Republic of Kazakhstan (dated 19 July 2018 No.678) “On Concerning some issues related to counteracting legalisation (laundering) of proceeds obtained through criminal means and financing of terrorism”.
The Guidance sets out requirements in relation to the programmes of risk management, customer identification, transaction monitoring and studying, employees training and awareness which should be established in AML policies, controls and procedures of the Relevant Persons.
The Guidance expands and disclose the scope of regulations of the AML/CFT legislation of Kazakhstan which include:
- establishing and maintaining of the AML policies, controls and procedures;
- identification of Money Laundering/Financing of Terrorism risks and managing the risks identified including business and customer risks;
- monitoring and assessment of customers transactions and activities including Politically Exposed Persons and Ultimate Beneficial Owner;
- producers of the Customer Due Diligence, Enhanced Due Diligence and Simplified Due Diligence;
- obtaining the relevant AML training for employees.
