Bank against money laundering

Management of the risks of money-laundering and counteracting terrorism financing is currently seen as an element of effective management and not only a matter of compliance with the legislative requirements. According to the norms of the international law with the illegal profits entering into the legal economy the business activities carried out with the help of such capital is considered money-laundering.

The Development Bank of Kazakhstan realizes the significance of the issue, which is evidenced by the fact that a number of internal documents related to the risks of money-laundering and counteracting terrorism financing has been developed. Among them are The Policy of the Development Bank of Kazakhstan in Managing Risks of Money-laundering and Counteracting Terrorism Financing, The Rules for Conducting Control over Operations on Counteracting Money-laundering and Terrorism Financing. These documents are expected to come into force with the passing of the Law “On Counteracting Money-laundering and Terrorism Financing”, which is currently under consideration of the Mazhlis (the lower house of the Parliament).

In 2006 the Bank together with the Bank of New York signed the document on the conformity of the Development Bank of Kazakhstan with the requirements of the U.S. PATRIOT Act (Patriot Act Certification).