Article 15. Notification of currency transactions carried out by the Law on Currency Regulation and Currency Control

Home / RLA / Article 15. Notification of currency transactions carried out by the Law on Currency Regulation and Currency Control

1. Notification of currency transactions carried out, including on behalf of clients, is carried out by authorized banks in the form of reports sent to the National Bank of the Republic of Kazakhstan.

2. Authorized banks notify about currency transactions carried out, the amount of which is equal to or exceeded the threshold value, based on information received during payments and (or) money transfers.

The following information is provided to the authorized bank by the client, who is a resident or non-resident, in order to make a payment and (or) transfer money for a currency transaction in an amount equal to or exceeding the threshold value:

1) the country of registration of the sender and beneficiary according to the payment document, if these data do not match those indicated in the payment document;

2) a sign of an intra-corporate money transfer (for transactions carried out by a legal entity with its own structural divisions or between structural divisions of the same legal entity);

3) the code of the currency transaction for which the payment and/or money transfer are carried out.

If the client is a resident, the following information is additionally provided on the currency agreement, on the basis of and/or pursuant to which the payment and/or money transfer for the currency transaction is carried out:

1) information about the sender of the money and the recipient of the money under the currency agreement – in case of a discrepancy with the sender and the beneficiary according to the payment document;

2) the country of registration of the sender of the money and the recipient of the money under the currency agreement – in case of a discrepancy with the sender and the beneficiary on the payment document;

3) the details of the currency agreement and the account number of the currency agreement (if any).

The information specified in this paragraph on the payment and (or) transfer of money for a currency transaction shall be submitted to the authorized bank by the client or indicated by the authorized bank independently on the basis of documents and (or) information provided by the client. The authorized bank, as an agent of currency control, ensures that the currency transaction code and other information provided for in this paragraph are indicated correctly.

The threshold value in relation to the amount of payment and (or) money transfer for a currency transaction subject to notification, the codes of currency transactions and the procedure for submitting the information specified in this paragraph are determined by the rules for conducting currency transactions in the Republic of Kazakhstan.

3. The procedure for notification of currency transactions by authorized banks, including the forms and deadlines for submitting reports, is determined by the rules for monitoring currency transactions in the Republic of Kazakhstan.

The requirements for the list of information and the procedure for their submission by authorized banks performing currency transactions on behalf of participants of the Astana International Financial Center are determined by acts of the Astana International Financial Center in coordination with the National Bank of the Republic of Kazakhstan.

4. In order to clarify the circumstances of currency transactions, the National Bank of the Republic of Kazakhstan has the right to request from the agents of currency control or the resident sender or the resident beneficiary for the payment and (or) money transfer included in the notification a copy of the currency agreement on the basis and (or) in fulfillment of which such payment and (or) money transfer, as well as other information on such a currency agreement.

5. 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

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