Article 55. Completion of payments and/or money transfers of the Law on Payments and Payment Systems

     1. If the payment is made using cash, the payment is completed at the time of receipt of the money by the person in whose favor the payment is made, or by a person authorized by the beneficiary.

     2. If a payment without using cash is made by issuing a payment document, the payment is completed at the time the money is received by the person in whose favor the payment is being made.

     3. If a non-cash payment is made by money transfer, the payment is completed at the time the money transfer is completed by:

     1) making an accounting entry on the beneficiary's bank account when money is received in his favor;

     2) the actual disbursement of cash to the beneficiary by the beneficiary's bank, if the beneficiary does not have a bank account;

      3) making a set-off provided for in paragraph 9 of Article 46 of this Law;

     4) making an accounting entry on another account reflecting the receipt of money in favor of the beneficiary.

     4. When making a non-cash payment by issuing a payment document containing a monetary obligation or an order for the payment of money (check, bill of exchange), the fulfillment of obligations under this payment occurs at the time the beneficiary receives the money on the check, bill of exchange.

     5. If the payment is made by transferring electronic money, the payment is completed at the time of receipt of electronic money by the person in whose favor the payment is being made. The reflection of information about the amount of electronic money accepted in the electronic money system, indicating that it has been received in favor of another beneficiary, is the moment when electronic money is received.

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.

President    

Republic of Kazakhstan     

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