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Kazakhstan's financial regulator has decided to keep confidential the details of financial misconduct discovered within the country's second-tier banks, including information related to a massive transaction potentially circumventing international sanctions. The decision comes amid an ongoing investigation into how over 7 trillion tenge (approximately $15 billion USD) may have been moved through a domestic bank.

Investigation Details Remain Secret

During a briefing in the Majilis, the head of the Agency for Regulation and Development of the Financial Market (ARDFM), Madina Abylkassymova, was questioned about the progress of the investigation. While she confirmed that checks were conducted across all major second-tier banks in Kazakhstan, with some concluding and others ongoing, she stated that the findings would not be made public.

Abylkassymova explained that while the investigation results confirm certain violations, regulatory requirements prevent the disclosure of information about the probe's findings or the names of the involved banks. Instead, a supervisory plan will be developed to address the identified breaches, which could result in administrative fines.

Irregularities Found in All Inspected Banks

When pressed for specifics on the detected violations, Abylkassymova acknowledged that some level of non-compliance was found in all the financial institutions examined. She noted that the extent and number of these violations can vary between banks, but reiterated her inability to provide further details.

Special supervisory plans are reportedly being developed and implemented to rectify these issues. This situation follows a statement made by President Kassym-Jomart Tokayev on January 28, who highlighted that a Kazakhstani bank had transferred over 7 trillion tenge to offshore accounts in 2025, calling it an "outrageous fact" and ordering stricter oversight of illegal financial operations. The initial announcement was later removed from official social media channels, fueling speculation.

Earlier, National Bank Deputy Chairman Berik Sholpanqulov had suggested that preliminary findings did not identify the perpetrators, shortly before his resignation. National Bank Chairman Timur Suleimenov also offered a cautious comment, without confirming the specific bank alluded to by the head of state.

This is according to the information agency Infohub.kz.