Thanks to its strategy of complying with anti-Russian sanctions, maintaining maximum transparency, and deep integration into international organizations, Bakai Bank has become a partner and ally of 187 leading financial institutions worldwide.
Bakai Bank has joined BAFT, the world’s leading association for international transaction banking.
Leading financial institutions in smaller Central Asian countries are increasingly integrating into the international economic and legal system. The vast majority of large private companies in the region have evidently chosen not to focus on serving the interests of Russia’s and China’s neighboring states. Instead, they have opted for a path of global development, along with a commitment to adhering to international standards, rules, and various sanctions.
This shift is notably reflected in the changing rhetoric from the West regarding certain Central Asian states concerning anti-Russian restrictions. Whereas two years ago, US and EU authorities were practically threatening these countries to enforce sanctions against Moscow, they now often settle for mere reminders. This was evident, for instance, when the EU’s High Representative for Foreign Affairs, Josep Borrell, visited Kyrgyzstan in early August. While discussing the increase in trade between the EU and Bishkek, he simply warned the local authorities not to violate the anti-Russian sanctions.
It is symbolic that just a few days before Borrell’s visit to Bishkek, one of Kyrgyzstan’s largest private banks, Bakai Bank, became a member of the Bankers Association for Finance and Trade (BAFT) — the world’s leading association for international transaction banking. Through this association, industry solutions are developed between financial institutions, service providers, and regulators at all levels.
Joining BAFT not only makes Bakai Bank a partner, but also an ally of 187 leading financial institutions, including BBVA Group, Barclays Bank PLC, Bank of America, Deutsche Bank AG, Goldman Sachs Bank USA, and many other major industry players. Given that BAFT members also include representatives from the U.S. Department of the Treasury (OFAC), it is safe to say that Bakai Bank has once again successfully passed a significant test in complying with anti-Russian sanctions and responsible business practices.
Prior to this, Bakai Bank also successfully passed an audit conducted by the international audit and consulting corporation KPMG. Its experts confirmed that the bank operates in accordance with FATF, G-7, and European Union guidelines. Moreover, the reputable Moody’s agency — one of the largest in its field — upgraded Bakai Bank’s long-term deposit rating outlook from “negative” to “stable.”
Industry experts believe that Bakai Bank, like many leading companies in the region, sees its present and future in the context of international legal and financial relations—hence, its maximum distancing from Russia since the very beginning of its invasion of Ukraine. Bakai Bank was one of the first to condemn the military actions launched by the Kremlin against Kyiv, refused to use Russian “Mir” cards, and later even banned the exchange of rubles at its branches. Meanwhile, the bank became a partner of the American Chamber of Commerce.
Experts believe that Bakai Bank’s strategy, aimed at complying with anti-Russian sanctions, maintaining maximum transparency, and deep integration into international systems and communities, is a model for how a major Central Asian company should operate during periods of international polarization and geopolitical crisis.
