Kazakhstan • 03 April, 2020

Verification of non-banking organisations to be held

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Inspections will take place from March to June 2020, in 17 cities, the main share of checked pawnshops will be in the cities of Nur-Sultan, Almaty, Shymkent, where the largest number of microfinance organizations is concentrated, primeminister.kz reports.

“Many issues with their activities received a resonant social effect, therefore, for our part, together with interested state bodies, we adopted an audit plan. We will start implementation as soon as quarantine is completed. We have identified 1,100 pawnshops, about 50 online lending companies and 200 subjects of microfinance facilities for inspection,” Abdrakhmanov informed.

Thirty-nine inspection groups were formed with the participation of employees of the Agency, the Ministry of Internal Affairs, the State Revenue Committee of the Ministry of Finance.

First of all, the inspection groups will carry out an audit to verify that the President’s order to suspend payment of the principal debt and interest on loans from the population, small and medium-sized businesses affected by the state of emergency has been fulfilled.

The audit will also verify compliance with legislation regarding the fight against money laundering and terrorist financing, the organization of a financial pyramid, the requirements for the debt burden ratio, the size of the annual effective interest rate and the maximum interest rate on microloans, the correctness of the calculation of fees, fines and penalties, the order of priority for debt repayment microcredit.

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