Changes in the legislation of the Republic of Kazakhstan on regulation of financial organizations' activities

The Agency of the Republic of Kazakhstan on Regulation and Development of Financial Market (hereinafter – the Agency) adopted the Resolution of the Board of the Agency dated December 31, 2024 № 96 “On Amendments to Some Regulatory Legal Acts of the Republic of Kazakhstan on Regulation of Financial Organizations”.

Since January 19, 2025 the validity period of payment cards issued to clients who are non-residents of the Republic of Kazakhstan does not exceed 12 (twelve) calendar months, except for payment cards issued to business entities, diplomatic employees and investors.

The bank shall check documents of clients who are non-residents of the Republic of Kazakhstan – holders of payment cards issued by this bank, and (or) residents of countries with high ML/TF risk based on the factor of illegal production, trafficking and (or) transit of drugs, except for the countries of the Eurasian Economic Union, confirming the validity of being in the Republic of Kazakhstan (employment contract, training contract, residence permit of a foreigner in the Republic of Kazakhstan and other documents).

The maximum number of payment cards per customer was also reduced: no more than five payment cards issued by one bank or no more than three payment cards issued by three banks (each bank separately) per customer (if the bank has such information).

These amendments were introduced in order to minimize the risks of using banking services in the sphere of drug trafficking, digital assets, anti-money laundering and terrorism financing.