The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market
How is suppression of fraudsters carried out?
This is a difficult question. Task of the Agency is to work with the financial market. But, as you understand, fraudsters are not part of the financial market. Fraud is a type of crime, and the Ministry of Internal Affairs of the Republic of Kazakhstan faces the task of crime suppression. Along with that, fraudsters use weaknesses of banks and microfinance organizations. In this part, the Agency contributes to suppression of fraudsters.
The Agency studies fraud schemes, identifies weaknesses in the security management systems of financial market entities and sets modern requirements and recommendations for upgrade of their security systems.
Overall, we recommend to bear in mind that a bank employee will not call you and ask you to provide any information or perform any actions with your device and money. Feel free to interrupt such call. To be completely sure, you can call your bank back at the number indicated on your card.
If you have become a victim of fraudsters, first of all you need to file a statement with law enforcement agencies (the police). The investigation and trial process will take a lot of time, so it is better to be careful and not fall for tricks of fraudsters.
What mistakes do borrowers most commonly make when taking out a mortgage?
The most common mistakes include underestimating one’s financial capabilities, focusing solely on the amount of the monthly payment without considering the total cost of the loan and the overall amount of interest paid, and overlooking additional expenses associated with purchasi...
What additional expenses, apart from the monthly payment, should be taken into account when purchasing a home with a mortgage?
When purchasing a home with a mortgage, it is important to consider not only the monthly loan payment but also additional expenses associated with acquiring and maintaining the property. These may include property appraisal costs, insurance, notarial and registration fees, taxes,...
Can a borrower lose their home due to a prolonged mortgage delinquency? What is the foreclosure procedure?
In the event of a prolonged failure to fulfill obligations under a mortgage loan, the legislation provides for the possibility of foreclosure on the mortgaged property. However, before such measures are taken, borrowers are provided with a number of tools to settle their debt. In...
What are the “gray” and “black” lists of droppers?
To combat dropper schemes, a centralized system for recording suspicious clients has been established. The system is operated by the Anti-Fraud Center of the National Bank, which receives information from banks, payment organizations, telecommunications operators, and law enforce...
What new requirements have been introduced for the remote issuance and reissuance of bank cards?
For the remote issuance and reissuance of bank cards, financial institutions are required to use two-factor authentication, including biometric identification. Bank cards may only be linked to Kazakhstan-registered mobile phone numbers, which reduces the risk of using foreign SIM...
What is “dropping” and what penalties are provided by law?
“Dropping” refers to the illegal provision, transfer, or use of access to a bank account, payment instrument, or identification tool, as well as the execution of unauthorized payments or money transfers, including on behalf of third parties, in exchange for financial compensation...
How has the regulator strengthened its oversight of collection agencies in recent years?
Since 2017, the Agency has pursued a regulatory policy aimed at strengthening oversight of collection activities, improving the functioning of the debt collection market, and reducing unfair collection practices. Since 2017, the following regulatory measures have been introduced:...
Does a debtor have the right to record a conversation with a collector?
Yes. Under subparagraph 7) of paragraph 1 of Article 16 of the Law on Collection Activities, a debtor and/or their representative has the right to independently record interactions with employees of a collection agency using audio and/or video recording equipment.
