Kazakhstan Takes Action Against Fraudulent Calls, Protects Conscripts, and Streamlines Financial Sector

Kazakhstan Cracks Down on Fraudulent Calls: New Law Protects Consumers and Streamlines Financial Services Kazakhstan is taking a significant step towards improving financial security and transparency. The Senate recently approved a new law that will force telecom operators to actively block fraudulent calls and enhance consumer protection. The law introduces several key measures: * **Fraudulent Call Blocking:** Telecom operators will be required to implement anti-fraud systems to automatically identify and block suspicious calls. This will significantly reduce the number of scam attempts targeting Kazakhstani citizens. * **Conscript Protection:** Individuals currently serving their mandatory military service will be protected from loan applications during their service. This provision aims to prevent financial exploitation of conscripts. * **Bank Secrecy and Transparency:** Banks and microfinance organizations must report and address any banking secrecy violations within ten business days. This measure promotes accountability and strengthens financial oversight. * **Streamlined Regulations:** The law simplifies the process for foreign banks to operate in Kazakhstan, while simultaneously introducing new rules for venture funds to ensure transparency and fair practices. * **Debt Collector Regulations:** Debt collectors will only be allowed to call during weekdays between 8:00 am and 9:00 pm, reducing harassment and improving consumer experience. "These changes will make financial services in the country safer and more understandable," explains Aknur Tolegenova, a reporter for LITER.KZ. The new law represents a significant effort to protect citizens from financial fraud and create a more transparent financial landscape. The implementation of this legislation is expected to have a positive impact on the lives of ordinary Kazakhstani citizens, fostering greater trust in financial institutions and reducing the prevalence of financial scams.