Regulatory Alerts2023-04-20 | https://aifc.kz/legal-framework/policy-statement-on-the-afsas-approach-to-banks-and-start-up-banks/Policy Statement on the AFSA’s Approach to Banks and Start-up Banks
The Astana Financial Services Authority (AFSA) issued this policy to clarify its risk-based approach for authorizing start-up banks within the AIFC. The regulator generally requires applicants to be branches or subsidiaries of existing regulated financial institutions, deeming independent start-ups unsuitable except in exceptional cases. The document mandates rigorous demonstration of financial soundness, robust governance, operational controls, and compliance capabilities to mitigate unique risks associated with new banking entities.
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