Kazakh banks Kaspi and Home Credit Bank have suspended the issuance of debit cards to non-residents of the country, the customer service of these credit institutions informed RBC. Previously, the local regulator limited the validity of foreigners’ cards to one year.

Two Kazakh banks suspended the opening of cards for non-residents
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Home Credit Bank has stopped issuing cards to non-residents indefinitely, according to the bank’s message. Kaspi stopped issuing cards for these people during the period from January 19 to February 3, after which foreigners will be able to issue cards with a validity of one year. All cards issued before January 19 will remain valid until their expiration date.

In addition, Freedom Bank and CenterCredit Bank announced the entry into force of new rules for opening cards for non-residents, but did not suspend their issuance, RBC clarified.

Freedom Bank customer service explained to the publication that they began issuing cards for foreigners in accordance with the new rules on January 19. The 12-month period also applies to reissuance of previously issued cards; However, existing cards will continue to work without changing the conditions.

CenterCredit reported that new requirements for the issuance and reissuance of cards for non-residents began to take effect on January 20. The rule does not apply to valid cards opened by foreigners without a residence permit in Kazakhstan before this date.

The Agency for Regulation and Development of the Financial Market of Kazakhstan introduced restrictions on the validity period of non-resident payment cards in mid-January. The department explained this by the need to reduce the risks associated with the use of banking services for criminal purposes, including drug trafficking and the illegal transfer of digital assets.

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Author:

Bogdan Muzychenko

Source: RB

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I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.

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