Dear colleagues,
From January 1, 2024, amendments and additions to the Resolutions of the Board of the National Bank of the Republic of Kazakhstan No. 40 dated March 30, 2019 "On Approval of the Rules for Currency Transactions in the Republic of Kazakhstan" (hereinafter referred to as the "Rules") will come into force in accordance with the Resolution of the Board of the National Bank of the Republic of Kazakhstan dated September 26, 2023 No. 66.
The Rules are supplemented with provisions establishing the types and criteria of individual currency transactions, the conduct of which may be aimed at withdrawing money from the Republic of Kazakhstan, evading the requirements of the currency legislation of the Republic of Kazakhstan, and the procedure for their conduct.
When making a payment and (or) money transfer for the following currency transactions, according to the planned changes, the resident submits to the authorized bank permission to transfer information about this payment and (or) money transfer to the currency control authorities and law enforcement agencies, as well as, at the request of the authorized bank, other documents and information necessary for the authorized bank to conduct monitoring and investigation of the operation in accordance with the requirements of the Law of the Republic of Kazakhstan "On countering the legalization (laundering) of proceeds from crime, and the financing of terrorism".
The following operations are considered to be currency transactions, the conduct of which may be aimed at withdrawing money from the Republic of Kazakhstan:
1)a financial loan providing for the provision of money by a non-resident to a resident (with the exception of an authorized bank), if the terms of the relevant currency agreement (initially or after amendments and (or) additions to the currency agreement) do not provide for the transfer of money to be received from a non-resident to the resident's bank accounts in authorized banks;
2)a financial loan providing for the occurrence of a resident (with the exception of an authorized bank) of requirements to a non-resident for the return of money, if the terms of the relevant currency agreement (initially or after amendments and (or) additions to the currency agreement) do not provide for the transfer of money to be received from a non-resident to the resident's bank accounts in authorized banks;
3)a financial loan providing for the provision of money by a resident to a non-resident who is not an affiliated person, if the terms of the relevant currency agreement (initially or after amendments and (or) additions to the currency agreement) do not provide for the payment of remuneration for the use of the subject of the financial loan;
4)export operations, if the terms of the relevant currency agreement (initially or after amendments and (or) additions to the currency agreement) provide that the term of fulfillment of obligations by a non-resident to pay for exports exceeds 720 (seven hundred and twenty) days from the date of fulfillment of obligations by a resident;
5)import operations, if the terms of the relevant currency agreement (initially or after amendments and (or) additions to the currency agreement) provide that the term of fulfillment of obligations by a non-resident for the supply of goods (performance of works, provision of services) or for the refund of money, including an advance payment or the amount of prepayment in full (in the case of non-fulfillment by a non-resident of its import obligations), exceeds 720 (seven hundred and twenty) days from the date of fulfillment of obligations by a resident;
6)transfer of money by a resident to a non-resident -a professional participant in the securities market performing currency transactions on behalf of clients, in an amount exceeding 50,000 (fifty thousand) US dollars in equivalent;
7)transfer of money by a resident to his own account abroad in an amount exceeding 50,000 (fifty thousand) US dollars in equivalent;
8)gratuitous money transfer carried out by a resident in favor of a non-resident in an amount exceeding 50,000 (fifty thousand) US dollars in equivalent;
9)payments and (or) money transfers of one person for a calendar month under two or more currency agreements concluded with the same non-resident, for a total amount exceeding the threshold value above which such currency agreements are subject to assignment of an accounting number.
It should be noted that financial loans that arise as part of trade or Islamic financing transactions, as well as transactions carried out by non-residents with their branches (representative offices) in the Republic of Kazakhstan, and transactions between branches (representative offices) of foreign organizations in the Republic of Kazakhstan, financial loans with a resident's affiliate, intra-corporate money transfers carried out by branches (representative offices) of foreign non-financial organizations, are not operations, the conduct of which may be aimed at withdrawing money from the Republic of Kazakhstan.
If you have any additional questions or comments, please contact us at a time convenient for you.