Banks to share information on money transfers with AFM

Tengrinews.kz – Banks will be required to report suspicious client transactions to the Agency for Financial Monitoring (AFM), according to amendments in the draft law on combating legalization (laundering) of criminal proceeds and terrorism financing.
Today, Mazhilis deputies are considering the bill in its first reading.
According to AFM Deputy Chairman Zhenis Elemesov, the document will oblige banks and other financial organizations to report suspicious customer activities.

“Financial monitoring entities will send information indicating that a client may be using their activities to launder money or finance terrorism, based on the overall pattern of their money and asset transactions,” Elemesov said during the plenary session of the Mazhilis.

As outlined in the deputy head’s report, the agency itself will determine what constitutes suspicious activity. Frequent transfers of large sums are given as an example.

“This amendment aims to strengthen our country’s financial security and create a more effective system for analysis and monitoring,” Elemesov added.

The Agency for Financial Monitoring is a state body subordinate to the President. Its main task is combating money laundering and terrorism financing.
Recall that money transfers, including mobile transfers, of Kazakhstanis are already under government scrutiny. For example, banks must report to tax authorities about individuals receiving more than 100 transfers from different senders over three consecutive months. This concerns accounts not intended for business activities.