BTA Bank recently issued a response to a post published on March 4 on the official website of the Agency of the Republic of Kazakhstan on Fighting With Economic and Corruption Crimes initiating a criminal case against a resident of the Atyrau region suspected of funding an international terrorist organization.
BTA said in an official release that the $3,000 remittance in question, which the financial police said was sent at the beginning of 2011, was not in violation of the law at the time of the transaction.
"(The) remittance...was not subject to financial monitoring pursuant to the conditions and criteria defined by the Law of the Republic of Kazakhstan "Concerning the Counteraction of the Legitimization (Laundering) of Proceeds of Crime and the Financing of Terrorism" No.191-IV dated August 28, 2009," the bank said.
Additionally, according to the bank, neither the sender nor the recipient of the transfer at the time it was executed were included in the official list of organizations or individuals associated with terrorist activities.
"Accordingly, the bank had no reason and opportunity to assume that the remittance will subsequently be recognized by the financial police as a suspicious transaction in respect of which there is reason to believe that its implementation is aimed at the financing of terrorism," the bank said.
The bank also said that it found out that the remittee was involved in the financing of terrorist operations from an official source only two years after the transaction.
The bank said in conclusion that it "considers it necessary to underline that as a law-abiding financial institution that conducts its work in strict, accordance with the requirements of Kazakhstan legislation and try to accomplish all legal requirements of the competent authorities."
Headquartered in Almaty, BTA Bank is the third largest lender by assets in Kazakhstan.
- National Bank of Ukraine removes restrictions on foreign-currency transactions, investment metals
- Black Sea Trade & Development Bank visits Azerbaijan to boost business relationships
- VTB Bank finances three new planes for SunExpress airline
- National Bank of Ukraine makes it easier for businesses to invest abroad
- National Bank of Ukraine eases lending regulations for deposit guarantee funds to other banks
- Black Sea Trade and Development Bank, Russian Federal Corp. for SMEs support business growth
- Oleg Demidov named commercial director for Rosbank Factoring
- Eurasian Development Bank sells bonds on Kazakhstan Stock Exchange
- EY World Entrepreneur of the Year event to name world's top entrepreneur
- ACBA-CREDIT AGRICOLE, Microsoft parter for Armenian digital business technology seminar