Article 8. Due diligence by financial monitoring entities of public officials The Law on Countering the Legalization (Laundering) of Proceeds from Crime, the Financing of Terrorism and the Financing of the Proliferation of Weapons of Mass Destruction

Home / RLA / Article 8. Due diligence by financial monitoring entities of public officials The Law on Countering the Legalization (Laundering) of Proceeds from Crime, the Financing of Terrorism and the Financing of the Proliferation of Weapons of Mass Destruction

Article 8. Due diligence by financial monitoring entities of public officials The Law on Countering the Legalization (Laundering) of Proceeds from Crime, the Financing of Terrorism and the Financing of the Proliferation of Weapons of Mass Destruction

1. Financial monitoring entities, in addition to the measures provided for in paragraph 3 of Article 5 of this Law, in relation to public officials specified in paragraphs six, seven and eight of subparagraph 3-3) of Article 1 of this Law, additionally must:

1) to verify the affiliation and (or) involvement of the client (his representative) and the beneficial owner to a public official, his spouse and close relatives;

2) to assess the reputation of this public official in relation to his involvement in cases of legalization (laundering) of proceeds from crime, financing terrorism and financing the proliferation of weapons of mass destruction;

3) obtain written permission from the organization's senior employee to establish and continue business relationships with such clients;

4) take all available measures to establish the source of the origin of the money and (or) other property of such a client (his representative) and the beneficial owner.

5) apply enhanced due diligence measures on an ongoing basis for clients (their representatives) and beneficial owners.

2. Financial monitoring entities, in addition to the measures provided for in paragraph 3 of Article 5 of this Law, in relation to public officials included in the list of public officials approved by the President of the Republic of Kazakhstan, their spouses and close relatives who have been assigned a high level of risk, are additionally required to apply the measures established by subparagraphs 1), 2), 3), 4) and 5) of paragraph 1 of this article.

3. The list of public officials, with the exception of the persons provided for in paragraphs six, seven and eight of subparagraph 3-3) of Article 1 of this Law, is approved by the President of the Republic of Kazakhstan.

4. From the date of termination of the exercise of powers by a public official included in the list of public officials approved by the President of the Republic of Kazakhstan, the provisions of paragraph 2 of this article shall apply to a public official, his spouse and close relatives for twelve months.

The Law of the Republic of Kazakhstan dated August 28, 2009 No. 191-IV.

This Law defines the legal basis for countering the legalization (laundering) of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction, the legal relations of financial monitoring entities, the authorized body and other state bodies of the Republic of Kazakhstan in the field of countering the legalization (laundering) of proceeds from crime and the financing of terrorism, as well as the mechanisms for implementing targeted financial sanctions, related to the prevention and prevention of terrorism and the financing of terrorism, and the prevention, prevention and cessation of the proliferation of weapons of mass destruction and their financing.

President

Republic of Kazakhstan

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