Any company handling clients' and counterparties' money faces requirements on countering the laundering of proceeds. Non-compliance means account freezes, fines and reputational harm.
What it is
AML/CFT — measures against the legalisation of criminal proceeds and the financing of terrorism. KYC — customer identification, verification of beneficiaries, risk assessment, transaction monitoring. Mandatory for banks, payment organisations, notaries, real estate agents, and also law and accounting firms for a range of operations.
Basic obligations
- Identify the client and the representative.
- Establish the beneficiary.
- Determine the purpose of the relationship.
- Assign a risk level.
- Retain documents.
- Report threshold and suspicious transactions to the financial intelligence unit.
Enhanced due diligence
For politically exposed persons, complex structures and high-risk jurisdictions.
The minimum for a business
Internal AML/CFT rules, a responsible officer, KYC questionnaires, an escalation procedure, and staff training.
Related materials: Personal data (No. 94-V) and counterparties · Compliance in business · Relocating a business: bank and compliance.
This material is for reference only and does not constitute legal advice. Rules, deadlines and rates change — before acting, verify against primary sources (egov.kz, adilet.zan.kz, vmp.gov.kz) or consult the lawyers of SHANYRAQ Legal.