2.2.26. Opening and Operating Bank Accounts
2.2.26.1. General description
Opening and Operating Bank Accounts is listed in section 26 of Schedule 1 of GEN. It means one or more of the following activities:
(a) opening and operating Bank Accounts;
(b) services enabling funds to be placed on a Bank Account as well as all the operations required for operating a Bank Account; and
(c) services enabling funds withdrawals from a Bank Account as well as all the operations required for operating a Bank Account.
An Authorised Firm authorised to carry out regulated activity of Opening and Operating Bank Accounts is subject to prudential supervision and must comply with AIFC Banking Business Prudential Rules.
Currency regulation
Transactions related to this activity are processed in foreign currency only and will be performed via either AIFC Banks or via second-tier banks.
The table below illustrates currency regulation implications if services are offered to residents of Kazakhstan that are not AIFC Participants.
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Are you planning to offer your services to legal entities or natural persons – residents of Kazakhstan that are not AIFC Participants? |
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Yes:
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Your services will be subject to the AIFC Rules on Currency Regulation: |
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Name of allowed activity: |
Opening and maintaining current bank accounts for clients (for lending and investment banking services) |
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Relevant reference to Schedule 2 to the AIFC Rules on Currency Regulation: |
1.3 in the list of financial services. |
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Type of currency: |
Foreign currency |
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Transaction: |
Foreign currency transactions can be performed via both AIFC Banks and second-tier banks |
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Currency reporting: |
No specific reporting for a financial service. Transactional reporting may be applicable (see Chapter 4 of PERG for more details).
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No: |
Subrule 3.3.2 of AIFC Rules on Currency Regulation applies. |
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For more details see Chapter 4 of PERG.
2.2.26.2. Exclusions
There are none.