Kazakhstan, U.S. regulators agree to exchange information on banks' compliance with requirements

ASTANA. Oct 31 (Interfax) - Kazakhstan's Agency for Regulation and Development of the Financial Market and the United States Office of the Comptroller of the Currency (OCC) have signed a memorandum of understanding, the agency's press service said.

The Kazakh regulator's head Madina Abylkasymova and OCC Senior Deputy Comptroller for Large Bank Supervision Greg Coleman discussed the details that led to the memorandum's signing During the annual meetings of the International Monetary Fund and World Bank Group in Washington.

The agreement aims "to facilitate effective cross-border oversight of banks in line with Basel Committee standards," the press service said.

The memorandum will enable regular information exchange regarding banks' compliance with legislative acts, prudential norms and other regulatory requirements. "This cooperation will allow regulators from both countries to conduct a comprehensive assessment of the financial positions and risks of financial institutions and their foreign affiliates," the Kazakh agency said.

The OCC is an independent agency of the U.S. Department of the Treasury responsible for the establishment, regulation, and supervision of national banks, federal savings associations, and federal branches and agencies of foreign banks.

Kazakhstan's banking sector comprises 21 banks.