After being hung up in Parliament for a year, a law on close-out netting in Kazakhstan looks to be on the verge of becoming a reality. - The draft law prepared by.
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From December 16, 2020, foreign banks are allowed to do business in Kazakhstan by opening a local branch. Previously, the only option for foreign banks wishing to operate in Kazakhstan was to set up a subsidiary.
Specific requirements for opening foreign bank branches and the rules for their operation, including notably the minimum capital and disclosure requirements, also became effective on the same day.
To open a branch in Kazakhstan, the total assets of a foreign bank should be at least US$20 billion.
The process of opening a branch in Kazakhstan can be summarized as follows:
UNODC shares the best AML/CFT practices with supervisory authorities of Kazakhstan unodc.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from unodc.org Daily Mail and Mail on Sunday newspapers.