4.2.1.1. General description

AIFC Rules on Currency Regulation define conditions and procedure for provision of financial and related services, and provision of professional services.

Transactions related to these services can be performed via bank accounts of the AIFC participants opened in second-tier banks of Kazakhstan or AIFC Banks.

The list of financial and related services is given in Schedule 2 of the AIFC Rules on Currency Regulation.

The list of professional services is given in Schedule 3 of the AIFC Rules on Currency Regulation.

4.2.1.2. Types of services

Provision of financial and related services to other AIFC participants (residents) and non-residents

AIFC participants may provide financial services to other AIFC participants and non-residents in accordance with their AFSA licence in national or foreign currency.

The requirements are listed in section 3.3.2. of the AIFC Rules on Currency Regulation and basically require:

                       (i)         using bank accounts in second-tier banks of Kazakhstan for financial services to be rendered both in national and foreign currency; and

                      (ii)         using bank accounts in AIFC banks for financial services to be rendered in foreign currency only.  

Provision of professional services to other AIFC participants (residents) and non-residents

AIFC participants may provide professional services to other AIFC participants and non-residents in accordance with the list approved by AFSA, in any currency. 

The requirements are listed in section 3.4.1. of the AIFC Rules on Currency Regulation and follow the same approach:

                       (i)         using bank accounts in second-tier banks of Kazakhstan for professional services to be rendered both in national and foreign currency; and

                      (ii)         using bank accounts in AIFC banks for professional services to be rendered in foreign currency only. 

Provision of financial and related services to residents that are not AIFC participants

AIFC participants provide financial and related services to residents that are not AIFC participants in accordance with the list of financial services and in the currency set out in Schedule 2 to the AIFC Rules on Currency Regulation, subject to the Acting Law of the AIFC or legislation of Kazakhstan.

The requirements are listed in section 3.3.3. of the AIFC Rules on Currency Regulation and follow the same approach:

                       (i)         using bank accounts in second-tier banks of Kazakhstan for financial and related services to be rendered both in national and foreign currency; and

                      (ii)         using bank accounts in AIFC banks for financial and related services to be rendered in foreign currency only. 

Provision of professional services to residents that are not AIFC participants

AIFC participants may provide professional services in any currency to residents that are not AIFC participants in accordance with the list set out in Schedule 3 the AIFC Rules on Currency Regulation.

The requirements are listed in section 3.7. of the AIFC Rules on Currency Regulation and follow the same approach:

                       (i)         using bank accounts in second-tier banks of Kazakhstan for professional services to be rendered both in national and foreign currency; and

                      (ii)         using bank accounts in AIFC banks for professional services to be rendered in foreign currency only. 

4.2.1.3. Prohibitions

The following transactions can be carried out only via bank accounts of AIFC Participants opened in second-tier banks of Kazakhstan:

                       (i)         related to export or import of goods, works, services;

                      (ii)         exchange transactions using the national currency;

                    (iii)         transactions subject to assignment of registration number in accordance with the currency legislation of Kazakhstan.