Article 27. Bank accounts of the Law on Payments and Payment Systems

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1. A bank account is opened when a bank account agreement, correspondent account agreement, and/or bank deposit agreement are concluded between the client and a bank or an organization engaged in certain types of banking operations.

An agreement concluded when opening a current or correspondent account or a bank deposit is an agreement concluded when providing a payment service provided for in paragraph 4 of Article 13 of this Law. It is allowed to establish conditions for the provision of payment services in other contracts concluded with the client.

Prior to the conclusion of a bank account agreement, based on the client's application for opening a bank account sent in electronic form, it is allowed for the bank or an organization performing certain types of banking operations to assign an individual identification code to the client. In this case, the bank account is considered to be open after the conclusion of a bank account agreement between the client and the bank or an organization engaged in certain types of banking operations. If the client fails to conclude a bank account agreement, the bank cancels the individual identification code in accordance with the procedure established by the regulatory legal act of the National Bank of the Republic of Kazakhstan.

2. It is prohibited for a bank and an organization engaged in certain types of banking operations to open:

1) to the client of a new bank account in cases where there are decisions and (or) orders of authorized state bodies and officials to suspend spending operations on the bank account, demands from third parties to withdraw money from the bank account, presented to his bank account opened with a bank or an organization engaged in certain types of banking operations; and (or) the money held in his bank account has been seized, provided that the amount of money being seized is insufficient in the bank account.;

2) an inactive taxpayer has a bank account, information about which has been transferred to a bank or an organization engaged in certain types of banking operations by an authorized body in the field of ensuring tax receipts and other mandatory payments to the budget;

3) an anonymous bank account or a bank account under an assumed name;

4) a bank account for the client in cases stipulated by the Law of the Republic of Kazakhstan "On Countering the Legalization (Laundering) of Proceeds from Crime and the Financing of terrorism."

3. The provisions of sub-paragraphs 1) and 2) of paragraph 2 of this Article do not apply to cases of discovery:

IZPI's note! Subparagraph 1) is amended by the Law of the Republic of Kazakhstan dated 30.06.2025 No. 205-VIII (effective sixty calendar days after the date of its first official publication).

1) bank account to the client – to an individual intended for crediting benefits, social benefits paid from the state budget and (or) the State Social Insurance Fund, material assistance provided in accordance with subparagraph 1) paragraph 4 of Article 112 of the Social Code of the Republic of Kazakhstan, or pensions paid from the state budget and (or) the unified accumulative pension fund and (or) the voluntary accumulative pension fund, lump-sum pension payments, those credited from the unified accumulative pension fund for the purpose of improving housing conditions and (or) paying for medical treatment, as well as alimony (money intended for the maintenance of minors and disabled adult children), targeted savings and (or) payments of targeted savings from the unified accumulative pension fund for the purpose of improving housing conditions and (or) paying for education, payments of savings from an educational accumulative contribution or insurance payments under an educational accumulative insurance contract for the improvement of housing conditions, compensation for material damage and necessary assistance from the state budget and (or) from charitable organizations due to a natural or man-made emergency;

2) a bank account in a housing construction savings bank with the status of a national development institute, intended for crediting payments and subsidies in order to pay for rented housing in a private housing fund.

It is allowed for a bank or an organization engaged in certain types of banking operations to refuse to open a bank account in the framework of fulfilling the terms of agreements with non-resident banks of the Republic of Kazakhstan and (or) international treaties ratified by the Republic of Kazakhstan.

4. Bank accounts are divided into current and savings accounts of clients, as well as correspondent accounts of banks and organizations engaged in certain types of banking operations.

5. The client's current account is used for operations related to:

1) ensuring the availability and use of the client's money by the bank;

2) by accepting (crediting) money in favor of the client;

3) following the client's instructions to transfer money to third parties in accordance with the procedure provided for in the bank account agreement;

4) execution of instructions from third parties to withdraw the client's money on the grounds provided for by the laws of the Republic of Kazakhstan and (or) the bank account agreement;

5) receiving and issuing cash from the client in accordance with the procedure and on the terms stipulated by the said agreement and this Law;

6) excluded by the Law of the Republic of Kazakhstan dated 07/02/2018 No. 168-VI (effective from 01.01.2019);

7) providing, at the request of the client, information on the amount of the client's money in the bank and the transactions performed in accordance with the procedure and terms stipulated by the bank account agreement;

8) performing other banking services for the client provided for by the bank account agreement, the legislation of the Republic of Kazakhstan and business practices used in banking practice.

6. The client's savings account performs operations related to:

1) ensuring the availability and use by the bank of money belonging to the client;

2) accepting money from the client or third parties, both in cash and non-cash;

3) payment of remuneration in the amount and in the manner determined by the bank deposit agreement;

4) refund of money to the client on the terms stipulated by the bank deposit agreement and the laws of the Republic of Kazakhstan, including by transferring them to another bank account of the client;

5) execution of instructions from third parties to withdraw the client's money on the grounds provided for by the laws of the Republic of Kazakhstan and (or) the bank account agreement.

7. The correspondent account of a bank or an organization that performs certain types of banking operations is used for operations related to:

1) by accepting (crediting) money received for the benefit of a bank or an organization engaged in certain types of banking operations, or its (her) clients;

2) following instructions from the bank or an organization performing certain types of banking operations to transfer money to the bank or an organization performing certain types of banking operations, or for the benefit of third parties in order to fulfill the obligations of the bank or an organization performing certain types of banking operations, or its (her) clients;

3) receiving and issuing cash from a correspondent account to a bank or an organization engaged in certain types of banking operations, in accordance with the procedure and on the terms stipulated by the said agreement and this Law;

4) provision of other services stipulated by the correspondent account agreement.

Correspondent accounts are opened between banks, as well as between banks and participating banks of the Astana International Financial Center, between banks and organizations engaged in certain types of banking operations, between banks and financial organizations that are non–residents of the Republic of Kazakhstan.

The specifics of opening and maintaining correspondent accounts by banks to banks participating in the Astana International Financial Center, including the currency and list of transactions, are established by a regulatory legal act of the National Bank of the Republic of Kazakhstan.

IZPI's note! Paragraph 7 is provided to be supplemented with Part four in accordance with the Law of the Republic of Kazakhstan dated 30.06.2025 No. 205-VIII (effective sixty calendar days after the date of its first official publication).

The amount of the limit on payments and money transfers on correspondent accounts of banks, branches of non–resident banks of the Republic of Kazakhstan and organizations engaged in certain types of banking operations is established by a regulatory legal act of the National Bank of the Republic of Kazakhstan.

7-1. Cash withdrawal from bank accounts is carried out in accordance with the rules for withdrawing cash from bank accounts by business entities and within the limits of the amount determined by a joint act of the National Bank of the Republic of Kazakhstan and the authorized state planning body, unless a smaller amount is stipulated in the bank account agreement and established by the financial monitoring entity in accordance with the requirements of the legislation of the Republic of Kazakhstan on countering the legalization (laundering) of criminally obtained income, and the financing of terrorism.

8. Accounts that do not carry out the operations specified in paragraphs 5, 6 and 7 of this Article, as well as reflecting accounting positions in a bank or an organization engaged in certain types of banking operations, personal accounts (subheadings) that are components of a balance sheet account, including loan accounts, are not bank accounts.

9. It is allowed to open a bank account for the client in the "escrow account" mode.

In cases of non-fulfillment by the person in whose name the escrow account is opened of the conditions determined by the Client and the expiration or fulfillment of such conditions under the bank account agreement, the bank returns the money to the client who opened the escrow account.

The money held in the escrow account is not subject to seizure or foreclosure, except by judicial act in a case related to the terms of the escrow account agreement.

10. In the case of foreclosure on clients' money held by a bank or an organization engaged in certain types of banking operations, such foreclosure is carried out only from clients' bank accounts.

Foreclosure on money held in correspondent accounts of banks or organizations engaged in certain types of banking operations is carried out only under the obligations of the banks themselves or organizations engaged in certain types of banking operations.

Foreclosure is not allowed:

1) for money held in bank accounts intended for crediting benefits and social benefits paid from the state budget and (or) the State Social Insurance Fund, material assistance provided in accordance with subparagraph 1) paragraph 4 of Article 112 of the Social Code of the Republic of Kazakhstan;

IZPI's note! The third part of paragraph 10 is provided to be supplemented with subparagraph 1-1) in accordance with the Law of the Republic of Kazakhstan dated 30.06.2025 No. 205-VIII (effective sixty calendar days after the date of its first official publication).

1-1) for money held in bank accounts intended for crediting compensation for material damage and providing necessary assistance from the state budget and (or) from charitable organizations to individuals affected by a natural or man-made emergency.;

2) for money held in bank accounts intended for crediting housing payments, lump-sum pension payments from the unified accumulative pension fund for the purpose of improving housing conditions and (or) paying for medical treatment, target assets, payments of target savings from the unified accumulative pension fund for the purpose of improving housing conditions and (or) paying for education, payments savings from an educational funded contribution or insurance payments under an educational funded insurance contract for the improvement of housing conditions;

2-1) for money held in bank accounts in housing construction savings banks in the form of housing construction savings accumulated through the use of housing payments, one-time pension payments from the unified accumulative pension fund in order to improve housing conditions and (or) pay for medical treatment, in the form of payments of targeted savings from the unified accumulative pension fund in order to improve housing conditions and (or) education fees, in the form of payments of savings from an educational savings deposit or insurance payments under an educational savings insurance contract for improving housing conditions, for money held in bank accounts with second-tier banks in the form of savings for major repairs of the common property of a condominium facility, with the exception of penalties based on court decisions in cases of non-fulfillment of obligations under contracts concluded in in order to carry out major repairs of the common property of the condominium facility;

The money held in bank accounts in housing construction savings banks and second-tier banks, in accordance with this subparagraph, is subject to separate accounting by opening separate personal accounts (subheadings);

2-2) for money held in a bank account in a housing construction savings bank with the status of a national development institute, intended for crediting payments and subsidies in order to pay for rented housing in a private housing fund;

2-3) for money held in bank accounts in housing construction savings banks in the form of housing construction savings, which are the subject of collateral for issued bank loans;

3) for money deposited on the terms of the notary's deposit;

4) for money held in bank accounts under an agreement on an educational accumulative contribution concluded in accordance with the Law of the Republic of Kazakhstan "On the State Educational Accumulative System";

5) assets of the social health insurance fund and transfers allocated for a guaranteed amount of free medical care held in bank accounts;

5-1) for money held in bank accounts intended for accounting for the money of clients of the investment portfolio manager, for the outstanding obligations of this investment portfolio manager;

5-2) for money held in bank accounts intended to account for the money of the clients of the person performing the functions of the nominee holder, for the unfulfilled obligations of this person performing the functions of the nominee holder;

5-3) for money held in bank accounts for clearing transactions in financial instruments;

6) for money held in bank accounts intended for crediting compensation for investment costs in accordance with the legislation of the Republic of Kazakhstan in the field of public-private partnership;

7) for clients' money held in bank accounts intended for crediting alimony (money intended for the maintenance of minors and disabled adult children), for bank loans based on payment requirements.

8) for money held in the current account of a private bailiff, intended for storing the collected amounts in favor of the recoverers;

9) for money held in savings accounts that are the subject of collateral for bank loans issued, in the amount of the outstanding principal debt on such bank loans based on payment requirements;

10) for money held in the bank account of a single operator in the field of public procurement, intended for potential suppliers or suppliers to deposit money as security measures in the framework of participation in public procurement in accordance with the Law of the Republic of Kazakhstan "On Public Procurement".

11) for money held in the bank accounts of a citizen against whom a case has been initiated on the application of the procedure or the procedure has been applied in accordance with the Law of the Republic of Kazakhstan "On the restoration of Solvency and Bankruptcy of citizens of the Republic of Kazakhstan";

12) to the money held in the current account of the financial manager for crediting money in the judicial bankruptcy procedure in accordance with the Law of the Republic of Kazakhstan "On restoration of solvency and Bankruptcy of citizens of the Republic of Kazakhstan".

The provision of subparagraph 6) of part three of this paragraph does not apply to the withdrawal of money for claims related to the first, second and third queues in accordance with the priority provided for in paragraph 2 of Article 742 of the Civil Code of the Republic of Kazakhstan.

11. Suspension of spending operations on the sender's bank account on the basis of relevant decisions and (or) orders of authorized state bodies or officials on the suspension of spending operations on the bank account or information from the authorized body on organizations and individuals included in the list of organizations and persons related to the financing of terrorism and extremism, and (or) in the list of organizations and individuals involved in financing the proliferation of weapons of mass destruction, as well as a list of persons involved in terrorist activities, as well as temporary restrictions on the disposal of property on the basis of acts on temporary restrictions on the disposal of property, the seizure of money held in the sender's bank account on the basis of acts on the seizure of the client's money are carried out in accordance with the procedure and cases provided for by the laws of the Republic of Kazakhstan.

IZPI's note! The second part of paragraph 11 is amended by the Law of the Republic of Kazakhstan dated 30.06.2025 No. 205-VIII (effective sixty calendar days after the date of its first official publication).

Seizure, suspension of expenditure operations, temporary restriction on the disposal of property, restrictions on transactions and other transactions with property, on bank accounts intended for crediting benefits and social benefits paid from the state budget and (or) the State Social Insurance Fund, compensation for material damage and provision of necessary assistance from the state budget are not allowed. and (or) from charitable organizations to individuals, victims of an emergency situation of a natural or man-made nature, material assistance provided in accordance with subparagraph 1) paragraph 4 of Article 112 of the Social Code of the Republic of Kazakhstan, housing payments, lump-sum pension payments from the unified accumulative pension fund for the purpose of improving housing conditions and (or) paying for medical treatment, target assets, payments of target savings from the unified accumulative pension fund for the purpose of improving housing conditions and (or) paying for education, payments of savings from an educational accumulative contribution or insurance payments under an educational accumulative insurance contract for the improvement of housing conditions, for money held in bank accounts in housing construction savings banks in the form of housing construction savings accumulated through the use of housing payments, lump-sum pension payments from a single accumulative pension fund for the purpose of improving housing conditions and (or) payment for treatment, in the form of payments of targeted savings from the unified accumulative pension fund for the purpose of improving housing conditions and (or) paying for education, for money held in bank accounts in housing construction savings banks in the form of housing construction savings, which are the subject of collateral for bank loans issued, in the form of payments of savings from an educational savings deposit or insurance payments for the contract of educational accumulative insurance for the improvement of housing conditions, for money held in a bank account in a housing construction savings bank, having the status of a national development institute, intended for crediting payments and subsidies in order to pay for rented housing in a private housing fund, with money held in bank accounts with second-tier banks in the form of savings for major repairs of the common property of a condominium facility, with the exception of penalties based on court decisions in cases of non-fulfillment of obligations under contracts, concluded for the purpose of carrying out capital repairs of the common property of the condominium facility, with money held in bank accounts, intended for crediting compensation for investment costs, as well as for money deposited on the terms of a notary's deposit, held in bank accounts under an educational funded contribution agreement concluded in accordance with the Law of the Republic of Kazakhstan "On the State Educational Funded System", assets of the social health insurance Fund and transfers allocated for a guaranteed amount of free medical care, held in bank accounts, for money held in bank accounts, intended for accounting for the money of clients of the investment portfolio manager, for the outstanding obligations of this investment portfolio manager, for money held in bank accounts intended for accounting for the money of clients of the person performing the functions of a nominee holder, for the outstanding obligations of this person performing the functions of a nominee holder, for money held in bank accounts for clearing activities on transactions with financial instruments, money from banks, insurance (reinsurance) organizations, voluntary accumulative pension funds that have been deprived of a license by an authorized state body and (or) are in the process of compulsory liquidation, money held in the current account of a private bailiff intended to store recovered amounts in favor of recoverers, money held in the bank account of a single operator in the field of public procurement, intended for potential suppliers or suppliers to deposit money as interim measures within the framework of participation in public procurement in accordance with the Law of the Republic of Kazakhstan "On Public Procurement", money from branches of non-resident banks of the Republic of Kazakhstan, branches of insurance (reinsurance) organizations of non-residents of the Republic of Kazakhstan, deprived by an authorized state body of a license and in the process of compulsory termination activities.

The provision of part two of this paragraph does not apply to restrictions imposed by the authorized body in the field of enforcement of enforcement documents and its territorial bodies on the suspension of spending operations on a current account intended for storing recovered amounts in favor of recoverers, a private bailiff whose license has been suspended or terminated or who has been deprived of his license.

12. Spending operations on the client's bank account are resumed after the withdrawal by an authorized state body or official of a decision and (or) an order to suspend spending operations on the bank account, an act on temporary restriction of the disposal of property, as well as in accordance with the procedure established by the Criminal Procedure Code of the Republic of Kazakhstan, the laws of the Republic of Kazakhstan "On Countering the Legalization (Laundering) of Income proceeds from crime and financing of terrorism" and "On Rehabilitation and Bankruptcy".

A bank or an organization engaged in certain types of banking operations resumes spending operations on the client's bank account (accounts) until the authorized body in the field of ensuring tax receipts and other mandatory payments to the budget revokes an order to suspend spending operations on bank accounts if the client pays off the amount of tax arrears specified in the order of the authorized body in in the field of ensuring tax receipts and other mandatory payments to the budget on the suspension of spending operations on bank accounts.

The seizure of the money held in the client's bank account is lifted on the basis of a corresponding written notification from the person entitled to seize the client's money on the cancellation of the act of seizure previously adopted by him or after the bank executes a collection order submitted in execution of the previously seized money held in the bank account, or in cases stipulated by the Law of the Republic of Kazakhstan "On Enforcement proceedings and the status of bailiffs".

The money sender's bank returns without execution the outstanding requirements to the bank account, acts on temporary restriction on the disposal of property, decisions and (or) orders of authorized state bodies or officials on the suspension of spending operations on the client's bank account, as well as acts of persons having the right to seize the client's money on the seizure of the money on the client's bank account, when the client's bank account is closed in accordance with the procedure established by this Law.

13. The procedure for the actions of a bank and an organization engaged in certain types of banking operations upon receipt of an act on temporary restriction on the disposal of property, decisions and (or) orders of authorized state bodies or officials on the suspension of spending operations on a bank account, acts on the seizure of money held in a client's bank account, is determined by a regulatory legal act of the National Bank of Ukraine. The Bank of the Republic of Kazakhstan.

The Law of the Republic of Kazakhstan dated July 26, 2016 No. 11-VI SAM.

This Law regulates public relations arising in the field of organization and functioning of payment systems, regulation of payment systems and supervision (oversight) of them, regulation of the payment services market and control over it, as well as the implementation of payments and (or) money transfers in the Republic of Kazakhstan.

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