Kaspi.kz says policy is not to work with sanctioned banks

In a company statement, Kaspi.Kz said in part, “Kaspi.kz’s mission is to improve people’s lives by developing innovative mobile products and services. To deliver upon this we operate a unique two-sided Super App model – Kaspi.kz Super App for consumers and Kaspi Pay Super App for merchants. We are proud of the business we have built, which we are continuing to grow by serving consumers and businesses across Kazakhstan. Here are some important facts we think you should know about our business and our robust efforts to ensure local and international regulatory compliance. We generate 99.6% of our revenue from Kazakhstan: As disclosed in our US IPO prospectus and in our 20F, 99.6% of our 2023 revenue was generated in Kazakhstan. The rest of our revenue was generated from our operations in Azerbaijan and Ukraine…We have comprehensive policies and procedures designed to avoid working with any consumers or companies that appear on international sanctions lists Our subsidiary Kaspi Bank is one of the largest and systematically important financial institutions in Kazakhstan and it operates under the strict supervision and regulations set by the National Bank of Kazakhstan, the Agency for Regulation and Development of Financial Markets and the Financial Monitoring Agency of the Republic of Kazakhstan. Kaspi.kz consumers and merchants must complete our “know your customer” process. When opening an account, we biometrically identify a consumer. Consumers must provide their full name, date of birth, address, passport, Kazakh tax ID and Kazakh mobile phone number. Foreign citizens can open accounts with us only after going through the same KYC processes mentioned above, which include having a Kazakh Tax ID and Kazakh mobile phone number among other requirements. Our policy is to not admit any customer or work with any counterparty that appears on international sanction lists. Checks are performed regardless of residency. Our policy is not to work with sanctioned banks…We believe we are in compliance with applicable laws and are not aware of any anti-money laundering investigations against Kaspi.kz…Only 2.8% of our customer account balances come from non-residents of Kazakhstan…Only 0.3% of our Marketplace GMV comes from purchases by non-residents.”