Article 57. Refund of money for payments and/or money transfers of the Law on Payments and Payment Systems

Home / RLA / Article 57. Refund of money for payments and/or money transfers of the Law on Payments and Payment Systems

1. Money is refunded when transferring money in the following cases::

1) establishing the fact of unauthorized payment made by money transfer;

2) execution of an erroneous instruction;

3) receipt of money in favor of a person who is not a client of the beneficiary's bank at the time of receipt of the money transfer, if there are unfulfilled requirements or restrictions on the disposal of money on the correspondent account of the beneficiary's bank that prevent spending operations;

4) provided for in Article 48-1 of the Law of the Republic of Kazakhstan "On Banks and Banking Activities in the Republic of Kazakhstan".

IZPI's note! Paragraph 1 is provided to be supplemented with subparagraph 5) 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).

5) the beneficiary's bank receives a notification from the criminal prosecution authority, authorized by the prosecutor, on the recognition of the transaction as fraudulent and the need to refund the amount of money blocked to the client specified in the notification in accordance with the procedure provided for in Article 25-1 of this Law.

The procedure for refunding money is determined by the regulatory legal act of the National Bank of the Republic of Kazakhstan.

2. The indication sent by the initiator is erroneous if the indication:

1) contains details that do not correspond to the details of the instruction received from the previous sender;

2) submitted again.

IZPI's note! Paragraph 3 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).

3. The refund of money due to an erroneous instruction or unauthorized payment and/or transfer of money, as well as money blocked in accordance with the procedure provided for in Article 25-1 of this Law, is carried out by the beneficiary's bank by withdrawing money from the beneficiary's bank account to which the specified money was credited, without his consent.

3-1. The refund in the cases provided for in subitems 3) and 4) of paragraph 1 of this Article shall be made to the sender's address.

IZPI's note! Paragraph 4 is provided for in the wording of 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).

4. The refund of money for an erroneous indication or unauthorized payment and (or) transfer of money, as well as money blocked in accordance with the procedure provided for in Article 25-1 of this Law, is carried out by the beneficiary's bank no later than the next business day from the date of discovery of the fact of erroneous indication or unauthorized payment and (or) transfer of money or from the date of receipt of a notification from the criminal law authority. prosecution, authorized by the prosecutor, on recognizing the transaction as fraudulent at the expense of the available money in the beneficiary's bank account, including in the case of, if the bank account contains acts of seizure of money held in the bank account and (or) temporary restrictions on the disposal of property and (or) decisions and (or) orders of authorized state bodies or officials to suspend spending operations on the bank account, and (or) unfulfilled instructions to be executed for an indefinite period of time.

5. In cases of insufficient or missing money in the beneficiary's bank account, the refund of money for an erroneous indication or unauthorized payment and/or money transfer is carried out by the sender who made the erroneous indication or unauthorized payment and/or money transfer at his own expense in accordance with the procedure and terms established by the National Bank of the Republic of Kazakhstan.

6. No refund is made after three years from the date of execution of an erroneous instruction or unauthorized payment and/or money transfer.

7. When refunding money, each sender involved in the money transfer has the right to reimburse the costs associated with such a money transfer and actually incurred as a result of the refund, at the expense of the money of the participant in the money transfer (including the intermediary bank) who made an erroneous indication or unauthorized payment and (or) money transfer.

8. The procedure and terms for refunding money for erroneous or unauthorized payments and (or) transfers are established by a regulatory legal act of the National 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.

President

Republic of Kazakhstan

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