We inform you of changes related to the conduct of non-resident operations for the purchase of non-cash foreign currency for the national currency.
As of March 14, 2025, changes to the Rules for Conducting Foreign Exchange Transactions in the Republic of Kazakhstan, approved by the decree of the Board of the National Bank dated March 30, 2019, No. 40 (hereinafter referred to as the Rules), will come into force in Kazakhstan.
Changes have been made to the Rules in paragraphs 16-2, 16-3, and 16-4:
«16-2. Foreign exchange operations that may be aimed at evading compliance with the foreign exchange legislation of the Republic of Kazakhstan include:
1) payments and/or money transfers by one person within a calendar month under two or more foreign exchange agreements concluded with the same non-resident, for a total amount exceeding the threshold value, above which such foreign exchange agreements are subject to assignment of an accounting number;
2) non-resident operations of purchasing non-cash foreign currency in one authorized bank in one working day for a national currency amount exceeding fifty thousand US dollars equivalent, if the source of money in national currency is not associated with receiving money by a non-resident from selling goods (performing works, providing services) to a resident, selling other financial assets for national currency, receiving dividends in national currency from activities within the Republic of Kazakhstan, refunding previously paid taxes and other mandatory payments to the budget by state revenue authorities, and other economically substantiated sources of the origin of national currency.
16-3. When conducting foreign exchange operations specified in paragraphs 16-1 and 16-2 of the Rules, the resident submits to the authorized bank permission to transfer information about this payment and/or money transfer to foreign exchange control and law enforcement authorities.
The client of the authorized bank, whether a resident or a non-resident, conducting foreign exchange operations, upon request by the authorized bank, provides documents and information required by the authorized bank for monitoring and examining the operation in accordance with the requirements of the Law of the Republic of Kazakhstan «On Counteracting the Legalization (Laundering) of Proceeds from Crime and the Financing of Terrorism» (hereinafter referred to as the AML Law).
16-4. When conducting foreign exchange operations specified in paragraphs 16-1 and 16-2 of the Rules, the authorized bank conducts monitoring and examination of such operation in accordance with the program for monitoring and examining client operations, provided for by internal control rules developed and adopted in accordance with Article 11 of the AML Law.».
In accordance with these changes, the following documents, but not limited to, will be requested for non-resident operations purchasing non-cash foreign currency for national currency, exceeding fifty thousand US dollars equivalent:
If you have any questions or need additional information, our specialists are always ready to provide you with explanations and assistance.