Kazakh Banks Strengthen Control Over Transactions of Russians

Ирина Орлонская Exclusive
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Kazakhstan banks have tightened control over transactions of Russians

In early December, the European Commission added the Russian Federation to the list of countries with "strategic deficiencies" in combating terrorism financing and money laundering, reports Ulysmedia.kz.

Experts note that banks in Kazakhstan, as well as financial institutions in Tajikistan and Oman, have begun to conduct more thorough checks of transactions related to Russian citizens. At the same time, institutions in Armenia and Serbia have even started to temporarily suspend certain operations.

In recent weeks, Kazakh regulators have intensified control over compliance with legislation related to anti-money laundering. For example, last week it became known that a subsidiary of a major Turkish bank was fined in Kazakhstan for failing to comply with client verification regulations.
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