Article 14. Mandatory reserves of the Gambling Law

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1. Mandatory reserves are formed by applicants applying for licenses for the right to engage in activities in the field of gambling, in the amounts established by this Law for each type of activity, for each license, and placed in banks in the territory of the Republic of Kazakhstan on deposit terms on the basis of an agreement concluded by the bank with the client, and subject to the issuance of a deposit on demand (deposit on demand).

2. The gambling business organizer is obliged on an ongoing basis to ensure the placement of mandatory reserves in accordance with the procedure and conditions established by this Law.

3. Excluded by the Law of the Republic of Kazakhstan dated 05/04/2009 N 157-IV (for the procedure of entry into force, see art. 2).

4. Mandatory reserves may be used solely for the purpose of fulfilling the obligations of the gambling business organizer to pay winnings to participants in gambling and (or) betting, and only if there is insufficient money in the accounts and at the cash desk of the gambling business organizer, except in cases provided for by the legislation of the Republic of Kazakhstan on enforcement proceedings and the status of bailiffs.

5. In the event that the amount of mandatory reserves falls below the amount established by this Law, the gambling business organizer is obliged, within three working days from the date of such reduction, to replenish the mandatory reserves to the amount established by this Law for each type of licensed activity.

6. The gambling business organizer submits a certificate to the authorized body on the availability and movement of money in bank accounts opened at the conclusion of the bank deposit agreement at least once every three months.

The Law of the Republic of Kazakhstan dated January 12, 2007 No. 219.

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