On amendments to the currency legislation of the Republic of Kazakhstan
Dear customers!
We inform you about the amendments to the currency legislation of the Republic of Kazakhstan, which will enter into force on January 01, 2024. These changes will affect several key aspects that you need to be aware of:
1) First of all, the list of Currency contracts subject to registration has been expanded. Now, in addition to the current list, additional categories have been added, namely:
• A foreign exchange agreement on export/import, the terms of which do not provide for the movement of goods across the border of the Republic of Kazakhstan;
• An export/import currency agreement, the terms of which provide for the purchase or repayment of electronic money;
2) The second change concerns the application form for obtaining the registration number of the contract (hereinafter – UNK) in terms of notifying the exporter or importer of:
• the presence of administrative responsibility for non-compliance with the requirement of repatriation of national and (or) foreign currency;
• the presence of administrative responsibility for violation of the procedure for obtaining an account number under an import or export agreement;
• the presence of administrative responsibility for violation of the procedure for providing information, documents and reports on a foreign exchange agreement for import or export;
• criminal liability for the illegal export, transfer and transfer of currency valuables from the Republic of Kazakhstan
These changes are aimed at more effective monitoring and control over compliance with the requirements of currency legislation.
3) The third change is related to the procedure for transferring a currency agreement for export or import from one authorized bank to another authorized bank for servicing. At the same time, it is important to note that payments and (or) money transfers under such agreements will be able to be carried out by the new authorized bank of account registration only after completing the full transition procedure and ONLY after receiving information from the previous bank of account registration.
4) The fourth change is related to the need to sign an Additional Agreement to the Accession Agreement on opening a current account of an individual and a legal entity, on issuing and using a debit payment card, in order to obtain Consent to provide information on a currency agreement to law enforcement agencies of the Republic of Kazakhstan upon their request in accordance with the legislation of the Republic of Kazakhstan.
5) The fifth change is related to the exclusion of the requirement for the Bank to send a notification request to Resident exporters/importers, to provide information on the reasons for failure to comply with the repatriation requirement and documents confirming the occurrence of circumstances affecting the terms and conditions of fulfillment of obligations by a non-resident under a foreign exchange agreement for export or import.
Resident exporters/importers, as participants in foreign economic activity, must independently provide documents confirming the fulfillment of obligations by a non–resident, in time before the end of the repatriation period under a foreign exchange agreement on export or import.
Upon detection of violations of the repatriation requirement, the Bank sends a personal bank control card to the National Bank by the 15th day (inclusive) of the month following the reporting one.
Use this information to update your processes and prepare for these changes to take effect.
If you have any additional questions, please contact our specialists. We are always ready to provide the necessary support and advice.
Sincerely, the Administration of the Bank