Article 46. Execution of instructions The Law on Payments and Payment Systems

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1. When accepting instructions by a bank or an organization performing certain types of banking operations, the bank or an organization performing certain types of banking operations must verify its compliance with the requirements for the procedure for drawing up, submitting instructions and other requirements established by the legislation of the Republic of Kazakhstan and (or) the terms of the agreement, and execute them in compliance with the conditions specified therein., unless otherwise established by the legislation of the Republic of Kazakhstan, or to refuse its execution.

2. The first part of paragraph 2 was valid until 06/01/2017.

The execution of an instruction submitted by means of a collection order is performed by a bank or an organization performing certain types of banking operations no later than three business days following the day of receipt of the instruction, with the exception of execution of the collection order at an indefinite time, as well as cases provided for in the Code of the Republic of Kazakhstan "On Taxes and Other Mandatory Payments to the Budget" (The Tax Code).

3. Money transfer between bank accounts opened in one bank or one organization performing certain types of banking operations is carried out by the sender's bank within one business day.

4. International payments and (or) money transfers are executed no later than three business days following the day of receipt of the instruction, in compliance with the requirements established by the currency legislation of the Republic of Kazakhstan.

5. The first part of paragraph 5 was valid until 06/01/2017.

The beneficiary's bank refuses to execute the instruction within the business day of receiving the instruction, indicating the reason for the refusal.

6. In order to fulfill the instruction of the sender of the money by the bank, the sender of the money is obliged to provide the amount of money necessary for its execution, unless otherwise provided in the agreement between the sender of the money and the bank of the sender of the money.

7. A refusal to execute an instruction by a bank or an organization performing certain types of banking operations is made on the following grounds:

1) if the sender of the money does not provide the amount of money necessary for making the payment and (or) transfer, unless the contract provides for the provision of credit services by the payment service provider to the client for making the payment and (or) money transfer;

2) if the indication contains signs of forgery, corrections, additions and blots, including if the indication was transmitted in violation of the procedure for protective actions against unauthorized payments established by the agreement between the sender and the sender's bank.;

3) if the initiator fails to comply with the requirements for the procedure for drawing up and submitting instructions and (or) other requirements established by the legislation of the Republic of Kazakhstan and (or) the terms of the agreement;

4) 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", the Law of the Republic of Kazakhstan "On Gambling" or international treaties ratified by the Republic of Kazakhstan, or stipulated by an agreement with non-resident banks of the Republic of Kazakhstan.;

IZPI's note! The first part of paragraph 7 is provided to be supplemented by paragraph 4-1 in accordance with the Law of the Republic of Kazakhstan dated 30.06.2025 No. 204-VIII (effective six months after the date of its first official publication).

IZPI's note! Subparagraph 5) 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).

5) in cases where a claim for recovery of money from a bank account is filed against a bank account intended for crediting benefits and social benefits paid from the state budget and (or) from the State Social Insurance Fund, compensation for material damage and provision of necessary assistance from the state budget and (or) from charitable organizations to individuals, victims of natural or man-made emergencies, financial 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 the educational accumulative contributions or insurance payments under the educational accumulative insurance contract for the improvement of housing conditions, money, funds 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 for the purpose of paying for rented housing in a private housing fund, money deposited on the terms of a notary's deposit, money held in bank accounts in housing construction savings banks in the form of housing construction savings accumulated during account for the use of housing payments, one-time pension payments from the unified accumulative pension fund for the purpose of improving housing conditions and (or) paying for medical 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 issued bank loans, in the form of payments of savings from an educational accumulative contribution or insurance payments under an educational accumulative insurance contract for the improvement of housing conditions, money held in the current account of a private bailiff intended to store recovered amounts in favor of recoverers, money held in bank accounts intended to account for the money of clients of the investment portfolio manager, for outstanding obligations of this the manager of an investment portfolio, money held in bank accounts intended to account for the money of a person's clients, performing the functions of a nominee holder, for outstanding obligations of this person performing the functions of a nominee holder, money held in bank accounts for clearing transactions in financial instruments, money held in the bank account of a single operator in the field of public procurement, intended for depositing money by potential suppliers or suppliers 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, held in bank accounts with second-tier banks in the form of savings for major repairs of the common property of the 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 major repairs of the common property of the condominium facility, as well as to a bank account under an educational savings deposit agreement concluded in accordance with with the Law of the Republic of Kazakhstan "On the State educational Accumulative System";

5-1) in cases where a payment claim for the recovery of overdue loan debt is submitted to a bank account intended for the transfer of alimony (money intended for the maintenance of minors and disabled adult children);

5-2) in cases where a claim to recover money from a bank account is filed against the bank account of a debtor against whom bankruptcy proceedings have been initiated in accordance with the procedure provided for by the Law of the Republic of Kazakhstan "On Rehabilitation and Bankruptcy", or against whom proceedings have been initiated or the procedure has been applied in accordance with the procedure provided for by the Law of the Republic of Kazakhstan "On restoration of solvency and bankruptcy of citizens of the Republic of Kazakhstan";

6) in case of detection of an unauthorized payment, as well as in cases of identification and confirmation of substantiated facts of illegality of receiving money transferred in favor of the beneficiary;

7) if there are decisions and (or) orders of authorized state bodies or officials to suspend spending operations on the client's bank account, temporary restrictions on the disposal of property, unsecured acts of seizure of money held in the client's bank account, as well as instructions to be executed as a matter of priority in accordance with the legislation of the Republic of Tajikistan. Kazakhstan;

8) if the instruction does not comply with the requirements of the regulatory legal act governing the establishment of correspondent relations by banks with participating banks of the Astana International Financial Center.

Refusal to execute instructions by a bank or an organization performing certain types of banking operations on the grounds specified in subitems 1) and 7) of part one of this paragraph does not apply to collection orders, as well as payment documents, the storage of which is provided for by an agreement between the sender of money and the sender's bank.

8. The fulfillment of an instruction is the fulfillment by a bank or an organization performing certain types of banking operations of the conditions of the instruction received.:

1) sending instructions to the next bank or organization performing certain types of banking operations, if the bank or organization performing certain types of banking operations does not serve the beneficiary;

2) completion of the money transfer if the bank of the sender of the money is the bank of the beneficiary;

3) the issuance of cash to the initiator, who has submitted an order for the payment of cash, in the event that a bank or an organization engaged in certain types of banking operations serves the sender of the money.

9. The beneficiary's bank has the right to offset in favor of a third party or in its favor the amount of money indicated in the instruction executed by it against the amount of the beneficiary's obligation to a third party or this bank or this organization performing certain types of banking operations, the deadline for which has come by the time such instruction is received by the beneficiary's bank, subject to compliance with the order of withdrawal of money from a bank or an organization performing certain types of banking operations, established by the laws 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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Republic of Kazakhstan

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