ALMATY, Jan. 15 (Xinhua) -- Kazakhstan's Agency for Regulation and Development of the Financial Market on Tuesday introduced a series of new rules against drug trafficking, illicit circulation of digital assets and other illegal activities.
The agency has set a one-year expiration limit on bank cards issued to foreigners. Relevant amendments have been incorporated into the current legislation.
The agency clarified that the new rules do not apply to already activated payment cards. Businessmen, investors and diplomats are exempt from the policy.
It has also instructed banks to detect transactions connected with illegal production, trafficking and transit of drugs, payments and money transfers to digital exchanges that are not affiliated with the Astana International Financial Centre; and transactions involving electronic and online casinos.
Banks are also required to enhance their assessment process for clients who hold more than five cards issued by the same bank or three cards issued by three different banks.
Additionally, banks must verify beneficial ownership information on businesses using official documents, open-source data, and other appropriate methods to fulfill this requirement. ■
