The Agency and the U.S. Office of The Comptroller Of The Currency signed a Memorandum of understanding on information sharing
Within the framework of the Annual Meetings of the International Monetary Fund and the World Bank Group, a meeting took place on October 25, 2024, in Washington, D.C. between Madina Abylkassymova, Chairperson of the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market, and Greg Coleman, Senior Deputy Comptroller for Large Bank Supervision, Office of the Comptroller of the Currency (OCC).
During the discussions, the two sides addressed the establishment of bilateral cooperation on supervision of banks and banking groups operating in the financial markets of the United States and Kazakhstan.
Following the meeting, the parties signed a Memorandum of Understanding between the Agency and the OCC to ensure effective cross-border supervision of banks in line with the Basel Committee standards.
Under the Memorandum, a regular exchange of information will be established regarding compliance of banks and banking groups with banking laws, prudential standards, and other regulatory requirements. This will enable regulators in both countries to conduct a comprehensive assessment of the financial position and risks of financial institutions and their affiliated overseas structures.
For reference: The OCC is an independent agency of the U.S. Department of the Treasury and is responsible for the establishment, regulation, and supervision of all national banks, federal savings associations, and federal branches and divisions of foreign banks.
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