Visa subsidiary has limited operations with Kazakhstan – Kommersant
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The Currencycloud financial platform (a subsidiary of Visa) has included Kazakhstan in the list of countries with which monetary transactions are not carried out. The decision was made due to “money laundering policies and sanctions screening requirements.” In this regard, the company “cannot receive funds or send money,” the Kazakh newspaper reports. Forbes.
Currencycloud is a global financial platform that allows banks and fintech companies to provide currency exchange services for cross-border payments. Visa bought the company in 2021.
Together with Kazakhstan, the list of countries subject to Currencycloud restrictions includes Russia, Belarus, North Korea, Cuba, Iran, Libya, Sudan, South Sudan, Syria, Venezuela. The National Bank of Kazakhstan noted that the republic is not on the sanctions lists. The Agency for Regulation and Development of the Financial Market is preparing a request to the Singapore regulator to clarify the reasons for including Kazakhstan in the list.
Businessman Iman Akas told Forbes that Currencycloud provides “payment rails and virtual accounts” for many fintech companies. Thus, his Singaporean startup Bueno.Money used the services of Aspire bank, which operates on the Currencycloud platform. Due to Kazakhstan’s inclusion on the list, businesses have encountered problems paying employees and contractors in Kazakhstan.
Read about the situation with investments in the republic in the material “Kazakhstan accelerates economic growth” .
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