MAIN CHANGES IN THE FINANCIAL LEGISLATION OF KAZAKHSTAN IN THE 1ST QUARTER OF 2024
GRATA International Banking & Finance Team is pleased to provide you with a brief overview of the main changes to the legislation of the Republic of Kazakhstan in January-March 2024 that may affect your business.
Please contact us if you have any questions, we will be happy to answer them.
IN THIS ISSUE:
1) Amendments to the Banking Law
2) Amendments to the Law on Microfinance Activity
3) Amendments to the Personal Data Law
4) Amendments to the Securities Market Law
5) Amendments to the Law on the National Bank of the Republic of Kazakhstan
6) Amendments to the Law on Payments and Payment Systems
7) Amendments to legislation on currency regulation and currency control
8) Amendments to legislation on insurance activities
9) Amendments to the Law on Digital Assets
10) Amendments to the Law on Informatization
11) Amendments to the Law on Combating the Legalization (Laundering) of Illegally Obtained Money and the Financing of Terrorism
AMENDMENTS TO THE BANKING LAW
The following amendments were made to the Law of the Republic of Kazakhstan dated 31 August 1995 No. 2444 “On Banks and Banking Activities in the Republic of Kazakhstan”
(the “Banking Law”).
From July 2023, it is not considered to be a disclosure of bank secrecy for banks to provide information, information and documents constituting bank secrecy for persons included in the register, upon a written request from the authorized body for the return of assets, signed by the first manager or the person performing his duties, with an attachment extracts from the register approved in accordance with the Law of the Republic of Kazakhstan “On the return of illegally acquired assets to the state.”
From 1 January 2024, it is not allowed to establish temporary restrictions on the disposal of property, restrictions on transactions and other operations with property, seizure of money in bank accounts intended for crediting housing payments, one-time pension payments from the unified pension savings fund in in order to improve living conditions and (or) pay for treatment, target assets, payments of target savings from the unified accumulative pension fund in order to improve living conditions and (or) pay for education; on money held in bank accounts in housing construction savings banks in the form of housing construction savings accumulated through the use of housing payments, in the form of payments of targeted savings from the unified accumulative pension fund in order to improve housing conditions and (or) pay for education; on the assets of the social health insurance fund and target contribution funds allocated for the guaranteed volume of free medical care located in bank accounts.