About enhancement of measures to prevent use of the financial market for illegal purposes
On June 30, 2025 the Head of State signed the Law of the Republic of Kazakhstan "Amendments to Certain Legislative Acts of the Republic of Kazakhstan on Development of the Financial Market, Protection of Rights of Consumers of Financial Services, Communications and Elimination of Excessive Legislative Regulation" (hereinafter the Law).
The Law provides for enhancement of measures to restrict an access to the financial market for persons associated with financing of terrorism and extremism. In particular, a ban is introduced on ownership of interests in authorized capital of insurance brokers by persons included in the list of organizations and persons associated with financing of terrorism and extremism.
The Law authorizes the Agency for Regulation and Development of the Financial Market to apply supervisory measures against participants and shareholders of an insurance broker if they are included in the relevant list of persons associated with the financing of terrorism and extremism. In particular, the Agency will have the right to demand that they reduce their share in the authorized capital of insurance brokers to less than 10%.
Similar measures are already in effect for banks, insurance companies and investment portfolio managers.
This approach is in line with international standards and the principles of the FATF (Financial Action Task Force) designed to prevent use of the financial system from for illegal purposes.
These amendments take effect sixty calendar days after the Law is promulgated.
External Communications Directorate