(27 February 2026 | Source: BES.media)
New regulations for banks and microfinance organisations have come into effect in Kazakhstan. The key innovation is behavioural supervision, which strengthens control over how financial organisations work with clients and disclose the terms of their products.
WHAT IS BEHAVIOURAL SUPERVISION
According to BES.media, one of the main innovations is the introduction of behavioural supervision. Previously, control over banks was primarily focused on financial indicators and reporting. Now, attention is also being paid to how banks interact with clients.
This concerns checking how honestly financial organisations sell products, whether they explain terms clearly, and whether they create additional risks for consumers.
According to Irina Kushnaryova, the goal of the new approach is to prevent problems before they become widespread, and to combine the stability of banks with the protection of client rights. The regulator will assess not only compliance with formal requirements, but also the actual client experience.
WHAT REQUIREMENTS ARE BEING INTRODUCED FOR BANKS AND MFOS
With the introduction of behavioural supervision, requirements for microfinance organisations (MFOs) are being strengthened. Banks and microfinance organisations are obliged to:
- explain the terms of loans, deposits and instalment plans more clearly;
- ensure honest advertising without promises that do not match the terms;
- not impose additional services without the client's consent;
- assess borrowers' solvency more thoroughly;
- strengthen mechanisms for handling complaints and pre-trial dispute resolution.
Banks assess client solvency using scoring systems based on big data. These take into account profession, age, social status and other parameters. At the same time, each bank operates its own assessment model.
According to a representative of the Association of Financiers of Kazakhstan (AFK), the regulator will oversee not only the content of products, but also the methods of their promotion and sale. It will also assess whether a bank's business model creates systemic risks for clients.
HOW WILL THE COMPLAINT HANDLING PROCESS CHANGE
The new law introduces a two-stage system for handling complaints. First, a complaint is submitted to the bank or MFO. If the issue is not resolved, the client can contact the unified financial ombudsman service.
This institution will combine the functions of the current ombudsmen and become the main mechanism for pre-trial dispute resolution. The ombudsman will be able to consider appeals and issue decisions that are binding on banks, MFOs and insurance companies.
If the dispute cannot be resolved, a citizen can apply to the court or to the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan (ARDFM RK).
INTERNATIONAL EXPERIENCE AND NEW APPROACHES
International experience was taken into account when developing the changes. After the 2008 financial crisis, a separate regulator, the Financial Conduct Authority (FCA), was established in the UK, responsible for the conduct of financial organisations. Similar approaches operate in EU countries, Australia and Canada.
According to Irina Kushnaryova, the introduction of behavioural supervision in Kazakhstan represents a shift from formal control to assessing the real impact of financial products on the client. At the same time, responsibility for their own financial decisions remains with consumers themselves.
WHAT ELSE DOES THE LAW PROVIDE FOR
The new law changes approaches to regulating and licensing banks, protecting consumer rights and the stability of the financial system.
The document also:
- introduces a legal framework for digital financial assets;
- establishes the status of the digital tenge;
- provides for a two-tier system of bank licensing;
- introduces a three-stage model of crisis management regulation;
- develops Islamic finance through the "Islamic windows" model.
The law sets standards for bank governance at all levels — from shareholders to internal departments.
The main goal of the changes is to make financial services more transparent and safer for clients while maintaining the stability of the banking system.