Kazakhstan's AFM Cracks Down on Money Laundering: New Rules for Mobile Operators

Kazakhstan Strengthens Anti-Money Laundering Measures: Mobile Operators to Share Account Data Kazakhstan's Financial Monitoring Agency (AFM) has announced new measures to combat money laundering, requiring mobile network operators to provide data on unusual account top-ups. This move is part of broader efforts to enhance financial transparency and security within the country. The AFM's initiative aims to identify and prevent suspicious financial transactions, thereby protecting the integrity of the financial system. "Mobile operators will be obliged to identify the identity of all SIM card buyers," stated a speaker in a recent parliamentary address. This information sharing will significantly aid in detecting anomalous patterns of account replenishment, allowing authorities to effectively target money laundering schemes. The new regulation also outlines penalties for non-compliance. These range from significant fines to the potential revocation of operating licenses. The severity of the penalty will depend on the nature and extent of the violation. This clear demonstration of the government's commitment to anti-money laundering is expected to bolster investor confidence and strengthen Kazakhstan's international reputation in financial matters.