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.
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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; 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; 21) Law No. 239 of 29th September 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 Delimitation of Powers Among the State Administration Levels. (Article 14). Effective date n/a; 22) Law No. 248 of 7th November 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 Further Improvement of the State Administration System. (Article 14). Effective date n/a; 23) Law No. 342 of 2nd August 2015 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 January 1, 2018; 24) Law No. 376 of 29th October 2015 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Entrepreneurship. (Article 20). Effective January 1, 2016; 25) Law No. 406 of 16th November 2015 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Obligatory Social of Medical Insurance. (Article 14). Effective January 1, 2017; and 26) Law No. 422 of 24th November 2015 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Non-Performing Loans, and Assets of Second-Tier Banks, Provision of Financial Services and Activity of Financial Organisations and of the National Bank of the Republic of Kazakhstan. (Article 13). Effective January 1, 2017.
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.
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;
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