In 2019 the responsibility to supervise the financial sector of Kazakhstan was assigned to the newly established Agency for the Regulation and Development of the Financial Market (ARDFM); however, ARDFM independence is not enshrined in the legislation. While ARDFM has introduced a risk-based approach and Supervisory Examination and Review Process, banks’ asset quality and related party transactions remain a source of concern, even if improving. The ARDFM present approach does not yet comply with international standards for consolidated supervision; it should hence continue with its plans to align key prudential standards with the Basel framework and extend risk management expectations across a banking group and not only at solo level.
- Format
- Paper
- Frequency
- regular
- ISBN
- 9798400267925
- ISSN
- 1934-7685
- Pages
- 250
- Published in
- United States of America
- Series
- Country Report No. 2024/054
- StockNumber
- 1KAZEA2024004