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  • AFSA, National Bank and Agency for Regulation and Development of Financial Market signed Information Exchange Agreement
21 May, 2020 17:41

AFSA, National Bank and Agency for Regulation and Development of Financial Market signed Information Exchange Agreement

Astana Financial Services Authority (AFSA), National Bank of Kazakhstan and Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan have signed the tripartite Agreement on cooperation, AIFC reports.

AFSA, National Bank and Agency for Regulation and Development of Financial Market signed Information Exchange Agreement | Strategy2050.kz

The three regulatory authorities agreed to strengthen cooperation on supervision of financial markets, maintenance of the financial stability, protection of consumers of financial services. The agreement provides a comprehensive framework for cooperation and exchange of information in areas such as authorisation, ongoing supervision, insolvency procedures, financial recovery, anti-money laundering, unfair practices in the financial market and violations of the laws.

The signing of this Agreement formalises arrangements for cooperation and information sharing between the three regulators, facilitating the performance of their respective supervisory tasks. It underscores the shared commitment to maintaining the highest standards of supervision and the joint promotion of a stable financial services sector in the country. The document enhances the safety and soundness of institutions in their respective jurisdictions, including combating financial crime, conducting consolidated supervision and protecting consumers of financial services.

“The signed agreement will allow all regulators to join efforts with ultimate goal to contribute to fostering greater financial stability, market integrity and more efficient regulatory cooperation. This cooperation will help exchange of information, hold regular meetings and supervisory interaction”, Mukhtar Bubeyev, AFSA Chief Policy Officer, stated.
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