Ahead of the international Digital Bridge forum, Freedom Bank Kazakhstan (Bank Freedom) and the Agency for Financial Monitoring of the Republic of Kazakhstan (AFM) presented a joint case that combines AFM's methodology with Bank Freedom's AI-Compliance platform to combat drop accounts, reports infohub.kz.

Kazakh President Qasym-Jomart Toqaev has repeatedly emphasized in his speeches the importance of strengthening security measures and preventing fraud in Kazakhstan's financial sector, noting that illegal capital outflow poses a direct threat to the state's economic security.

Thanks to the launch of the digital AI-Compliance solution and the integration of AFM's methodological framework, Bank Freedom is able to detect drop networks in the shortest possible time. To date, the joint efforts of Freedom and AFM have resulted in the identification and blocking of more than 7,000 individuals across seven types of illegal activity, including illegal gambling, fraud, and drug trafficking.

"This is not just an internal technological project of the bank. We have effectively built a system that seeks to stop the scheme before the victims' money finally disappears into cryptocurrency. And we are already seeing the results of our joint work with AFM in real cases," emphasized Timur Turlov, Chief Executive Officer of Freedom Holding Corp.

During the project's implementation, the main goal was to create precedents where the speed and scale of data processing become real protection for people against fraudsters. The successful case of combining efforts, proven methodology, and technology transforms the very logic of combating financial crimes in the country.

"The key challenge was not to find suspicious transactions—there are enough such solutions on the market. The difficulty was in speed: previously, identifying drops took months, and manual analysis of one case took about five hours of work. We set the task of reducing the time to minutes without losing accuracy. As a result, the platform itself prepares materials for each suspicious case, but the decision is always made by a compliance officer. Artificial intelligence here does not replace a human but enables them to process many more cases in the same time," noted Aidos Zhumagulov, member of the Board of Directors of Bank Freedom.

Recall that earlier in June this year, Timur Turlov, at a meeting with Zhanat Elimanov, signed a memorandum of cooperation between the AFM of Kazakhstan and Freedom Holding Corp. The document provides for joint work on improving digital financial monitoring tools, developing analytics and risk-based approaches, implementing modern RegTech solutions, as well as educational and expert initiatives to enhance the qualifications of specialists in this field.

Background: drops are individuals who provide their bank cards to withdraw funds obtained through criminal means.