Republic of Kazakhstan: Financial Sector Assessment Program-Detailed Assessment of Observance of the Basel Core Principles for Effective Banking Supervision
Republic of Kazakhstan: Financial Sector Assessment Program-Detailed Assessment of Observance of the Basel Core Principles for Effective Banking Supervision
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Volume/Issue:
Volume 2024
Issue 054
Publication date: February 2024
ISBN: 9798400267925
$20.00
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Topics covered in this book
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Banks and Banking , Finance , Money and Monetary Policy , Public Finance , International - Economics , regulator's independence , prudential mandate , risk-based supervision , consolidated supervision , related parties , NPL definition , interest rate risk , AML/CFT , IMF-World Bank Financial Sector Assessment Program , Kazakhstan tenge , due diligence , adequacy ASSESSMENT process , staff team of the International Monetary Fund , banking group , risk weight assets , Internal controls , Stress testing , Credit risk , Market risk , Operational risk , Global , Anti-money laundering and combating the financing of terrorism (AML/CFT)
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Summary
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.
