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LAW No. 237 OF 29th JUNE 1998 OF THE REPUBLIC OF KAZAKHSTAN CONCERNING PAYMENTS AND TRANSFERS OF FUNDS
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LAW No. 237 OF 29th JUNE 1998 OF THE REPUBLIC OF KAZAKHSTAN

CONCERNING PAYMENTS AND TRANSFERS OF FUNDS
AMENDMENTS AND ADDITIONS INTRODUCED BY: 
1)  Law No. 336 of 28th December 1998 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Tax Administration. (Articles:  14, 15, 38); 
2)   Law No. 42 of 29th March 2000 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Banking Secrecy.  Articles: 6 replaced, 11; 12; 13; 14; 15 replaced; 19; 20; 21; 23; 30; 35; 38).  Effective from the 1st of April 2000;
3)  Law No. 394 of 13th March 2003 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Pension Support.  (Article:  38).  Effective from the 15th March 2003;
4)  Law No. 409 of 5th May 2003 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Enforcement Procedure. (Article 20 replaced).  Effective from the 9th May 2003;
5)  Law No. 411 of 8th May 2003 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Banking Activity, Currency Regulation and Currency Supervision.  (Article:  38).  Effective from the 24th May 2003;
6)  Law No. 482 of 9th July 2003 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of bill of exchange Circulation, Payments and Transfers of Funds.  (Articles:  3, 6, 7, 11, 11-1 introduced, 14, 16, 21, 34, 38).  Effective from 25th July 2003;
7)  Law No. 11 of 13th December 2004 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Taxation. (Article 14).  Effective January 1, 2005; 
8)  Law No. 69 of 8th July 2005 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Functioning of the State Authorities Exercising the Regulation of Financial Markets.  (Articles:  6, 20).  Effective July 16, 2005; 
9)  Law No. 147 of 22nd June 2006 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Enforcement Procedures.  (Articles:  14, 20 replaced).  Effective date n/a; 
10)  Law No. 101 of 10th December 2008 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Taxation.  (Article 6).  Effective January 1, 2009;
11)  Law No. 185 of 11th July 2009 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Improvement of the Legislation of the Republic of Kazakhstan Concerning Payments and Remittances of Money, Accounting and Financial Reporting of Financial Organisations, Banking Activity and Activity of the National Bank of the Republic of Kazakhstan. (Articles: 3 replaced, 6, 13). Effective date n/a; 
12)  Law No.  192 of 28th August 2009 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Counteraction to Legalisation (Laundering) of Income Gained in an Illegal Way, and Financing of Terrorism. (Articles: 18, 35). Effective date n/a; 
13)  Law No. 262 of 2nd April 2010 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Enforcement Procedures. (Articles: 14, 20 and 38). Effective date n/a; 
14)  Law No. 466-IV of 21st July 2011 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Electronic Money. (Articles: 3, 7, 23, 24 and Chapter 3-1 introduced). Effective date n/a. New wording of part two of paragraph 6 of Article 36-1 to be effective from January 1, 2012; 
15) Law No. 538-IV of 12th January 2012 of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Stock Market Development in the Republic of Kazakhstan. (Article 36-1). Amendments to: part two of paragraph 6 of Article 36-1 are effective from January 1, 2012 until January 1, 2013; part three of paragraph 6 of Article 36-1 are effective January 1, 2013; 
16)  Law No. 19 of 21st June 2012 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Counteraction Against Legalization (Laundering) of Income Gained in an Illegal Way, and Financing of Terrorism and Converting of Money Into Cash. (Articles: 11 replaced, 18, 21 and 35). Effective date n/a, except for amendments to: paragraphs 1, 2, 3, 5 of Article 11 which are effective January 1, 2013, paragraph 4 of Article 11 which are effective January 1, 2014, paragraph 3 of Article 11which are  effective until  January 1, 2014;
17)  Law No. 30 of 5th July 2012 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of the Organisation of Activity of the National Bank of the Republic of Kazakhstan, Regulation of the Financial Market and Financial Organisations. (Articles: 6, 13, 15 replaced, 34 replaced and 38). Effective date n/a; 
18)  Law No. 106 of 21st June 2013 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Pension Support. (Article 14). Effective date n/a; 
19)  Law No. 164 of 15th January 2014 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of the Improvement of Enforcement Procedures. (Article 15 replaced). Effective date n/a; and
     20) Law No. 206 of 10th June 2014 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Counteraction to Legislation (Laundering) of Income Gained in a Criminal Way, and Financing of Terrorism. (Articles: 1 replaced, 6, 11, 18, 35, 36-1). Effective date n/a, except for Amendments to: the first clause of paragraph 4 of Article 11, the third clause of paragraph 4 of Article 11 shall enter in force from 1st July 2014; the second  clause of paragraph 4 of Article 11 shall enter in force from 1st January 2015; the second  part of paragraph 9 of Article 36-1 shall enter in force upon the expiry of six months after its first official publication.
CHAPTER 1.  GENERAL PROVISIONS
Article 1.  Relations Regulated by This Law
Introduced by 20) Law No. 206 of 10th June 2014 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Counteraction to Legislation (Laundering) of Income Gained in a Criminal Way, and Financing of Terrorism.
1.  This Law shall regulate relations that emerge when payments and transfers of funds are performed in the Republic of Kazakhstan, except for relations associated with the performance of postal transfers of funds.
2.  Relations associated with international payments and transfers of funds as performed between banks of the Republic of Kazakhstan, organisations that perform certain types of banking transactions, and foreign banks (financial institutions) shall be regulated by agreements between them and by business usages applicable in the banking practice, considering the requirements established by the legislation of the Republic of Kazakhstan concerning counteraction to legalisation (laundering) of income gained in a criminal way and financing of terrorism  When acts associated with international payments and transfers of funds are initiated in the territory of the Republic of Kazakhstan, then such relations shall be regulated by this Law and said agreements and business usages applicable in the banking practice, unless it contradicts the legislation of the Republic of Kazakhstan.
Article 2.  The Bases for the Emergence of the Relations Regulated by This Law
The relations regulated by this Law shall emerge when performing the following:
payments and/or transfers of funds in accordance with the conditions of payment under civil transactions,
transfers of funds pursuant to instructions of clients of banks or organisations which perform individual types of banking transactions (henceforth the bank) when such instructions are not associated with the performance of conditions of payment under civil transactions;
obligatory payments and/or transfers of funds which are performed in accordance with the legislation of the Republic of Kazakhstan.
Article 3.  The Fundamental Definitions Used in This Law
Introduced by 11)  Law No. 185 of 11th July 2009 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Improvement of the Legislation of the Republic of Kazakhstan Concerning Payments and Remittances of Money, Accounting and Financial Reporting of Financial Organisations, Banking Activity and Activity of the National Bank of the Republic of Kazakhstan.
Amended by 14)  Law No. 466-IV of 21st July 2011 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Electronic Money.
The following fundamental definitions shall be used in this Law:
1) remittance of money * sequential fulfilling by recipient banks instructions of remitters concerning transfer of money that relate to the making of a payment or other purposes;
2) initiator of the remittance of money (henceforth * the initiator) * a person who presents the first an instruction concerning remittance of money for fulfillment;
3) remitter of money * a person at whose expense a payment and (or) remittance of money is performed;
4) participants in the payment and (or) remittance of money * natural persons and legal entities, affiliates and representations of legal entities having the rights and (or) obligations under a payment and (or) remittance of money;
5) recipient bank * a bank to which the order concerning transfer or payment of money is addressed;
6) direct debiting of the bank account * a method of effecting of a payment in case of which withdrawal of money is made from the remitter of money and transfer of it in favour of the beneficiary on the basis of a preliminary permit of the remitter of money concerning the said withdrawal that is valid within a certain period of time and (or) within a certain money amount;
7) beneficiary * a person specified in an order or claim as a recipient of money where a transfer of money is made, and also in cashless payments that are made without remittance of money;
8) beneficiary's bank * a bank which in accordance with conditions of an agreement with the remitter and (or) instruction of the remitter must receive money that arrives in favour of the beneficiary, and (or) perform other acts as provided for by the instruction or agreement with the remitter;
9) intermediary bank * any bank that is a participant in a transfer of money which is not a bank of the remitter of money or beneficiary's bank;
10) remitter * a person that sends an instruction relating to a payment and (or) remittance of money which may be, in particular, a remitter of money, initiator or beneficiary;
11) collection order * a method to make a payment that is used to withdraw money from a bank account of the remitter of money without consent of it;
12) clearing * a process performed by a clearing organisation that is associated with collection, verification, sorting and offset of counter claims of participants in clearing and further determination of their net positions (balance), and also fulfilment by a bank of said acts under counter claims between its clients;
13) microcircuit payment card * a payment card with an integral microcircuit which is used for cashless payment for goods (work, services), receipt of ready cash, making of exchange of currencies and other transactions determined by the issuer of the payment card and on issuer's conditions, and also which comprises information necessary for the holder of the card;
14) instruction * an order of the remitter to the recipient bank concerning transfer or payment of money that is presented in virtue of an agreement or law.  Instructions shall be compiled in the form of an order or in the form of a claim;
15) operating day * a period of time within which the bank performs receipt of instructions concerning remittance of money and orders concerning suspension or concerning revocation of such instructions from clients and transfer to them of messages relating to performance of remittances of money for their benefit;
16) claimant * a person which presents in virtue of an agreement or law a claim concerning collection of money to be fulfilled by the recipient bank without consent of the remitter of money;
17) payment * fulfilment of a monetary liability with the use of ready cash or without the use of it, by transfer of money or giving out of a payment document comprising a monetary liability or an order concerning payment of money or transfer of electronic money;
18) national interbank system of payment cards * a system for servicing interbank transactions under payment cards, management of which is performed by an organisation specially formed by participant banks in the system, which is capable to ensure storage, processing and transfer of necessary information by an electronic way with application of microcircuit card technologies to implement the general national tasks as defined by the legislative acts of the Republic of Kazakhstan;
19) payment card * a mean of access to money through electronic terminals and other devices which bears information allowing the holder of such a card to make payments, receive ready cash, perform exchange of currencies and other transactions determined by the issuer of the payment card and on issuer's conditions;
20) payment order * a method of effecting a payment and (or) remittance of money that provides for presentation by the remitter of an instruction to the recipient bank concerning remittance of a money amount determined in the said instruction in favour of the beneficiary;
21) payment claim order * a method of effecting a payment in case of which the bank of the remitter of money is presented a claim of the remitter to the remitter of money concerning payment of money in an amount specified in such a claim, one the basis and with attachment of documents confirming the said claim;
22) payment document * a document on the basis or with the use of which payments and remittances of money are effected;
23) cheque * a payment document which comprises a written order of the drawer of the cheque to the recipient bank that is based on an agreement between them, concerning payment to the holder of the cheque of a money amount specified in such an order;
24) drawer of the cheque * a person which has drawn a cheque;
25) holder of the cheque * a person for the benefit of whom the cheque is drawn, in particular the drawer of the cheque if he draws the cheque to himself;
26) electronic money * the unconditional and irrevocable monetary obligations of an issuer of electronic money, to be kept in electronic format and to be accepted as an instrument of payment within the electronic money system, by other system participants; 
27) electronic money system * a set of program-technical facilities, documentation and institutional–technical measures ensuring the performance of payments and other operations in electronic money; 
28) electronic money system participant * a physical person or legal entity wherein in accordance with the concluded agreement arises the right or obligation associated with the issue, transfer, acceptance, use, acquisition, sale or redemption of electronic money within the frameworks of certain electronic money system; 
29) electronic money system operator (henceforth – operator) * an electronic money system participant ensuring the functioning of the electronic money system, including the performance of collection, treatment and transfer of information formed in the course of operations with the use of electronic money; 
30) electronic money redemption * the issuer’s operation associated with the exchange of the electronic money presented by the owner of electronic money, or the electronic money liable to redemption without its presentation by the owner in cases provided for by the laws of the Republic of Kazakhstan, for an amount of money equal in the nominal value; 
31) use of electronic money * the transfer of electronic money within the electronic money system, by the money owner, who is a physical person, to another electronic money system participant for the purposes of making payment under civil-law transactions and (or) other operations associated with the transfer of the right of ownership to electronic money; 
32) electronic money issue * an operation specifying the issuer’s issue of electronic money to physical persons and the electronic money issuer’s agents by way of money exchange for an amount of money equal in the nominal value; 
33) electronic money issuer (henceforth – issuer) * a second tier bank carrying out the issue and redemption of electronic money within the electronic money system in accordance with the requirements of the regulatory legal acts of the National Bank of the Republic of Kazakhstan; 
34) electronic money issuer’s agent (henceforth – agent) * a legal entity carrying out activities associated with the acquisition of electronic money from the issuer and individual owners for its further sale to physical persons on the basis of an agreement concluded with the issuer. 
Article 4.  The Legislation of the Republic of Kazakhstan Concerning Payments and Transfers of Funds
The legislation of the Republic of Kazakhstan concerning payments and transfers of funds shall be based on the Constitution of the Republic of Kazakhstan and it shall consist of this Law and other regulatory legal acts of the Republic of Kazakhstan.
Article 5.  Funds