Article 14. Monitoring of currency transactions under the currency agreement on the movement of capital of the Law on Currency Regulation and Currency Control

Home / Laws / Article 14. Monitoring of currency transactions under the currency agreement on the movement of capital of the Law on Currency Regulation and Currency Control

1. For the purposes of monitoring foreign exchange transactions under a foreign exchange capital movement agreement, an accounting number is assigned to a foreign exchange capital movement agreement. The resident participant of the currency agreement submits to the National Bank of the Republic of Kazakhstan information and reports on the currency agreement on the movement of capital with the assigned account number.

Accounting numbers are assigned to currency contracts for the movement of capital, the participants of which are residents (with the exception of banks and branches (representative offices) of foreign organizations).

2. A resident (with the exception of a bank and a branch (representative office) of a foreign organization) who is a participant in a foreign exchange agreement on capital movements applies to the National Bank of the Republic of Kazakhstan for assignment of an account number to a foreign exchange agreement on capital movements before any of its parties begin fulfilling obligations under such a currency agreement.

If the fulfillment by a resident of obligations under a foreign exchange agreement on the movement of capital is preceded by the transfer of property (receipt of money) from a non-resident in favor of a resident, then an application for assignment of an account number to a foreign exchange agreement on the movement of capital is carried out before the transfer of property (receipt of money) to the disposal of a resident and (or) crediting the received money to the resident's bank accounts in authorized banks.

If, as a result of amendments and (or) additions, the foreign exchange agreement on the movement of capital meets the criteria and conditions for assigning an accounting number, the assignment of an accounting number to the foreign exchange agreement on the movement of capital is carried out before the parties begin to fulfill their obligations under the foreign exchange agreement on the movement of capital with the amendments and (or) additions (before the transfer of property (receipt money) at the disposal of a resident, if, after making changes and (or) additions to the currency agreement on the movement of capital, the fulfillment of the obligation is initiated by a non-resident).

According to the currency contracts for the movement of capital to be assigned an accounting number, currency operations by currency control agents are carried out only if there is an accounting number.

3. The National Bank of the Republic of Kazakhstan, for the purposes of monitoring foreign exchange transactions under foreign exchange agreements on capital movements, has the right to request for review the originals of foreign exchange agreements on capital movements and amendments and (or) additions thereto, as well as other documents and (or) information related to the implementation of capital movement transactions and (or) for which there are links in the submitted documents.

Documents drawn up in a foreign language are submitted to the National Bank of the Republic of Kazakhstan with a translation into Kazakh or Russian.

An account number is assigned to a foreign exchange agreement on the movement of capital within five working days from the date of submission by a resident of the required documents and information.

4. Foreign exchange transactions under foreign exchange contracts for the movement of capital, the participants of which are the National Bank of the Republic of Kazakhstan and the Ministry of Finance of the Republic of Kazakhstan, are carried out without assigning accounting numbers.

5. The procedure for residents (with the exception of banks and branches (representative offices) of foreign organizations) to obtain accounting numbers for foreign exchange contracts for the movement of capital and the deadlines for their submission of documents confirming the occurrence, fulfillment and termination of obligations, the procedure for monitoring the movement of money and other fulfillment of obligations under foreign exchange contracts for the movement of capital, including forms and deadlines for the submission of reports by banks and residents who are parties to such agreements, conditions and criteria, including the threshold value of the amount of the currency agreement on the movement of capital, in the presence of which such contracts are subject to assignment of accounting numbers, and exceptions to the procedure for assigning accounting numbers are determined by the rules for monitoring currency transactions in the Republic of Kazakhstan.

6. The requirements of this article do not apply to currency transactions conducted by participants of the Astana International Financial Center on its territory.

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