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Tengrinews.kz - The Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market has released a statement in response to recent publications concerning Kaspi Bank.
According to the agency, Kaspi Bank is one of Kazakhstan's key systemic banks, showing steady growth and maintaining a high level of transparency.
"As of September 2024, the bank ranks second in Kazakhstan in terms of assets, loan portfolio, and deposit base within the banking sector. Kaspi Bank fully complies with sanctions imposed by the U.S., the European Union, and other foreign countries, and consistently works with correspondent banks in the U.S. and EU to ensure best practices in KYC, risk management, and internal controls related to high-risk compliance operations," the statement reads.
The bank regularly conducts necessary compliance procedures in line with internal standards to minimize risks. This includes thorough customer due diligence, transaction monitoring, and employee training, the agency added.
The ARDFM also emphasized that it had previously strengthened its requirements for customer due diligence and transaction monitoring in second-tier banks, aligning with KYC and cross-border operation control standards. These measures were put in place to prevent the use of banking services for transactions aimed at circumventing sanctions.
