The National Bank of Kazakhstan plans to expand the collection of information on payment transactions with signs of fraud. The regulator intends to introduce new reporting forms and increase the frequency of receiving already collected data, reports infohub.kz.
One of the key innovations concerns fraudulent transactions. The National Bank proposes to introduce two new forms of administrative data: the first will contain information on payment transactions with signs of fraud, the second - data on such operations within the Anti-Fraud Center of the National Bank. Both forms are planned to be submitted monthly.
In addition, the regulator wants to switch from quarterly to monthly collection of data on the number of electronic terminals, the number and volume of payment organizations' operations, as well as incoming and outgoing cross-border transactions.
Information related to financial monitoring is also planned to be received more frequently. Data on measures to combat money laundering, terrorist financing, and the proliferation of weapons of mass destruction is proposed to be submitted once a quarter instead of once every six months. The same frequency is provided for data on risk levels assigned to clients.
The National Bank explains the changes by the need to collect statistics on identified transactions with signs of fraud, including operations within the Anti-Fraud Center. More frequent reporting should increase the efficiency and completeness of information. The regulator expects to improve monitoring of compliance, faster detection of risks and deviations, and, if necessary, take supervisory measures.
So far, this is only a draft. The document is posted on the "Open NPA" portal and will be open for public discussion until September 1.