Kazakhstan has made it more difficult for Russians and other non-residents to issue Kazakh bank cards. This is reported by Orda.kz, according to UNN.
Details
The Agency for Regulation and Development of the Financial Market of Kazakhstan has reportedly approved new rules for second-tier banks and branches of foreign banks. According to the new rules, the validity of payment cards for Russians and other non-residents is limited to 12 months.
The restriction does not apply to:
- cards issued for business entities;
- cards of diplomatic employees;
- cards for investors.
In addition to shortening the validity period of cards, the regulator has introduced restrictions on the number of cards that can be issued by non-residents. Previously, the limit was up to ten cards per client, but now the number has been reduced.
Banks are also required to implement systems to automatically detect suspicious transactions related to money laundering and terrorist financing. The requirements for monitoring transactions of individuals with more than five bank cards have been tightened.
Recall
In December last year, UAE banks tightened checks on payments by Russian companies after new US sanctions against 50 Russian banks. The payment processing time has increased to 30 days, and some funds are “hanging” or lost.