Kazakhstan National Bank suspended licenses of Halyk Savings Bank of Kazakhstan, Eurasian Bank, Citybank of Kazakhstan in terms of exchange operations in cash foreign currencies for 1 month

05.08.13 15:48
/KASE, August 5, 13/ – The Committee on Regulation and Supervision of Financial Market and Financial Organizations of the National Bank of the Republic of Kazakhstan published on August 5, 2013 on its website http://www.afn.kz the following press release "On sanction for improper implementation by banks of financial monitoring procedures, stipulated by the Law of the Republic of Kazakhstan "On resistance of legalization (laundering) of income, received illegally and financing of terrorism": quotation For improper implementation by banks of financial monitoring procedures stipulated by the Law of the Republic of Kazakhstan "On resistance of legalization (laundering) of income, received illegally and financing of terrorism" considering violations and related risks the Management Board of the National Bank of the Republic of Kazakhstan on July 26, 2013 adopted the resolutions On suspension of banking and other operations and activities on the securities market, issued to Joint Stock Company Halyk Savings Bank of Kazakhstan, Joint Stock Company Eurasian Bank and Joint Stock Company Citibank Kazakhstan in terms of exchange operations in cash foreign currencies for 1 month. According to the decisions made during the period before recommencement of the licenses the banks have no right to implement operations with clients on buying and selling of cash foreign currencies, also the banks need to undertake measures of detected shortages in the internal control system and procedures of collection of data and informing on operations subject to the financial monitoring. The temporary suspension of implementation by banks of mentioned operations with clients on buying and selling of cash foreign currencies does not restrict implementation by these banks of conversion cashless transactions with client and operations on withdrawal (enter) of cash foreign currencies from accounts (on accounts), opened in the banks. Servicing of deposits and accounts of both individuals and legal entities in any currency will be implemented without any changes. Provision of services to the population on buying and selling of cash foreign currencies in the necessary volume is implemented in the previous mode by exchanges offices of other banks and authorized organizations. Reference: As of July 1, 2013, in the Republic of Kazakhstan were registered 3038 exchange offices of authorized banks and authorized organizations. ends [2013-08-05]