Article 12. Requirements for the activity of carrying out exchange operations with foreign currency in cash The Law on Currency Regulation and Currency Control

Home / RLA / Article 12. Requirements for the activity of carrying out exchange operations with foreign currency in cash The Law on Currency Regulation and Currency Control

1. An authorized bank authorized to carry out exchange operations with foreign currency in cash in accordance with the license issued to it by the authorized body for regulation, control and supervision of the financial market and financial organizations or the laws of the Republic of Kazakhstan, notifies the National Bank of the Republic of Kazakhstan of the commencement or termination of the activities of exchange offices.

Notification of the commencement of the exchange office's activities is carried out by an authorized bank no later than the date of commencement of operations by the exchange office. The National Bank of the Republic of Kazakhstan shall confirm its receipt to the authorized bank within three working days from the date of notification.

2. The authorized organization operates on the basis of a license issued by the National Bank of the Republic of Kazakhstan for exchange operations with foreign currency in cash and its annex, which is issued to each exchange office of the authorized organization.

The authorized organization has the right to carry out transactions for the purchase and (or) sale of refined gold in bars issued by the National Bank of the Republic of Kazakhstan through its exchange offices.

An authorized organization is not allowed to participate in the authorized capital of other legal entities.

3. Authorized organizations are subject to qualification requirements that include requirements for the founders (participants), including disclosure of the sources of origin of their contributions to the authorized capital of the authorized organization, requirements for the impeccable business reputation of the founders (participants), requirements for the organizational and legal form, size and procedure for the formation of the authorized capital, as well as the premises, equipment of exchange offices points and staff.

4. An authorized organization must have premises for the exchange office in order to obtain a license from the National Bank of the Republic of Kazakhstan for exchange operations with foreign currency in cash and (or) its appendices.

In order to obtain a license and/or its annex, in addition to the documents defined by the Law of the Republic of Kazakhstan "On Permits and Notifications", authorized organizations submit to the National Bank of the Republic of Kazakhstan a certificate from an authorized bank on the availability of a foreign currency account.

The documents are submitted on the terms and in accordance with the procedure defined by the rules for conducting exchange operations with foreign currency in cash in the Republic of Kazakhstan.

5. A license (including its annex) for exchange operations with foreign currency in cash or refusal to issue a license (including its annex) is carried out within twenty working days from the date of submission by the authorized organization of all documents and information provided for by this Law and the Law of the Republic of Kazakhstan "On Permits and Notifications".

The issuance of an attachment to a valid license, the renewal of the license and (or) its appendices, or the refusal to issue such documents shall be carried out within ten working days from the date of submission by the authorized organization of all documents and information provided for by this Law and the Law of the Republic of Kazakhstan "On Permits and Notifications".

In case of refusal to issue or reissue the license and/or its annex, the applicant is provided with a reasoned response.

6. The grounds for refusal to issue or renew a license and/or its annex are:

1) failure to submit documents and (or) information provided for by this Law and the Law of the Republic of Kazakhstan "On Permits and Notifications";

2) non-compliance of the applicant and (or) submitted documents and (or) information with the requirements established by this Law and the Law of the Republic of Kazakhstan "On Permits and Notifications".

7. The procedure for licensing authorized organizations, including qualification requirements for them, notification by an authorized bank of the commencement or termination of the activities of exchange offices, requirements for activities related to exchange operations with foreign currency in cash, operating conditions of exchange offices and the procedure for transactions for the purchase and (or) sale of refined gold bars issued by the National Bank of the Republic of Kazakhstan, As well as the forms and deadlines for submitting reports by authorized banks and authorized organizations are determined by the rules for conducting exchange operations with foreign currency in cash in the Republic of Kazakhstan.

This Law regulates public relations related to the implementation of currency transactions, defines the goals and objectives of currency regulation and currency control.

President

Republic of Kazakhstan

Constitution Law Code Standard Decree Order Decision Resolution Lawyer Almaty Lawyer Legal service Legal advice Civil Criminal Administrative cases Disputes Defense Arbitration Law Company Kazakhstan Law Firm Court Cases