Article 13. Rights and obligations of a bank participating in the Law on Mandatory Guarantee of Deposits Placed in Second-tier Banks of the Republic of Kazakhstan

Home / Laws / Article 13. Rights and obligations of a bank participating in the Law on Mandatory Guarantee of Deposits Placed in Second-tier Banks of the Republic of Kazakhstan

1. The Participating Bank has the right:

1) to receive from the organization that carries out mandatory deposit guarantee information on contributions and deadlines for their payment, as well as other information on mandatory deposit guarantee issues that do not contain information constituting banking and other legally protected secrets.;

2) excluded by the Law of the Republic of Kazakhstan dated 01/02/2021 No. 399-VI (effective from 05/01/2021);

3) to disseminate information in the mass media about their participation in the mandatory deposit guarantee system.

2. The participating Bank is obliged to:

1) to pay contributions on time and in full in accordance with this Law;

2) inform clients about their participation in the mandatory deposit guarantee system, as well as when concluding a bank account agreement and (or) a bank deposit agreement in writing or in the manner provided for by the bank account agreement and (or) a bank deposit agreement, notify them in a form approved by the governing body of the organization providing mandatory deposit guarantee about the amount of the guarantee compensation, the terms and procedure for its payment provided for by this Law, including the transfer by the organization, performing mandatory deposit guarantee, the unclaimed amount of compensation to an individual pension account for accounting for voluntary pension contributions, opened in accordance with the procedure provided for by the legislation of the Republic of Kazakhstan on social protection;

3) notify the organization providing mandatory deposit guarantees of a situation that results in the impossibility of full and timely fulfillment of obligations to return guaranteed deposits, within five calendar days from the date of occurrence of such a situation.;

4) provide information confirming the correctness of calculations for the contributions they have paid to the organization providing mandatory deposit guarantees.;

5) provide, at the request of the organization providing mandatory deposit guarantee, other information necessary to ensure the functioning of the mandatory deposit guarantee system, including information constituting banking and other legally protected secrets.;

5-1) if a financial stability restoration or settlement regime is applied to a participating bank, provide, upon request, information, information and documents about its activities, including information about the assets and liabilities of the participating bank, including those constituting banking and other legally protected secrets.;

6) comply with the terms of the accession agreement;

7) in case of cancellation of the decision of the authorized body to revoke the banking license of the participating bank to carry out all types of operations, refund the amount of the guarantee refund paid by the organization providing mandatory deposit guarantee in accordance with the procedure provided for in the accession agreement.

8) participate in the procedures conducted by the organization providing mandatory deposit guarantee to approve the preliminary list of agent banks for the payment of guarantee compensation in the event that the participating bank is deprived of a banking license to carry out all types of operations.

The provision of subparagraph 8) of the first part of this paragraph does not apply to a branch of a non-resident bank of the Republic of Kazakhstan.

3. The interim administration appointed after the withdrawal of the participating bank's banking license to carry out all types of operations (the liquidation commission of the branch of the bank forcibly ceasing operations – a non-resident of the Republic of Kazakhstan), is obliged, within five working days from the date of revocation of the participating bank's banking license to carry out all types of operations, to submit to the organization providing mandatory deposit guarantee a register of depositors compiled on the date of revocation of the participating bank's banking license to carry out all types of operations, in the form and in accordance with the procedure determined by the governing body organizations that provide mandatory deposit guarantees.

For the purpose of paying a guarantee refund in accordance with the requirements of this Law, the collection and processing of personal data of depositors of a participating bank that has been deprived of a banking license to carry out all types of operations is carried out by an organization that provides mandatory deposit guarantees without the consent of personal data subjects or their legal representatives.

At the same time, the processing and protection of personal data of depositors of a participating bank that has been deprived of a banking license to carry out all types of operations is carried out by an organization that provides mandatory deposit guarantees in accordance with the legislation of the Republic of Kazakhstan on personal data and their protection.

The Law of the Republic of Kazakhstan dated July 7, 2006 No. 169-III.

This Law is aimed at protecting the rights of depositors – individuals, including individual business entities, private notaries, private bailiffs, lawyers and professional mediators, and defines the legal basis for the functioning of the mandatory deposit guarantee system placed in second-tier banks of the Republic of Kazakhstan (bank branches – non–residents of the Republic of Kazakhstan), with the exception of Islamic bank deposits and money in bank accounts raised as part of Islamic banking operations, as well as the procedure for establishing and operating an organization that provides mandatory deposit guarantee, participation of second-tier banks of the Republic of Kazakhstan (branches of non-resident banks of the Republic of Kazakhstan) in the mandatory deposit guarantee system and other issues of mutual relations between participants systems.

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Republic of Kazakhstan

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