Article 19. Powers of currency control bodies and agents The Law on Currency Regulation and Currency Control

Home / RLA / Article 19. Powers of currency control bodies and agents The Law on Currency Regulation and Currency Control

1. Currency control bodies and agents, within their competence, control currency transactions conducted by residents and non-residents in the Republic of Kazakhstan, in terms of compliance of these transactions with the currency legislation of the Republic of Kazakhstan.

2. The currency control authorities have the right to determine the procedure for reporting on currency transactions, request documents and (or) information related to currency transactions, make demands for the elimination of identified violations, causes and conditions that contributed to their commission, and take other measures provided for by the legislation of the Republic of Kazakhstan, which are mandatory for all residents and non-residents in the Republic of Kazakhstan.

3. Currency control agents are required to:

1) to monitor compliance with the requirements of the currency legislation of the Republic of Kazakhstan when conducting transactions, including on behalf of clients;

2) ensure the completeness and objectivity of accounting and reporting on foreign exchange transactions;

3) to report to them the facts of violations of the currency legislation of the Republic of Kazakhstan committed by their clients to the National Bank of the Republic of Kazakhstan, as well as other bodies of currency control and law enforcement agencies of the Republic of Kazakhstan in accordance with their powers established by the laws of the Republic of Kazakhstan.;

4) provide the currency control authorities with information on currency transactions conducted with their participation in accordance with the procedure established by the currency legislation of the Republic of Kazakhstan.

4. Currency control bodies and agents are obliged to preserve, in accordance with the legislation of the Republic of Kazakhstan, commercial, banking and other legally protected secrets that have become known to them in the exercise of their powers, including when exchanging information in electronic form in accordance with the currency legislation of the Republic of Kazakhstan, except for its presentation in accordance with the laws of the Republic of Kazakhstan.

5. The authorized bank makes payments and (or) money transfers for currency transactions of a resident and (or) a non-resident only if the latter provide the documents and (or) information required in accordance with the currency legislation of the Republic of Kazakhstan.

6. In order to ensure compliance with the requirements of the currency legislation of the Republic of Kazakhstan, currency control agents, in accordance with this Law, have the right to require residents and non-residents when conducting currency transactions.:

1) for individuals – an identity document;

2) for foreigners and stateless persons – a document confirming the right of permanent residence in the Republic of Kazakhstan (if any);

3) for legal entities and organizations that are not a legal entity – constituent and other documents, including identifying the participants of this person.;

4) a currency agreement or a copy thereof, including a note on the assignment of an account number in the cases established by this Law.;

5) a license in the cases established by this Law;

6) documents and (or) information confirming the fulfillment or on the basis of which it is necessary to fulfill obligations under currency agreements;

7) information on payments and (or) money transfers for currency transactions in accordance with Article 15 of this Law.

The authorized bank has the right to request for review the originals of currency agreements and other documents required by this paragraph, as well as a translation into Kazakh or Russian of documents drawn up in a foreign language.

7. Currency control agents may not require the submission of documents that are not related to the currency transaction being conducted.

8. Authorized banks shall refuse to make a payment and (or) transfer money for a currency transaction in cases where a person fails to submit documents required in accordance with the currency legislation of the Republic of Kazakhstan, submits false documents to them, or fails to perform actions established by the currency legislation of the Republic of Kazakhstan.

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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