effective December 31, 2024
Non-resident bank cards will now have a maximum validity of 12 months, with exceptions for business cards, diplomat cards, and investor cards. Existing cards will retain their longer validity, and virtual cards can still be issued.
Banks are required to monitor transactions involving transfers to cryptocurrency exchanges and payments to online casinos. Additionally, non-residents must provide justification for their stay in Kazakhstan, such as an employment contract or residence permit.
Clients classified as high-risk, including those holding five or more bank cards or engaging in suspicious transactions, will be subject to enhanced monitoring. High-risk clients must update their data annually, while individuals holding more than five bank cards must do so quarterly. From April 1, 2025, an automated system will be implemented to detect risky transactions. Furthermore, remote card issuance will be prohibited for residents of high-risk countries.
The government has also outlined specific criteria for high-risk clients. These include individuals holding at least five cards in a single bank, those with accounts at three or more banks with multiple cards in each, credit card users who withdraw only cash, clients providing unreliable data or avoiding verification, and individuals actively engaged in gambling or cryptocurrency trading.
Discussions are ongoing until January 29 regarding stricter monitoring of foreign exchange transactions for non-residents. Under the proposed rules, non-residents will only be allowed to exchange tenge for foreign currency if the funds originate from legitimate economic activities, such as the sale of goods, financial assets, or dividend income. The objective is to curb speculative demand for foreign currency and prevent regulatory loopholes.
Banks will be required to report large transactions, with thresholds set at $50,000 for legal entities and $10,000 for individuals. Currency exchange transactions exceeding $1,000 will also be monitored. Transactions may be flagged as suspicious if multiple payments under foreign exchange contracts with a single non-resident surpass regulatory limits or if tenge used to buy foreign currency is not linked to economic activity within Kazakhstan.