Article 20. Forms of currency control The Law on Currency Regulation and Currency Control

Home / RLA / Article 20. Forms of currency control The Law on Currency Regulation and Currency Control

1. Currency control bodies shall carry out currency control in relation to subjects of currency control in the form of inspections and other forms of control in accordance with the laws of the Republic of Kazakhstan.

2. Financial institutions are subject to risk assessment audits, unscheduled and documentary inspections by the currency control authority, and other forms of control.

In respect of other residents carrying out currency transactions, as well as non-residents carrying out currency transactions in the territory of the Republic of Kazakhstan, currency control procedures are carried out when they make payments and (or) money transfers for currency transactions, inspections of the currency control authority and other forms of control.

3. Other forms of control are carried out by the currency control authorities by:

1) inspection of the premises and equipment of the exchange office of an authorized organization for compliance with the qualification requirements;

2) sending a binding order to the currency control agent in order to properly implement currency control;

3) analysis of information, reports and documents related to the conduct of a currency transaction requested by the currency control authority in connection with the receipt of information about a possible violation of the requirements of the currency legislation of the Republic of Kazakhstan, and other information (reports) submitted in accordance with the requirements of the currency legislation of the Republic of Kazakhstan.

Other forms of control specified in subitems 1) and 2) of part one of this paragraph are carried out exclusively by the National Bank of the Republic of Kazakhstan.

4. Procedures for the implementation of other forms of control include:

1) visit and inspection of premises, inspection of equipment intended for the exchange office of an authorized organization, for compliance with the qualification requirements imposed on them within the framework of licensing control before issuing a license of the National Bank of the Republic of Kazakhstan for exchange operations with foreign currency in cash and (or) appendices thereto. The visit and inspection are carried out on the basis of the received application of a legal entity for obtaining a license from the National Bank of the Republic of Kazakhstan for exchange operations with foreign currency in cash and (or) its annex. The results of the inspection are taken into account when deciding whether to issue or refuse to issue to a legal entity a license of the National Bank of the Republic of Kazakhstan for exchange operations with foreign currency in cash and (or) its appendices.;

2) sending an order to the currency control agent in the form of a written request, which specifies the essence of the order and the timing of its execution. A currency control agent executes a written instruction from the currency control authority by submitting the requested information and/or documents in the form and within the time limits specified in such instruction.;

3) the currency control body analyzes information, reports, and documents submitted in accordance with the currency legislation of the Republic of Kazakhstan or at the request of the currency control body for compliance with the requirements of the currency legislation of the Republic of Kazakhstan, including the timeliness, completeness, and reliability of the information, reports, and documents received.

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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