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The document ceased to be valid since  November 15, 2016 according to Item 2 of the Resolution of Board of National Bank of the Republic of Kazakhstan of August 31, 2016 No. 210

RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of November 25, 2000 No. 428

About approval of Rules of establishment of correspondence relations between banks, and also between the banks and the organizations performing separate types of banking activities

(as amended on 28-01-2016)

For the purpose of enhancement of the regulatory legal base regulating implementation of cashless payments in the territory of the Republic of Kazakhstan, Board of National Bank of the Republic of Kazakhstan

DECIDES:

1. Approve the enclosed Rules of establishment of correspondence relations between banks, and also between the banks and the organizations performing separate types of banking activities.

2. To management of payment systems (Musayev R. N.):

1) together with Legal department (Sharipov S. B.) to take measures to state registration in the Ministry of Justice of the Republic of Kazakhstan of this resolution and Rules of establishment of correspondence relations between banks of the second level of the Republic of Kazakhstan, and also between the banks of the second level of the Republic of Kazakhstan and the organizations performing separate types of banking activities (further - Rules);

2) in ten-day time from the date of state registration in the Ministry of Justice of the Republic of Kazakhstan to bring this resolution and Rules to the attention of territorial branches of National Bank of the Republic of Kazakhstan and banks of the second level.

3. To territorial branches of National Bank of the Republic of Kazakhstan in chetyrnadtsatidnevny time from the date of state registration in the Ministry of Justice of the Republic of Kazakhstan to bring this resolution and Rules to the attention of the organizations performing separate types of banking activities.

4. To impose control of execution of this resolution on the vice-chairman of National Bank of the Republic of Kazakhstan Zhangeldin E. T.

Chairman of National Bank

G. A. Marchenko

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of November 25, 2000 No. 428

Rules of establishment of correspondence relations between banks, and also between the banks and the organizations performing separate types of banking activities

1. General provisions

1. Rules of establishment of correspondence relations between banks, and also between the banks and the organizations performing separate types of banking activities (further - Rules) are developed according to the Law of the Republic of Kazakhstan of March 30, 1995 "About National Bank of the Republic of Kazakhstan" and establish features of opening, maintaining and closing of correspondent accounts of banks of the Republic of Kazakhstan (further - banks) and the organizations performing separate types of banking activities (further - the non-bank organizations) in tenge, and also procedure of payments of the limit set on amount of payments and money transfers of banks and non-bank organizations.

2. In these rules the following concepts are used:

1) the partner - the bank and/or the non-bank organization which are the partner according to the signed agreement of correspondent account;

2) the Correspondent - the bank and/or the non-bank organization which opened at themselves the account for other bank and/or the non-bank organization (loro-accounts);

3) correspondence relations - contractual relations between banks, and also between banks and the non-bank organizations, arising when opening of the correspondent accounts between them for the purpose of making of transactions linked with implementation of the bank servicing provided by the agreement of correspondent account;

4) the Respondent - the bank and/or the non-bank organization which opened the account in other bank and/or the non-bank organization (nostro - the account);

5) nonresident bank - the bank which is outside the Republic of Kazakhstan and performing banking activity according to the legislation of the state of its location.

3. These rules do not extend to the correspondence relations established by banks and the non-bank organizations with National Bank of the Republic of Kazakhstan (further - National Bank).

4. These rules do not extend to the correspondence relations established by banks and the non-bank organizations with nonresident banks.

Correspondence relations of banks and non-bank organizations with nonresident banks are regulated by the relevant contracts between the them and business customs applied in banking practice.

5. Opening and maintaining correspondent accounts of banks and non-bank organizations are performed by the banks and the non-bank organizations having the license of National Bank for opening and maintaining correspondent accounts of banks and non-bank organizations if other is not established by the Law of the Republic of Kazakhstan of August 31, 1995 "About banks and banking activity in the Republic of Kazakhstan" (further - the Law on banks).

6. The license for opening and maintaining correspondent accounts is issued to banks and the non-bank organizations according to the legislation of the Republic of Kazakhstan.

7. It is excluded according to the resolution of Board of National Bank of Kazakhstan of 22.07.04 N 99

2. Procedure for opening of correspondent accounts

8. In case of the choice of the Correspondent Respondent analyzes financial condition of the Correspondent and based on the decision of the authorized body opens correspondent account.

9. The correspondent opens correspondent account for the Respondent based on the agreement of correspondent account signed between them.

10. The agreement of correspondent account shall contain the following:

1) subject of the agreement;

2) business and identification number of the Respondent;

3) conditions of rendering services by the Correspondent and procedure for their payment;

4) procedure for the order money of the Respondent;

5) procedure for transfer of payment documents and methods of exchange of information about payments and/or money transfers;

6) the procedure for submission by the Correspondent Respondentu of the quarterly financial reporting, including balance sheet, profit and loss statement, cash flow statement and, if necessary, other forms of the financial reporting based on which Respondent analyzes financial condition of the Correspondent for the purpose of control and decrease credit and liquid is risk;

7) responsibility of the Correspondent for the untimely notification of the Respondent on revocation of license on opening and maintaining correspondent accounts;

8) duration of the agreement and procedure for its termination;

9) procedure for the dispute resolution;

10) other conditions which are not contradicting the legislation of the Republic of Kazakhstan.

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