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4.2.2. Transactions of AIFC banks
GUIDANCE
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The List of financial services and ancillary services provided by the Astana International Financial Centre participants, subject to the financial monitoring
SELF-ASSESSMENT OF INTERNAL QUALITY CONTROL MONITORING PROGRAM
Guidance to AIFC Anti-Money Laundering and Counter – Terrorist Financing Framework
Practical Guidance to AIFC Anti-Money Laundering and Counter – Terrorist Financing Framework
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4.2.2. Transactions of AIFC banks

4.2.2.1. General description

AIFC Rules on Currency Regulation define conditions and procedures for the currency transactions provided by the following AIFC banks:

(a)   AIFC banks that are not Islamic Banks;

(b)   AIFC banks that are Islamic Banks.

 

4.2.2.2. Types of transactions

Performed by AIFC banks, including Islamic Banks

AIFC banks, including Islamic banks, may:

(a)   open bank accounts in other banks, including foreign banks, and transfer own funds using such bank accounts in national or foreign currency (subject to the requirements in the acting AIFC Law and legislation of Kazakhstan);

(b)   open bank accounts for residents that are AIFC participants and non-residents (opening of savings (deposit) account for residents is prohibited to AIFC banks) and make payments or money transfers using such accounts (subject to the requirements set out in the AIFC Rules on Currency Regulation);

(c)   open correspondent accounts in the second-tier banks of Kazakhstan in accordance with the procedure established by the legislation of Kazakhstan and carry out transactions using such correspondent accounts (subject to the requirements set out in the AIFC Rules on Currency Regulation or the legislation of Kazakhstan);

(d)   open savings (deposit) accounts in foreign currency for non-residents, and AIFC participants the controlling shareholder of which is non-resident;

(e)   carry out transactions envisaged by Schedule 4 to AIFC Rules on Currency Regulation through their correspondent accounts in national currency in second-tier banks of Kazakhstan.

 

AIFC Islamic Banks may:

(a)   open bank accounts in the national currency for residents, including AIFC participants and non-residents for the purposes related to Islamic financing;

(b)   open savings (deposits) accounts for residents (including AIFC participants), subject to the provisions in subparagraph (d) of paragraph 3.1.3 of the AIFC Rules on Currency Regulation.

4.2.2.3. Prohibitions

AIFC banks that are not Islamic Banks

AIFC banks are prohibited to:

(a)   open bank accounts in the national currency for residents (including AIFC participants), and non-residents;

(b)   open savings (deposits) accounts for residents (including AIFC participants) (except for AIFC participants the controlling shareholder of which is non-resident);

(c)   carry out transactions of residents related to export or import of goods, works, services, or transactions subject to assignment of registration number in accordance with the currency legislation of the Republic of Kazakhstan;

(d)   carry out exchange transactions under instructions of clients using national currency, except for the cases of executing the instructions of clients as part of transactions set out in Schedule 4 to the AIFC Rules on Currency Regulation;

(e)   make payments or money transfers with respect to the services which are, under the Acting Law of the AIFC or the legislation of RK, prohibited to be provided by AIFC participants to residents that are not AIFC participants;

(f)    provide services to residents that are not AIFC participants, the provision of which by AIFC banks is prohibited in accordance with the Acting Law of the AIFC or the legislation of RK; and

(g)   carry out transactions through correspondent accounts in the national currency in STBs of RK that are not in the list set out in Schedule 4 to the AIFC  Rules on Currency Regulation.

AIFC banks that are Islamic Banks

Islamic banks of the AIFC are prohibited to:

(a)   carry out transactions of residents related to export or import of goods, works, services or transactions subject to assigning of registration number in accordance with the currency legislation of the Republic of Kazakhstan;

(b)   carry out exchange transactions under instruction of clients using the national currency;

(c)   make payments or transfers of clients' money for the services not related to Islamic financing;

(d)   provide services to residents that are not AIFC participants, the provision of which by Islamic banks of the AIFC is prohibited in accordance with the Acting law of the AIFC or the legislation of RK.