The Freedom Bank of Kazakhstan has temporarily halted transfers conducted via the Zolotaya Korona system. This development was reported by Frank Media and is being closely watched by financial observers. The bank indicated that it is seeking additional information from the service to better understand the situation and to decide on the next steps. No timetable has been announced for when operations might resume through the payment channel.
Authorities are analyzing the disruption in conjunction with broader controls on sanctioned entities that recently accompanied new U.S. restrictions announced on August 23. Similar interruptions were reported at CenterCredit Bank and several Georgian financial institutions, underscoring a wider tightening of cross-border payment flows tied to compliance checks and regulatory scrutiny.
Sanctions investigations targeted the Golden Crown mobile application, developed by the Center for Financial Technologies (CFT), which is linked to the system operator RNKO “Payment Center.” The sanctioning of the CFT highlights how software providers connected to major payment networks can influence regional cash and transfer corridors. The Freedom Bank press service noted that it is awaiting further information from this partner that will inform the subsequent analytical steps and potential actions.
Golden Crown has long been a pivotal channel for international transfers out of Kazakhstan. In June alone, the service facilitated transfers totaling 65.7 billion tenge, approximately 12 billion rubles, which represented around 90 percent of the country’s outbound international transfers. This level of reliance demonstrates how the health of a single gateway can significantly affect cross-border payment reliability and the speed of remittances for individuals and businesses with ties to Russia and other markets.
Meanwhile, Kazakhstan-based Citibank announced that it will cease operations with ruble-denominated accounts and currency conversions into Russian rubles starting September 24. Customers are urged to migrate their accounts and contract arrangements to alternative banks before that date to avoid disruption in service. This move reflects a broader trend among international financial institutions to adjust holdings and conversion capabilities in response to evolving sanctions regimes and currency controls.
Earlier reports indicated ongoing issues with transfers to Russia from Turkey, suggesting that the ripple effects of sanctions and tightening export controls are influencing correspondent banking relationships and payment routing across multiple regions. The combined effect is a shift in how residents and companies manage cross-border payments, including the need to reassess counterparties and currency exposure in international trade and remittance flows.
In the current climate, financial institutions in Kazakhstan and nearby markets are reassessing risk, compliance readiness, and contingency planning for customers who rely on international transfers. Analysts emphasize the importance of diversified payment channels, proactive regulatory communication, and clear customer guidance as the sector navigates a period of heightened scrutiny and evolving sanction landscapes. Observers in Canada and the United States may watch these developments for potential lessons on how sanctions, compliance checks, and gateway reliability influence overseas payment corridors and the availability of foreign exchange services for expatriates and multinational businesses.