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AFSAThe Astana Financial Services Authority

The Astana Financial Services Authority (AFSA) has regulated the Astana International Financial Centre (AIFC) since 1 January 2018. Its licence names the exact Regulated, Market or Ancillary services a firm may carry on in or from the AIFC, and every licensed firm appears on the AFSA Public Register with its licence number, licence status, issue date and ordered activities. Two facts are worth knowing before you fund an account: a firm holding Recognised Non-AIFC Member status is not an authorised AIFC firm, and a report sent to AFSA is registered within 5 Business Days with substantive feedback normally within 3 months.

Country
Kazakhstan
Jurisdiction
Government Reg.
Established in
2018
Forex Regulation
50
Overall Rating
5
Licensed Brokers
Medium
Transparency Index
Tier 3
Global Tier
IOSCO Member
The regulator
Updated

About AFSA

The Astana Financial Services Authority (AFSA) has regulated the Astana International Financial Centre (AIFC) since 1 January 2018. Its licence names the exact Regulated, Market or Ancillary services a firm may carry on in or from the AIFC, and every licensed firm appears on the AFSA Public Register with its licence number, licence status, issue date and ordered activities. Two facts are worth knowing before you fund an account: a firm holding Recognised Non-AIFC Member status is not an authorised AIFC firm, and a report sent to AFSA is registered within 5 Business Days with substantive feedback normally within 3 months.

Tier 3
Brokers on the record
5
Compensation cap
None
Retail leverage cap
1:500
Cost of a licence
USD 20,000–30,000

The Financial Services Authority (FSA) was formed on November 12, 2012, when the Financial Services Authority Act, No. 33 of 2011, was passed by the Parliament of St.Vincent and the Grenadines. The purpose of this independent body, established by statutory provision, was to implement a single regulatory framework that would be used to regulate certain entities in the financial services sector.

The FSA would be responsible for administering, controlling, and overseeing the international financial services industry and domestic non-bank industries throughout the country.

Formation and Consolidation

The establishment of the FSA represents a significant regulatory achievement for St.Vincent and the Grenadines. For the first time, several regulatory functions were consolidated under a single authority to enhance coordination and operational efficiency.

The formation of the FSA consolidated the functional responsibilities of three previous regulatory organizations:

• International Financial Services Authority (IFSA)

• Co-operatives Division of the Ministry of National Mobilization and Social Development

• Supervisory and Regulatory Division of the Ministry of Finance

The consolidation has streamlined their functional operations, made better use of their (finite) resources, and improved regulatory coverage within both the offshore region and the onshore region.

Regulatory Roles and Responsibilities

The FSA Act sets out the roles, powers, and principles by which the FSA operates. The objectives of the FSA are:

• Protect consumers and ensure fair treatment;

• Maintain market integrity and financial stability; and

• Encourage competition in the sectors.

The FSA is responsible for administering the provisions of the Act and supervising the financial entities to ensure compliance with the legislation governing the sector. In addition, the FSA has enforcement responsibilities for anti-money laundering (AML) and countering the financing of terrorism (CFT), while promoting international best practices.

Regulatory capabilities and architecture

With extensive statutory powers, the FSA operates within standards generally accepted to be applicable worldwide. The Act contains provisions consistent with the FATF guidance on AML and CFT within an internationally accepted framework, as well as OECD requirements on tax transparency.

Additionally, the Act strengthens regulators' access to information, provides better enforcement leverage, and facilitates intervention from a crisis management perspective, particularly in the case of front-line administrative control of an institution (when necessary).

The authority is comprised of qualified individuals with multidisciplinary focus and experiences in law, finance, accounting, and regulation. An independent Board of Directors governs the FSA and receives technical support from the Caribbean Regional Technical Assistance Centre (CARTAC) of the IMF.

Emphasis on Compliance

The FSA urges all regulated entities to demonstrate the elements of accountability, transparency, and good governance, where compliance with legislative requirements and best practices is now mandatory and an operational necessity; alternatives will risk not only economic stability but also the country's reputation.

The FSA appreciates the complexities of the financial landscape and continues to review its operations to assess its supervisory engagements, ensuring that its mandate is conducted effectively and responsibly.

On the record

Established
2018
Country
Kazakhstan
Oversight
Government body
Scope
Regulates forex and CFD brokers
Membership
IOSCO member
Transparency
Medium
Public register
Open the register
Website
afsa.aifc.kz
Online contact
afsa.aifc.kz
Protection check

What a licence from AFSA protects

No compensation scheme is recorded for firms licensed by AFSA; a dispute a firm will not settle can go to AIFC Court / IAC.

3 facts on record
  • No compensation scheme
  • Complaints routeAIFC Court / IAC
  • Maximum leverage1:500

What is protected

Protection under this regime comes from conduct and prudential rules rather than from a payout fund. Before providing a regulated service, an authorised firm must give the client key information including its name and address, its regulatory status, a breakdown of fees and charges and its complaints handling procedures. A retail client must have a written agreement with the firm setting out the rights and responsibilities of both sides, and receives a Suitability Report when given investment advice. Clients are classified at the outset as a retail client, a professional client or a market counterparty, and that classification sets how much assessment the firm must perform. For digital assets and derivatives, an enhanced appropriateness assessment applies, and where the firm concludes the service is not appropriate it must not offer it. AFSA has consulted on strengthening Client Asset safeguarding, external audit and crisis preparedness requirements. No investor compensation or guarantee fund with a stated per client cap was found among the official documents read.

How to verify a licence

Open the AFSA Public Register from the main menu of afsa.aifc.kz (Public Register), then choose the list that matches the firm: Authorised Firms for financial services firms, Ancillary Service Providers for legal, audit, accountancy and consulting firms, Recognised Non-AIFC entities, FinTech Lab Participants, Digital Asset Service Providers, or Registered entities. Search by company name or by licence number. A valid result returns six fields: Company name, License Number (in the form AFSA-A-LA-2026-0013), Status of the license (for example active), License issue date, Ordered activities, and a show more link with the full entry. Match all three of the firm's name, its licence number and the activities it is selling to you: the register lists the specific activities each licence permits, so a firm licensed only for Advising on Investments is not licensed to hold your money. Reach the register through the AFSA website itself rather than through a link in an email or on the firm's own site.

Open the registerOfficial website

How to complain

Reports go to AFSA through the AFSA Hotline Services portal on afsa.aifc.kz or by email to the hotline address, and may be made by AIFC Participants, their employees, service providers and consultants, or any member of the public. AFSA registers the report within 5 Business Days, acknowledges it and gives it an initial review, then normally provides substantive feedback within 3 months, extended up to 6 months in complex cases. If the case is referred outside AFSA, high level status updates are generally provided every 60 Business Days unless disclosure is legally restricted. AFSA sets out what falls outside its remit: matters that do not involve a breach of Regulations or Rules it administers, matters under another regulator's jurisdiction, personal employment issues, and reports lacking sufficient detail to investigate. Anonymous reports are accepted, and AFSA states that an anonymous report lacking verifiable detail may be temporarily suspended.

These are the rules AFSA sets for the firms it licenses, read from its own record. They say nothing about how any one broker applies them, or which of its companies would hold your account; that is checked on each broker's own page.
Licensing terms

Getting licensed by AFSA

A licence from AFSA costs USD 20,000–30,000 to obtain on the record and covers 2 instrument types.

USD 20,000–30,000
Licence types
AIFC Brokerage Licence
Business models allowed
Retail Agency (STP); Market Maker (Principal); Provide Liquidity (PoP)
Cost to obtain
USD 20000-30000
Coverage
Most countries worldwide (exceptions apply)
Not served
North Korea - UN-sanctioned countries

2 instruments regulated

  • Forex
  • Derivatives

Requirements, as AFSA publishes them

Requirements for Obtaining a License under the Financial Sector Conduct Authority (FSCA)

To obtain a license under the Financial Sector Conduct Authority (FSCA), applicants must meet specific regulatory requirements and pay the prescribed fees for their respective applications. Below is a summary of the key licensing fees and requirements.

Application Fees
  1. Application for Exchange, Central Securities Depository, or Clearing House License:
  • Fee: R 286,000
  1. Renewal of Exchange, Central Securities Depository, or Clearing House License:
  • Fee: R 13,800
  1. Change of Name or Amendment of License Terms and Conditions:
  • Fee: R 550
  1. Request for a Certified Copy of a License Document:
  • Fee: R 550
  1. Application for the Approval of a Nominee:
  • Fee: R 4,515
  1. Approval for Demutualisation of a Self-Regulatory Organisation:
  • Fee: R 48,400
  1. Approval of Amalgamation or Transfer of Business for Self-Regulatory Organisations and Clearing Houses:
  • Fee: R 48,400
  1. Approval of Acquisition of Shares or Interests in a Self-Regulatory Organisation (Under Section 57(3) and (4) of the Securities Services Act, 2004):
  • Fee: R 5,000
  1. Approval for Inclusion of Securities Issued by an Exchange in Its Own Listing:
  • Fee: Determined by the listing and documentation inspection fees as per the exchange’s requirements.
Application Requirements
  1. Submission of Application Forms:
  • Applicants must complete the relevant forms for the type of license being sought.
  • All required supporting documents must accompany the application.
  1. Regulatory Compliance:
  • Applicants must demonstrate compliance with the Securities Services Act, 2004 and other applicable FSCA regulations.
  1. Financial Stability:
  • Entities must provide evidence of sufficient capital to support their operations, in line with FSCA’s financial requirements.
  1. Governance and Fit-and-Proper Standards:
  • Directors, key management, and shareholders must meet the FSCA’s fit-and-proper criteria, which assess integrity, competency, and financial soundness.
  1. Operational Policies and Procedures:
  • Applicants must submit policies for risk management, compliance monitoring, and dispute resolution to demonstrate their ability to operate within regulatory standards.
  1. Nomination and Approval of Nominees:
  • Any nominee associated with the application must be pre-approved by the FSCA.
Processing Time

The FSCA typically processes applications within a reasonable timeframe, depending on the complexity of the application and the completeness of the information provided. Delays may occur if further clarification or additional documentation is required.

Key Notes
  • All application fees are non-refundable and must be paid at the time of submission.
  • License renewal and amendments require separate applications with respective fees.
  • Non-compliance with regulatory requirements may result in application rejection or additional scrutiny.

By meeting these requirements and providing accurate and complete information, applicants can successfully secure licenses under the FSCA, ensuring compliance and adherence to South Africa’s financial regulatory framework.

From the documents
Reviewed

What AFSA's own documents say

22 facts read from 20 official documents published by AFSA, each quoted and linked to its source.

22 facts

Jurisdiction and scope

An AFSA licence authorises activities carried on in or from the AIFC, the 1,632 hectare area within the city of Astana set by presidential decree. Centre Participants must have a physical presence inside those boundaries. They may serve clients elsewhere in Kazakhstan in line with AFSA's rules, and in other countries in line with the law of the host state, so an AFSA licence is not by itself permission to operate in your country. A participant wanting an additional office outside the AIFC has to comply with the law where it establishes. AFSA's powers cover Centre Participants, their directors and Approved Individuals performing Controlled Functions.

Using this regulator

Check the licence number on the AFSA Public Register and read the Ordered activities column, not just the licence status. Ask which AIFC entity you are contracting with, since AFSA states that the display of an AFSA licence certificate does not by itself confirm that a website operator is authorised. If the firm describes itself as a Recognised Non-AIFC Member, it is a broker or dealer regulated elsewhere with access to the Astana International Exchange, and AFSA states it is not an authorised AIFC firm. If it holds a Representative Office licence, that permits marketing of services offered in another jurisdiction, not dealing or holding client money. Check the Register of Prohibited and Restricted Persons on the Notice Register for individuals barred from holding office at an authorised firm, and the Notice Register itself for licence suspensions and withdrawals. Keep your statements: a firm managing investments must send a confirmation note after each transaction, and monthly statements apply for accounts with uncovered open positions in contingent liability investments.

Good to know

The AIFC Fees Rules, which set the application and annual supervision fees for Regulated and Market Activities, are published on AFSA's legal framework portal rather than on afsa.aifc.kz, so no figure for a dealing or investment management licence is quoted here. The fee figures stated in this review are the Ancillary Services fees and the Registrar of Companies post-registration fees published on afsa.aifc.kz. Those two published post-registration figures differ: the Guidance on Post-registration and the post-registration FAQ state 50 USD online and 100 USD offline for standard entities, while the Application Process page states 100 USD online and 200 USD offline, so a firm should confirm the current amount with the SSP Calculator before paying. No compensation scheme, investor guarantee fund or retail leverage cap document was found among the official pages read, so no cap, exclusion or ratio is stated. The corpus pages d09 (Registration), d10 (Payment), d11 (Post-Registration) and d13 (Contacts) were not read in full because the context budget ran out, and no prior copy exists for the Guide on the Authorisation process beyond the archived February 2026 file, which is byte for byte identical to the current one.

Key facts

KeyVerifying a licence

Confirm the firm on the AFSA Public Register before funding

It takes under a minute to check that a broker's claimed AFSA licence number exists, is active, and covers the service being sold to you. A licence that permits Advising on Investments does not permit holding your money.

AFSA states that all financial services firms in the AIFC must be authorised by AFSA, and directs the public to its Public Register to confirm the status of a firm or an individual. The register returns the company name, licence number, licence status, licence issue date and the activities the licence covers.

All financial services firms in the AIFC must be authorised by AFSA.
Quoted in Check if a firm is authorisedRead the source
You may verify the status of authorised ancillary service providers by visiting the AFSA Public Register: https://publicreg.myafsa.com/ancillary/.
Quoted in Warning noticeRead the source

Where in the document: Consumers, Check if a firm is authorised

  • public register
  • license verification
  • retail clients
KeyScope of authorisation

The licence itself names the services a firm may provide

An AFSA licence is not a general permission to do anything financial. Compare the Ordered activities on the register entry with what the firm is actually offering you, since a firm licensed for advising or arranging is not licensed to deal or to hold client assets.

AFSA grants authorisation in the form of a licence that specifies the type of financial or ancillary services the firm may conduct, drawn from the Regulated Activities in Schedule 1 of the AIFC General Rules, the Market Activities in Schedule 4 and the Ancillary Services in Schedule 2.

Authorisation is given in the form of a licence which is issued by the AFSA, which specifies the type of financial or ancillary services that can be conducted.
Clause 2 in Guide on the Authorisation process: How to become authorised, p.2Read the source
In order to conduct financial or ancillary services in or from the AIFC, firms need to obtain a licence from the AFSA.
Clause 2 in Guide on the Authorisation process: How to become authorised, p.2Read the source

Where in the document: Guide on the Authorisation process, section 2, Authorisation

  • license verification
  • scope of authorisation
KeyJurisdiction and limits

Licensed firms sit inside the AIFC and may serve clients elsewhere

An AFSA licence does not carry permission to operate in your own country. If a firm solicits you outside Kazakhstan, the protection you can rely on depends on the law where you are, and AFSA's remit stops at the AIFC entity.

Centre Participants must have a physical presence within the boundaries of the AIFC, an area of 1,632 hectares in Astana set by presidential decree, and may offer services elsewhere in Kazakhstan under AFSA's rules or in other jurisdictions under the law of the host state.

Centre Participants must have a physical presence within the boundaries of the AIFC but can offer their services to clients throughout Kazakhstan provided they do so in accordance with AFSA’s rules (so far as these rules are applicable to their activities). Likewise Centre Participants may offer their services in jurisdictions outside Kazakhstan provided they do so in accordance with the law of the host state.
QuotedRead the source
The Authorisation authorises an AIFC Participant to carry on activities in or from the AIFC.
Quoted in Authorisation FAQsRead the source

Where in the document: About AFSA, Our Jurisdiction

  • scope of authorisation
  • jurisdiction
  • cross border
KeyMembership and standing

Recognised Non-AIFC Members are not authorised AIFC firms

A firm can accurately say it is recognised by AFSA and appears on an AFSA register while holding no AIFC licence and no AFSA conduct supervision. Check which register list the firm appears on: Authorised Firms or Recognised Non-AIFC entities.

AFSA states that Recognised Non-AIFC Members and Recognised Non-AIFC Market Institutions are not authorised AIFC firms. They are based outside the AIFC and receive a Recognition Order, which gives brokers and dealers access to the Astana International Exchange without establishing a legal presence or obtaining AIFC authorisation.

No, they are not authorised AIFC firms. RNAMs and RNAMIs are based outside the AIFC but receive a Recognition Order based on the satisfaction of certain requirements, which includes an equivalent regulatory environment.
Quoted in Authorisation FAQsRead the source
Recognised Non-AIFC Member (RNAM) status permits qualified market participants, such as brokers and dealers, to get an access to the facilities of the Authorised Investment Exchange or Authorised Clearing House within the AIFC without exceeding the scope of the activities they are authorised to carry on by their home regulator.
Clause 2 in Guide on the Authorisation process: How to become authorised, p.3Read the source

Where in the document: Authorisation FAQs, Are RNAMs and RNAMIs authorised AIFC firms?

  • scope of authorisation
  • membership standing
  • recognition
KeyHow to complain

Reports are registered in 5 business days, feedback in 3 months

5 working days

These are the timelines to hold AFSA to after you report a firm, and they set expectations: this is a regulatory process measured in months, not a route to a refund in days.

AFSA registers a report within 5 Business Days, acknowledges it and gives it an initial review. Substantive feedback is normally given within 3 months, extended up to 6 months in complex cases, and where a case is referred externally, status updates are generally provided every 60 Business Days.

Your report will be registered within 5 Business Days, acknowledged, and given an initial review.
Quoted in ComplaintsRead the source
Substantive feedback will normally be given within 3 months; in complex cases, this may be extended up to 6 months.
Quoted in ComplaintsRead the source

Where in the document: Complaints, What happens next (timelines you can expect)

  • retail clients
  • complaint deadline
  • complaints
KeyWhat is protected

Retail clients get a written agreement and key information

These are documents you can ask for and check before you deposit. If a firm claiming AFSA authorisation cannot produce a written client agreement and a fee breakdown, that gap is measurable against the rule.

Before providing a regulated financial service, an authorised firm must give clients key information including the firm's name and address, its regulatory status, a breakdown of fees and charges and details of its complaints handling procedures. A retail client must also have a written agreement with the firm defining the rights and responsibilities of both parties.

Before providing any regulated financial services, Authorised Firms must give clients key information in accordance with the AIFC Conduct of Business Rules, with the key information having to include the firm’s name and address, its regulatory status, a breakdown of fees and charges, and essential details about its complaints-handling procedures.
Quoted in Know your rightsRead the source
If you are a Retail Client, a written agreement must be established between you and the Authorised Firm. This agreement will clearly define the key rights and responsibilities of both parties.
Quoted in Know your rightsRead the source

Where in the document: Know your rights, Client Agreements and Reporting

  • retail clients
  • conduct of business
  • client agreement

More facts, by topic

Every AIFC financial services firm must hold an AFSA licence you can look upSix fields settle it: company name, licence number, licence status, issue date, ordered activities and the full entry. Search the AFSA Public Register from the AFSA website itself, and match the activities on the licence against what the firm is selling you. AFSA states that a licence certificate displayed on a website does not by itself confirm the operator is authorised.1 fact
UsefulVerifying a licence

A licence certificate on a website is not proof of authorisation

Screenshots of certificates, licence numbers and regulator logos can be copied from a real firm's file. The only check that settles the question is the licence number looked up on the register you reached from the AFSA site.

In a public alert about a website displaying a copy of a genuine AFSA licence certificate, AFSA states that unauthorised use of an AFSA licence certificate confers no regulatory status, and that the display of a certificate does not by itself confirm that the website operator is authorised.

The unauthorised use of an AFSA licence certificate does not confer any regulatory status or legitimacy on a person, company, website, or platform.
Quoted in Alert: Fraudulent Impersonation of Freedom Finance Global PLC and Unauthorised Use of the AFSA LicenceRead the source
The display of an AFSA licence certificate on a website does not, by itself, confirm that the operator of the website is authorised by the AFSA;
Quoted in Alert: Fraudulent Impersonation of Freedom Finance Global PLC and Unauthorised Use of the AFSA LicenceRead the source

Where in the document: Alerts, Warning to the Public

  • public register
  • license verification
  • impersonation
AFSA publishes past withdrawals and suspensions, and now a list of prohibited personsThe Public Register covers current and past grants, withdrawals and suspensions across authorised firms, market institutions, ancillary service providers, recognised non-AIFC members, special purpose companies and FinTech Lab participants. A separate Register of Prohibited and Restricted Persons, added since March 2026, names individuals barred from holding office at an authorised firm. Both are worth checking, one for the company and one for the people.2 facts
UsefulPublic register

The register covers past withdrawals and suspensions as well

A firm can point to a licence it once held. Because the register records withdrawals and suspensions as well as live licences, a lapsed permission can be told apart from a current one.

AFSA publishes a Public Register of current and past grants, withdrawals and suspensions of licences and authorisations, covering Registered Entities, Authorised Firms, Authorised Market Institutions, Ancillary Service Providers, Recognised Non-AIFC Members, Special Purpose Companies and FinTech Lab Participants.

The AFSA maintains and publishes a Public Register of current and past grants of withdrawals and suspensions of licences and authorisations of all Registered Entities, Authorised Firms, Authorised Market Institutions (AMI), Ancillary Service Providers, Recognised Non-AIFC Members, Special Purpose Companies and FinTech Lab Participants.
Quoted in Authorisation FAQsRead the source

Where in the document: Authorisation FAQs, Where can I view the public information about my registered or regulated status?

  • public register
  • license verification
UsefulPublic register

A separate register now lists prohibited and restricted persons

Firm level checks miss the people behind a firm. This list lets a trader check whether a named director or employee is barred from holding office at any authorised firm or ancillary service provider in the AIFC.

The Notice Register carries a Register of Prohibited and Restricted Persons listing full name, notice number, former role, sanction, legal basis, effective date and status. The first entry, effective 20 January 2026, records a prohibition made under Section 118(1)(g) of the AIFC Financial Services Framework Regulations.

Prohibition from holding office in or being a Director or Employee of any Authorised Person or Ancillary Service Provider.
QuotedRead the source

Where in the document: Notice Register, Register of Prohibited and Restricted Persons

  • public register
  • enforcement
  • prohibited persons
Retail clients get a written agreement, a fee breakdown and a suitability reportBefore providing a regulated service, an authorised firm must give key information covering its name and address, regulatory status, fees and charges and complaints procedure, and a retail client must have a written agreement. Advice comes with a Suitability Report, and digital asset or derivative trading requires an enhanced appropriateness assessment that the firm must act on. No investor compensation fund with a stated cap was found in the official documents read.1 fact
UsefulWhat is protected

Digital asset and derivative trading needs an enhanced check

A firm under this regime that lets you open leveraged or digital asset positions with no questions about your knowledge, experience and loss capacity is not following the assessment its licence requires.

For retail clients in complex products such as digital assets or derivatives, an enhanced appropriateness assessment applies, covering the client's capacity to absorb losses from factors such as volatility or leverage. Where the firm concludes the service is not appropriate for the client, it must not offer that service.

If the firm concludes that trading in digital assets or derivatives is not appropriate for the client, it must not offer that service.
Quoted in Know your rightsRead the source

Where in the document: Know your rights, How we assess Appropriateness

  • retail clients
  • digital assets
  • derivatives
  • appropriateness
Client asset safeguarding rules are being strengthened by consultationAFSA proposed enhanced requirements for safeguarding Client Assets, external audit and crisis preparedness, with comments invited by 15 September 2026. Fund segregation and reporting for Restricted Profit-Sharing Investment Accounts would also be clarified. These are the rules that decide what happens to your money if a firm fails, so their current state is worth tracking.1 fact
ContextClient-money rules

Client asset safeguarding rules are out for consultation

Client asset protection is the rule set that decides what happens to your money if a firm fails, and this is the current state of that rule set in the AIFC: in force today, with changes proposed.

AFSA has published a Consultation Paper on targeted amendments to the AIFC Rules proposing enhanced requirements for the safeguarding of Client Assets, external audit and crisis preparedness, alongside clarified fund segregation and reporting for Restricted Profit-Sharing Investment Accounts. Comments were invited by 15 September 2026.

Strengthening Client Asset protection through enhanced requirements for the safeguarding of Client Assets, external audit and crisis preparedness;
Quoted in AFSA launches consultations on regulatory amendments to Asset Management, FinTech frameworks and targeted amendments to AIFC RulesRead the source

Where in the document: News, Consultation Paper on Targeted Amendments to the AIFC Rules

  • segregation
  • client assets
  • consultation
AFSA registers a report within 5 business days and answers within 3 monthsReports go through the AFSA Hotline Services portal or by email, from anyone including members of the public, and may be anonymous. Registration takes 5 Business Days, substantive feedback normally 3 months and up to 6 months in complex cases, with updates every 60 Business Days where a case goes elsewhere. AFSA lists what it will not take up, including matters that do not involve a breach of the rules it administers.1 fact
UsefulHow to complain

AFSA sets out the complaints it does not take up

A commercial dispute with a firm, such as slippage or a fee you disagree with, is unlikely to be taken up unless it involves a breach of AIFC rules. Frame the report around the rule you believe was broken and attach documents in chronological order.

AFSA states it may not be able to deal with complaints that are unrelated to AFSA, do not involve a breach of Regulations or Rules it administers, fall under another regulator's jurisdiction, relate to personal employment issues, or lack sufficient detail to investigate. Anyone may report, including members of the public, and anonymous reports are accepted.

Do not involve a breach of Regulations or Rules administered by AFSA;
Quoted in ComplaintsRead the source
Reports may be made by AIFC Participants and their employees, service providers and consultants, and any member of the public who has information about reportable conduct.
Quoted in ComplaintsRead the source

Where in the document: Complaints, Complaints We Do Not Deal With

  • complaints
  • complaint scope
The licence names the exact services a firm may conductAFSA issues authorisation as a licence specifying the financial or ancillary services the firm may conduct, drawn from the Regulated Activities, Market Activities and Ancillary Services schedules of the AIFC General Rules. A Representative Office licence covers marketing of services offered in another jurisdiction and nothing more. Read the ordered activities before assuming a firm can deal for you or hold your assets.1 fact
UsefulScope of authorisation

A Representative Office licence covers marketing only

If the AIFC entity you are dealing with holds only this licence, it can introduce, promote and refer, and the service you buy is provided by a firm regulated somewhere else. Ask which entity holds your money and which regulator supervises it.

Operating a Representative Office is defined in AIFC Representative Office Rules 2.3(2) as the marketing of financial services or products offered in a jurisdiction other than the AIFC, and under Rule 2.3(3)(a) a Representative Office must not represent anyone other than itself or a member of its Group.

Under the AIFC Representative Offices (REP) Rule 2.3 (3) (a), a Representative Office must not represent anyone other than itself or a member of its Group.
Clause REP 2.3(3)(a) in Authorisation FAQsRead the source

Where in the document: Authorisation FAQs, What is the scope of Regulated Activity of Operating a Representative Office?

  • scope of authorisation
  • representative office
Authorisation runs around two to three months from a complete applicationAFSA acknowledges an application within 2 working days, sends an Initial Review Letter within 4 weeks, and averages two to three months for Regulated and Market Activity applications. Since August 2026 firms licensed by eight named regulators, including the FCA, MAS and DFSA, can use a fast-track route with a reduced application package. The money laundering reporting officer must ordinarily live in Kazakhstan, and registered details must be filed within 14 days of any change.4 facts
UsefulLicensing requirements

Fast-track authorisation opens to eight named foreign regulators

8

A broker holding an AIFC licence granted through this route was assessed partly on its home regulator's work. Knowing which home regulator supervises the group tells you where the primary supervision sits.

AFSA introduced a fast-track authorisation route for firms already licensed in regimes it recognises as acceptable, with an initial list of eight regulators: the FCA, ASIC, MAS, HK SFC, HKMA, ADGM FSRA, DFSA and QFCRA. Eligible applicants may submit a reduced application package, and AFSA states the measures apply to the authorisation process only.

The initial list of Acceptable Regulatory Regimes includes the Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Monetary Authority of Singapore (MAS), Securities and Futures Commission of Hong Kong (HK SFC), Hong Kong Monetary Authority (HKMA), Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM FSRA), Dubai Financial Services Authority (DFSA), and Qatar Financial Centre Regulatory Authority (QFCRA).
Quoted in AFSA Introduces Fast-Track Authorisation for Firms Licensed in Acceptable Regulatory RegimesRead the source
The fast-track measures apply to the authorisation process only and do not affect AFSA’s ongoing supervisory or enforcement powers.
Quoted in AFSA Introduces Fast-Track Authorisation for Firms Licensed in Acceptable Regulatory RegimesRead the source

Where in the document: News, Notice AFSA-ATD-NOT-2026-0018 of 20 August 2026

  • licensing requirements
  • recognition
  • fast track
UsefulLicensing requirements

Authorisation takes around two to three months once complete

A firm advertising an AIFC licence it says it obtained in days has not followed this timetable. The register's licence issue date lets you check when the licence was actually granted.

AFSA states that average processing time for Regulated and Market Activity applications, counted from receipt of a materially complete application, is around two to three months, and about a month for ancillary services. It commits to acknowledge an application within 2 working days and to send an Initial Review Letter within 4 weeks.

Average application processing time for applications related to regulated activities and market activities, from the time the AFSA receives a materially complete application, is around two to three months.
Quoted in Authorisation FAQsRead the source

Where in the document: Authorisation FAQs, How long does it take to obtain an authorisation from the AFSA?

  • licensing requirements
  • authorisation timeline
UsefulLicensing requirements

Registered details must be filed within 14 days of a change

14 days

The register entry for a firm should be close to current. If the people running the firm you are dealing with do not match the register, the difference is worth asking about.

AIFC entities must notify the Registrar of Companies of changes to registered details, including a change of director, CEO, secretary, registered office, shareholding or ultimate beneficial owner, within 14 days of the effective date, with fines for contravention set by the Registrar under Schedule 3 of the AIFC Companies Rules.

Notification deadline: Within 14 days after the effective date of the change
Clause 3.1 in Guidance on Post-registration (event-driven) applications to the Registrar of Companies, p.9Read the source

Where in the document: Guidance on Post-registration, sections 1.1 to 13.3, Notification deadline

  • public register
  • registrar
  • notification deadline
ContextLicensing requirements

The money laundering reporting officer must live in Kazakhstan

This is a local substance requirement, so an AIFC licensed firm has named individuals accountable on the ground rather than a purely offshore structure.

AFSA states that the Money Laundering Reporting Officer function must generally be performed by an individual ordinarily resident in the Republic of Kazakhstan, and that the Senior Executive Officer is expected to spend an appropriate amount of time in the country given the responsibilities of the role.

Generally, the Money Laundering Reporting Officer (MLRO) function must be performed by an individual ordinarily resident in the Republic of Kazakhstan.
Quoted in Authorisation FAQsRead the source

Where in the document: Authorisation FAQs, Are there any residency requirements for individuals performing a Controlled Function or Designated Function?

  • licensing requirements
  • local presence
  • aml
An ancillary services licence costs 2,800 USD to apply for per service2,800 USD per Ancillary Service type applied for, with annual supervision fees of 1,500 to 3,000 USD and only the highest charged where a firm holds several. Registrar filings cost 50 USD online, and a register extract 20 USD. Fees for Regulated and Market Activity licences sit in the AIFC Fees Rules, which AFSA has consulted on changing across 2027 to 2029.3 facts
UsefulCost to get licensed

Ancillary service licences cost 2,800 USD per service to apply

USD 2,800

This is the published cost of the AIFC licence held by the consultants, auditors and law firms a trader may deal with around a broker. Fees for Regulated Activity licences, the ones brokers hold, are set separately in the AIFC Fees Rules.

The application fee for an Ancillary Services licence is 2,800 USD per Ancillary Service type applied for, covering legal, audit, accountancy and consulting services. Annual supervision fees run from 1,500 USD for consulting without company service provider activity to 3,000 USD for audit, and where a firm holds more than one service only the highest fee is charged.

Application fees are payable per Ancillary Service type applied for. The applicable amounts are set out in Schedule 3 of the AIFC Fees Rules.
Quoted in Fees And Payment (Ancillary Services Provider)Read the source
Ancillary Services application fee – $2800.
QuotedRead the source
Please note: If your firm is licensed for more than one service, only the highest applicable fee will be charged.
Quoted in Fees And Payment (Ancillary Services Provider)Read the source

Where in the document: Ancillary Services Provider, Fees And Payment

  • licence fee
  • cost to obtain
  • ancillary services
ContextCost to get licensed

Post-registration filings carry a published service fee

USD 50

An extract from the AIFC Public Register or a Certificate of Good Standing is available to anyone for 20 USD online, which is a way to obtain a signed record of a firm's directors, shareholders and registration status.

Changing a registered detail with the Registrar of Companies, such as a director, a shareholder or a registered address, carries a service fee of 50 USD online and 100 USD offline for standard entities, with 150 USD and 300 USD for non-profit incorporated organisations. Extracts from the register cost 20 USD online and 40 USD on paper.

1. Online – 50 USD (150 USD for NPIOs) 2. Offline – 100 USD (300 USD for NPIOs)
Clause 1.1 in Guidance on Post-registration (event-driven) applications to the Registrar of Companies, p.6Read the source
The post-registration fee for online processing is 20 USD (100 USD for NPIO/Funds) per extract.
Quoted in Frequently Asked Questions (FAQs)Read the source

Where in the document: Guidance on Post-registration, section 1.1, Service fee

  • cost to obtain
  • registrar fees
  • extracts
ContextCost to get licensed

AFSA has consulted on a three year fee model for 2027 to 2029

Regulatory costs feed into what firms charge clients. This consultation shows the direction of AIFC fees for the next three years, and it was still a proposal at the time of this reading.

AFSA opened a consultation on amendments to the AIFC Fees Rules proposing a medium term fee model setting fees for each year in advance across 2027, 2028 and 2029, along with removal of the three business day grace period for late regulatory submissions and a new registration fee for sub-funds of umbrella funds. Comments were invited by 20 August 2026.

Amending the late fee regime by removing the current three-business-day grace period for late regulatory submissions to encourage timely compliance with reporting obligations;
Quoted in AFSA launches consultation on proposed amendments to the AIFC Fees RulesRead the source

Where in the document: News, consultation on the AIFC Fees Rules

  • licence fee
  • cost to obtain
  • consultation
Recognition by AFSA is not the same as an AFSA licenceAFSA states plainly that Recognised Non-AIFC Members and Recognised Non-AIFC Market Institutions are not authorised AIFC firms. They are regulated at home and hold a Recognition Order giving access to AIFC market infrastructure. Check which list on the Public Register a firm appears on before treating it as AIFC authorised.1 fact
ContextMembership and standing

AFSA is a signatory to the IOSCO and IAIS multilateral MoUs

These arrangements are the channel through which your home regulator can request information from AFSA about an AIFC firm, which matters if a cross border dispute ever needs to be escalated.

AFSA states that it is a member of various international organisations and standard setting bodies and a signatory to the IOSCO and IAIS Multilateral Memorandums of Understanding as well as bilateral agreements with regulators around the world, which place cooperation obligations on it.

The AFSA is a member of various international organisations and standard setting bodies. It applies best international standards and is a signatory to many Memoranda of Understanding (MoUs), IOSCO and IAIS Multilateral Memorandums of Understanding (MMoU) and bilateral agreements with such bodies and regulators around the world.
Quoted in Authorisation FAQsRead the source

Where in the document: Authorisation FAQs, Does the AFSA cooperate and coordinate activities with other jurisdictions?

  • iosco
  • international cooperation
Retail, professional or market counterparty is decided at account openingEach client is classified at an initial assessment, and that classification sets how much suitability and appropriateness work the firm must do. A client wanting professional status has to prove it against the Conduct of Business criteria. Accepting professional classification reduces the checks performed on you, so read that clause before signing.1 fact
UsefulKey definitions

Client classification decides how much assessment you receive

Agreeing to be treated as a professional client reduces the checks the firm has to perform on you. Read that clause in the account opening pack before signing it.

Each client is identified at an initial assessment as a retail client, a professional client or a market counterparty, and that classification defines the level of detail required for later suitability or appropriateness checks. A client intending to act as a Professional Client must prove that status under the Conduct of Business criteria.

Client classification is determined during an initial assessment, where each client is identified as a retail client, a professional client, or a market counterparty.
Quoted in Know your rightsRead the source

Where in the document: Know your rights, Suitability and Appropriateness

  • retail clients
  • definitions
  • professional clients

20 documents examined

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Read by Wikilix from AFSA's published documents; every fact links to the page or file it came from.Last reviewed
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Brokers licensed by AFSA

5 brokers on the Wikilix record hold a licence from AFSA, listed by Wikilix score.

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About this information

The details on this page about The Astana Financial Services Authority were compiled from the regulator’s own official documents, its website and other public sources, and are presented as neutral, factual guidance.

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