“The law on Banks and Banking activities in the Republic of Kazakhstan”
This is the main law which determines and regulates the banking system activities of the Republic of Kazakhstan as a whole, as well as individual bank.
For example, this law explains
The requirements to obtain a license
Types of services which can be provided
Audit reporting period
Specifies the report types the bank should submit, the accepting authorities of these reports
Professional requirements for the management positions
The law also outlines the main provisions for banking activities, such as conducting transfers and accepting payments, issuing loans and setting tariffs, as well as protecting clients' rights. For example, the article on mandatory deposit insurance is specifically outlined in this law.
The role of the compliance department is to monitor the bank's activities and confirm compliance according to this major law. Therefore, we are involved in all processes, starting from the constitutional documents and appointment of executives up to the approval of all new products.
The law on Banks and Banking activities in the Republic of Kazakhstan