Article 13. Monitoring of currency transactions The Law on Currency Regulation and Currency Control

Home / RLA / Article 13. Monitoring of currency transactions The Law on Currency Regulation and Currency Control

1. Monitoring of foreign exchange transactions is carried out by the National Bank of the Republic of Kazakhstan by obtaining information on foreign exchange transactions from residents participating in foreign exchange transactions and authorized banks making payments and (or) money transfers for foreign exchange transactions, as well as accounts with foreign banks.

For the purposes of monitoring currency transactions, the National Bank of the Republic of Kazakhstan:

1) carries out accounting registration of currency agreements on the basis and (or) in fulfillment of which capital movement transactions are conducted (hereinafter referred to as currency capital movement agreements) and receives information on currency transactions conducted under them and related requirements for non–residents and obligations to non-residents;

2) receives notifications about currency transactions, including information about payments and (or) money transfers for currency transactions;

3) receives notifications about accounts in foreign banks opened by residents (with the exception of banks and branches (representative offices) of foreign organizations), and performs accounting registration of such accounts;

4) Receives information on a regular basis from branches (representative offices) of foreign non-financial organizations operating in the Republic of Kazakhstan.

2. In order to organize and monitor currency transactions, the National Bank of the Republic of Kazakhstan or authorized banks, in cases established by this Law, assign accounting numbers to currency agreements on the basis of and (or) pursuant to which currency transactions are carried out, as well as accounts of residents (with the exception of banks and branches (representative offices) of foreign organizations) in foreign banks. The National Bank of the Republic of Kazakhstan assigns accounting numbers to currency contracts for the movement of capital, accounts of residents (with the exception of banks and branches (representative offices) of foreign organizations) in foreign banks, as well as currency contracts for export or import, settlements on which are carried out through such accounts. Authorized banks assign accounting numbers to currency export or import agreements, which are settled through accounts with authorized banks.

If a foreign exchange agreement on the movement of capital also provides for the export or import and settlements on it are carried out through bank accounts with authorized banks, then the resident (with the exception of an authorized bank and a branch (representative office) of a foreign organization) applies to the authorized bank for assigning an account number to such a currency agreement.

3. When assigning an account number to a currency agreement, the National Bank of the Republic of Kazakhstan or an authorized bank has the right to request the following information and (or) documents from the resident participant of the currency agreement in addition to the submitted copy of the currency agreement:

1) information about the participants in the currency agreement, including identification data, the country of registration, information about the participation of a party to the currency agreement in the capital of the other party to the currency agreement;

2) information about the transaction, including the details and amount of the currency agreement, the currency of the currency agreement and settlements under it, the date of completion of obligations under the currency agreement;

3) information about the accounts through which the transaction will be settled;

4) amendments and (or) additions to the currency agreement made by its participants, and other documents of the participants in the currency agreement that are related to the ongoing transaction.

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

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