Kazakhstan's financial authorities to strengthen supervision of financial markets

 
 
Posted5/20/2020 7:00 AM

Astana Financial Services Authority (AFSA), Kazakhstan's National Bank (NBK) and Agency for Regulation and Development of the Financial Market of Kazakhstan (ARDFM) signed a tripartite agreement on cooperation, Trend reports with reference to the press office of Kazakhstan's Astana International Financial Center.

The three regulatory authorities agreed to strengthen cooperation on supervision of financial markets, maintenance of the financial stability, protection of consumers of financial services.

                                                                                                                                                                                                                       
 

'úThe agreement provides a comprehensive framework for cooperation and exchange of information in areas such as authorization, ongoing supervision, insolvency procedures, financial recovery, anti-money laundering, unfair practices in the financial market and violations of the laws,'Ě the report said.

The agreement signing formalizes arrangements for cooperation and information sharing between the three regulators, facilitating the performance of their respective supervisory tasks. It underscores the shared commitment to maintaining the highest standards of supervision and the joint promotion of a stable financial services sector in the country.

'úThe document enhances the safety and soundness of institutions in their respective jurisdictions, including combating financial crime, conducting consolidated supervision and protecting consumers of financial services,'Ě the report said.

Chief Policy Officer at AFSA Mukhtar Bubeyev said that the signed agreement allows all regulators to join efforts with ultimate goal to contribute to fostering greater financial stability, market integrity and more efficient regulatory cooperation.

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'úThis cooperation will help exchange of information, hold regular meetings and supervisory interaction,'Ě he said.

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