Integrites has the honor to bring to your attention the following information, which we hope may be useful in your company activities.
The Board of the National Bank of the Republic of Kazakhstan decreed the amendments to a number of legal acts regulating the practice of the second-tier banks.
Primarily, the amendments affect the second-tier banks which are not licensed to perform a number of certain banking operations provided by Law of the Republic of Kazakhstan «On Banks and Banking in the Republic of Kazakhstan» (hereinafter the «Law»).
The introduced amendments now provide the obligation for the second-tier banks to have the equity of KZT 10 000 000 000 (Ten billion). Additionally, the amendments also outline the requirements applicable to the banks’ equity, depending on the equity values dated as of January 1, 2014.
The mentioned decree also contains a number of provisions related to consumer savings deposits operations as well as opening and maintaining the consumer checking accounts. Precisely, the banks’ liability limits related to conducting of certain banking operations have been changed in accordance with the decree. .
The requirements of the decree are also mandatory for Islamic banks, holding liabilities before individuals, related to performing a number of banking operations, provided by provisions of the Law.
We hope that the above information will be useful for you.
For additional information, please contact our firm.
We will be happy to assist.