Article 16. Monitoring of accounts in foreign banks and international financial organizations of the Law on Currency Regulation and Currency Control
1. A resident legal entity (with the exception of a bank and a branch (representative office) of a foreign organization) shall notify the National Bank of the Republic of Kazakhstan of the opening of an account with a foreign bank or an international financial organization in order to assign an account number to it by submitting information on such account prior to transactions using such account. The account number is assigned to an account with a foreign bank or an international financial organization within five working days from the date of submission by the resident of the required documents and information.
A resident legal entity (with the exception of a bank and a branch (representative office) of a foreign organization) provides the National Bank of the Republic of Kazakhstan with information on transactions using an account opened with a foreign bank or an international financial organization, indicating the account number.
In the event of a change in the details or closure of an account with a foreign bank or an international financial institution to which an account number has been assigned, the resident legal entity (with the exception of the bank and the branch (representative office) of the foreign organization) shall notify the National Bank of the Republic of Kazakhstan within the prescribed time.
For resident accounts with a foreign bank or an international financial organization to be assigned an account number, payments and/or money transfers using such an account are carried out only if there is an account number.
2. Resident individuals do not submit information to the National Bank of the Republic of Kazakhstan on accounts with foreign banks or international financial organizations. Information on money transfers of individuals from their own accounts (to their own accounts) in foreign banks and international financial organizations is provided by an authorized bank that carries out such money transfers in accordance with the procedure provided for by the currency legislation of the Republic of Kazakhstan.
3. The procedure for resident legal entities (with the exception of banks and branches (representative offices) of foreign organizations) to obtain account numbers for accounts with foreign banks and international financial organizations, and to notify them of changes in banking details or account closure with a foreign bank or international financial organization, including forms and deadlines for submitting reports on the movement of money on such accounts., are determined by the rules for monitoring currency transactions in the Republic of Kazakhstan.
The procedure for submitting reports on currency transactions by authorized banks is determined by the rules for conducting currency transactions in the Republic of Kazakhstan.
4. The requirements of this article do not apply to participants of the Astana International Financial Center.
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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