of June 29, 1998 No. 237-I
About payments and money transfers
1. This Law governs the relations arising when implementing payments and money transfers in the Republic of Kazakhstan except the relations connected with implementation of postal money transfers.
2. The relations connected with the international payments and money transfers made between the banks of the Republic of Kazakhstan, the organizations performing separate types of banking activities and foreign banks (financial institutions) are regulated by contracts between the them and business customs applied in banking practice taking into account the requirements established by the legislation of the Republic of Kazakhstan on counteraction of legalization (washing) of income gained in the criminal way and to terrorism financing. If actions for the international payments and money transfers are initiated in the territory of the Republic of Kazakhstan, then such relations are governed by this Law and the specified agreements and business customs applied in banking practice, in the part which is not contradicting the legislation of the Republic of Kazakhstan.
The relations regulated by this Law arise when implementing:
payments and (or) money transfers in accordance with the terms of payment according to civil transactions;
money transfers at the request of the client of bank or the organization performing separate types of banking activities (further - banks) when such orders are not connected with accomplishment of payment terms according to civil transactions;
the obligatory payments and (or) money transfers made according to the legislation of the Republic of Kazakhstan.
1) money transfer - consecutive execution of instructions of senders by banks receivers about transfer of the money connected with implementation of payment or other purposes;
2) the initiator of money transfer (further - the initiator) - person who showed the first for execution specifying about money transfer;
3) the sender of money - person at the expense of whom the payment and (or) money transfer are made;
4) participants of payment and (or) money transfer - physical persons and legal entities, branches and representations of legal entities having the rights and (or) obligations on payment and (or) money transfer;
5) bank receiver - bank to which specifying about transfer or payment is addressed;
6) direct debiting of the bank account - payment method in case of which are made money withdrawal at the sender of money and their transfer for benefit of the beneficiary based on preliminary permission of the sender of money about the specified withdrawal acting during the certain period of time and (or) within certain amount of money;
7) the beneficiary - person specified in the order or the requirement as the payee when making money transfer and also in case of the cashless payments made without money transfer;
8) bank of the beneficiary - bank which according to terms of the contract with the sender and (or) to specifying of the sender should accept the money arriving for benefit of the beneficiary and (or) to perform other operations provided by specifying or the contract with the sender;
9) intermediary bank - any participating bank of money transfer which is not bank of the sender of money and bank of the beneficiary;
10) the sender - person sending the specifying connected with payment and (or) money transfer which can be including the sender of money, the initiator or the beneficiary;
11) the collection order - the payment method used for money withdrawal from the bank account of the sender of money without its consent;
12) clearing - the process of collection, reconciliation, sorting and offsetting of demands in reconvention of participants of clearing and the subsequent determination of their net line items (balance) performed by the clearing organization, and also accomplishment by bank of the specified actions according to demands in reconvention between his clients;
13) microprocessor payment card - the payment card with integrated chip which is used for cashless payment of goods (works, services), receipts of the cash, implementation of currency exchange and other transactions determined by the issuer of payment card and on its conditions and also contains information, necessary for the holder of card;
14) specifying - the order of the sender to bank receiver about transfer or payment shown owing to the agreement or the law. Instructions are constituted in the form of the order or requirement form;
15) operational day - period of time during which the bank performs acceptance of instructions about money transfer and orders about suspension or about withdrawal of such instructions from clients and transfer by it of the messages connected with implementation of money transfers in their advantage;
16) the claimant - person showing the requirement about money recovery which is subject to execution by bank receiver without the consent of the sender of money owing to the agreement or the law;
17) payment - execution of monetary commitment with use of cash or without their use by money transfer or issue of the payment document containing the liability or the order on payment or transfers of electronic money;
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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