ASTANA – The government of Kazakhstan has approved a comprehensive set of measures aimed at reducing the risks of money laundering, terrorist financing, and the proliferation of weapons of mass destruction. The resolution will enter into force on Nov. 20, requiring regular reporting by government agencies and subordinate organizations to ensure effective implementation.
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Key areas of focus include combating the use of front men, known as “mop-ups,” and providing banks with guidance on typologies and indicators of suspicious transactions. An awareness campaign, “Don’t Become a Mop!”, will be launched, involving participation from both government agencies and financial institutions.
Foreign economic transactions will also be closely monitored, notably those involving fictitious contracts and full prepayments without the import of goods. Banks will have recommendations to assess the economic feasibility of such transactions.
Cash withdrawals will be tracked through methodologies developed by the Financial Monitoring Agency (FMA), enabling regular monitoring of funds obtained through criminal activity. Banks will be required to flag suspicious transactions. Indicators of fictitious loans will also be defined, including analyses of repayment schedules, funding sources, and loan amounts, reported Kazinform on Nov. 12.
The regulation addresses digital assets and cryptocurrencies by blocking unlicensed platforms and creating a registry of high-risk crypto wallets. Data on criminal cases involving digital assets will be collected, accompanied by public awareness campaigns about their misuse.
In the real estate and luxury goods sectors, banks, notaries, and realtors will receive guidance to verify property ownership and the sources of funds, targeting unjustified wealth, such as luxury housing purchases without proven income, and transactions involving precious metals and high-value goods.
A profile system will be established to assess the risk of money laundering through legal entities, including the use of trusts and foreign structures. Transparency in gambling and other high-risk sectors will be enhanced through the integration of technical systems to reduce criminal exploitation. Additionally, a strategy will be developed to prevent the financing of weapons of mass destruction, which will include specialized training programs.
The document obliges government agencies and subordinate organizations to report on their implementation of measures to the FMA twice a year. The agency itself will submit consolidated data to the government no later than the 20th day of the month following the reporting period.
