Kazakhstan FSP payment service provider license

Implement a dual-track system. Astana International Financial Center (AFSA regulated) money services provider license subject to English common law, and onshore (NBK regulated) payment institution licenses subject to civil law systems.

Minimum basic paid-in capital 200,000 Dollar. In addition, additional configuration is mandatory 200,000 US dollars may be enough to cover the future 12 Monthly forecast expenditures as operating buffer (whichever is higher).

since 2024 Year 7 A tiered system will be implemented starting from this month: Single service required 1.5 billion tenge; Two items 2 billion tenge; three items 2.5 billion tenge; All services are the best 3 billion tenge, Must pay in tenge cash.

We should first distinguish between the AIFC/AFSA system and Kazakhstan’s national payment regulatory path, Check again for applicable entities, manage, Personnel and office conditions. The two systems cannot use the same list of local personnel or MLRO conditions..

Legally compulsory appointment of approved individuals (Approved Individuals), including senior executives, financial officer, Compliance Officer and Money Laundering Reporting Officer (MLRO).

The MLRO and applicable agency and business continuity arrangements should be set up in accordance with the selected AFSA or national payment system. concurrent position, Resident and deputy requirements should correspond to specific rules, Do not use the conditions of banks or another regulatory system as a unified threshold for all payment entities.

Prohibited by law. If the candidate is in bankruptcy liquidation or delisted before the financial institution 1 Served as senior executive during the year, He will be directly deprived of his qualification as the head of the payment institution..

been punished, Dereliction of duty or management of illegal institutions, Should be truthfully disclosed and subject to suitability review in accordance with relevant systems. Whether there is a period of prohibition and the specific period must be confirmed by current rules and decisions., The unified five-year limit should not be applied to all payment institution executives.

Can refer toSupervision and application information of Kazakhstan’s FSP payment service provider license authority, Check corresponding systems and processing information.

cannot be mixed. Competent authorities for overseas bank branches and payment service providers, The conditions for authorized activities and managers are different, The real business type should be determined first, Check the corresponding application path again.

Traceable information on investment and wealth sources should be provided, and provide supplementary certificates upon inquiry by the competent authority.. The depth of review and required period will depend on the entity and the transaction, Do not make a unified 12-month rolling statement a legal requirement for all applications.

no absolute limit, But must meet equivalent executive education requirements, AML Background Screening and Sanctions List Verification. Foreign directors are also subject to no criminal and bankruptcy records..

No. AIFC and national payment regulatory framework should be judged separately, actual area, Service and customer arrangements still need to be checked, They do not automatically recognize each other’s permissions just because they belong to Kazakhstan..

Submitting an application or obtaining a principled opinion does not mean that you are officially allowed to operate.. Final authorization should be confirmed first, Licensing conditions and prerequisites for starting business; Technical testing should be distinguished from real client funds and regulated transactions.

Cannot be regarded as the same approval. Regulatory authority assessment business authorization; Banks independently review customers, Source of funds and purpose of account. Obtaining a license or in-principle approval does not guarantee account opening, Clearing access and ongoing account services.

New products first, Customer Category, A case-by-case comparison of capital flows and operating areas with existing registrations or authorizations. If it exceeds the scope or affects the applicable conditions, Corresponding changes should be completed, It will be launched after notification or separate application..

Outsourcing does not mean transferring the responsibilities of the licensed entity. It is recommended to clarify the scope of services, data access, audit, accident report, Re-sourcing and exit arrangements, and retain sufficient internal personnel to supervise suppliers.

Compare legal names, Registration or license number, Authorized business, Licensing conditions and actual website. Group brand, The identity of affiliated companies and agents cannot replace the authorization of the contracting entity., Should be cross-checked with official records and licensing documents.

Both may change the control relationship. Direct and indirect shareholdings should be identified before trading, Significant impact and changes in ultimate controller, Check approval or notification procedures, and write regulatory conditions into the delivery arrangements.

First check whether the license conditions are still met, Arrange temporary supervision, Business restrictions and handovers, and complete applicable personnel notifications or new hire approvals. Nominal substitutes cannot solve gaps in actual performance of duties.

It is recommended to record complaints, Products and people involved, Processing time limit, Evidence and conclusion, and inform customers of applicable upgrade channels.. Processes should be rectified when systemic problems are discovered, Instead of just closing a single ticket.