The amendments introduced anti-money laundering provisions to the Banking Law and the Securities Law within the general framework of anti-money laundering amendments to a number of Kazakhstan laws and legislative acts. The amendments comprise the following powers of the FMSA:

  • suspension and/or termination of a banking license in the event of regular violations of anti-money laundering requirements or participation by a bank (or a professional securities market participant) in transactions related to money laundering or financing of terrorism; and
  • suspension of operations through bank accounts of any individual or legal entity in certain cases.

The amendments also provide that mandatory notification of the FMSA concerning operations that are subject to financial monitoring to counteract money-laundering and financing of terrorism by the banks shall not be deemed a breach of banking secrecy or commercial secrecy in the securities market.