Kazakh National Bank forbids exchange operations with cash foreign currency for three banks
Azerbaijan, Baku, Aug. 5 / Trend E. Kosolapova/
The Kazakh National Bank has forbidden exchange operations with cash foreign currency for country's People's Bank, Eurasian Bank and Citibank for one month period, the Kazakh National Bank's Committee for the Control and Supervision of the Financial Organizations.
This measure was assumed as the banks performed the financial monitoring procedures envisaged by the law improperly.
Within one month period Kazakhstan's People's Bank, Eurasian Bank and Citibank are not allowed to conduct transactions on the purchase and sale of foreign currency with customers. Moreover, the banks should take measures to remove the existing imperfections in the procedures of internal controls and collecting data and information about transactions subject to financial monitoring.
Meanwhile, the banks can continue executing clearing transactions, including deposing and withdrawal operations in foreign currency.
The physical and legal entities' deposits and accounts will be serviced without any changes.