Visa-owned financial platform Currencycloud has restricted fund transfers with Kazakhstan due to “anti-money laundering policies and sanctions screening requirements.” The structure reported this on its website. A Kazakh businessman who is developing his startup in Singarup also spoke to Forbes about the restrictions.
Currencycloud is a global platform that enables banks and fintechs to facilitate cross-border payments. The company has been owned by Visa since 2021.
Late last year, Coincloud said it takes its anti-money laundering and sanctions control requirements “very seriously.” This is how the company explained its refusal to receive funds from various countries, as well as to make transfers.
According to Iman Akas, the platform blocked payments to and from Kazakhstan. This step created a number of difficulties, since part of the project team is located in the republic and employees must receive a salary.
“Due to the blacklisting of Kazakhstan, we have problems with payments to employees and contractors in Kazakhstan. This was unexpected for us as we send money every month, the last time in early December. And in January they couldn’t send it,” said Forbes’ interlocutor, adding that other businessmen also faced the problem.
In addition to Kazakhstan, Coincloud restrictions apply to Belarus, North Korea, Iran, Libya, South Sudan, Sudan, Venezuela, Libya, Cuba, and Russia. In addition, the platform does not work in several areas and regions: Crimea, Lugansk, Donetsk, Kherson and Zaporozhye.
The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market will send a request to the Singapore regulator.
Author:
Natalia Gormaleva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
