THE RESOLUTION OF BOARD OF THE AGENCY OF THE REPUBLIC OF KAZAKHSTAN ON REGULATION AND DEVELOPMENT OF THE FINANCIAL MARKET

of October 12, 2020 No. 97

About approval of Requirements to Rules of internal control for the purpose of counteraction of legalization (washing) of income gained in the criminal way, to financing of terrorism and financing of distribution of weapons of mass destruction for the insurance (reinsurance) organizations, insurance brokers, societies of mutual insurance, Export credit agency of Kazakhstan, branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan and branches of insurance nonresident brokers of the Republic of Kazakhstan

According to Item 3-2 of article 11 of the Law of the Republic of Kazakhstan "About counteraction of legalization (washing) of income gained in the criminal way and to terrorism financing" Board of the Agency of the Republic of Kazakhstan on regulation and development of the DECIDES: financial market

1. Approve the enclosed Requirements to Rules of internal control for the purpose of counteraction of legalization (washing) of income gained in the criminal way, to financing of terrorism and financing of distribution of weapons of mass destruction for the insurance (reinsurance) organizations, insurance brokers, societies of mutual insurance, Export credit agency of Kazakhstan, branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan and branches of insurance nonresident brokers of the Republic of Kazakhstan.

2. To provide to department of methodology and prudential regulation of the financial organizations in the procedure established by the legislation of the Republic of Kazakhstan:

1) together with Legal department state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan;

2) placement of this resolution on official Internet resource of the Agency of the Republic of Kazakhstan on regulation and development of the financial market after its official publication;

3) within ten working days after state registration of this resolution submission to Legal department of data on execution of the action provided by the subitem 2) of this Item.

3. To impose control of execution of this resolution on the supervising vice-chairman of the Agency of the Republic of Kazakhstan on regulation and development of the financial market.

4. This resolution becomes effective since November 15, 2020 and is subject to official publication.

Approved by the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of October 12, 2020 No. 97

Requirements to Rules of internal control for the purpose of counteraction of legalization (washing) of income gained in the criminal way, to financing of terrorism and financing of distribution of weapons of mass destruction for the insurance (reinsurance) organizations, insurance brokers, societies of mutual insurance, Export credit agency of Kazakhstan, branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan and branches of insurance nonresident brokers of the Republic of Kazakhstan

Chapter 1. General provisions

1. These Requirements to Rules of internal control for the purpose of counteraction of legalization (washing) of income gained in the criminal way, to financing of terrorism and financing of distribution of weapons of mass destruction for the insurance (reinsurance) organizations, insurance brokers, societies of mutual insurance, Export credit agency of Kazakhstan, branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan and branches of insurance nonresident brokers of the Republic of Kazakhstan (further - Requirements) are developed according to the paragraph the second Item 3-2 of article 11 of the Law of the Republic of Kazakhstan "About counteraction of legalization (washing) of the income received in the criminal way and to terrorism financing" (further - the Law on POD/FT) and extend to the insurance (reinsurance) organizations, societies of mutual insurance, Export credit agency of Kazakhstan and branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan (further - the organization), insurance brokers and branches of insurance nonresident brokers of the Republic of Kazakhstan (further - insurance broker).

2. The concepts used in Requirements are applied in the values specified in the Law on POD/FT and the Law of the Republic of Kazakhstan "About insurance activity" (further – the Law on insurance activity).

For the purposes of Requirements the following basic concepts are used:

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