(Read full article on finprom.kz)

More than half of them accounted for only 2 banks. The total amount of fines was 77 million tenge. In January-July of this year, 40 administrative fines were imposed on second-tier banks for a total of 77.4 million tenge. In the same period last year, the number of fines was 88, the total amount was 87.5 million tenge. That is, there is a significant decrease in both the number and the amount of fines.

The results of the analysis showed that the most frequent violations of STBs of the Republic of Kazakhstan in the current year were violations of AML and systematic violations of prudential standards.

In addition, other violations were identified, including:

• failure by the bank to fulfill the obligations imposed by the authorized body through the application of a supervisory response measure
• failure to take due diligence measures on the client
• untimely execution of instructions for payment and (or) money transfer, in violation of the terms established by the Law of the Republic of Kazakhstan “On payments and payment systems”
• violation of the deadlines for the execution of instructions for the transfer of money