Kazakhstan has changed the rules for opening accounts and obtaining cards for non-residents. This was reported by Qazaqyia.kz citing Sputnik Kazakhstan.
The Financial Market Regulation and Development Agency told Sputnik Kazakhstan that this is not a relaxation of requirements, as some media reported, but a change in approach.
According to the agency, the level of control over non-residents is not changing; only the method of determining their risk is changing: non-residents are no longer automatically classified as high-risk clients solely based on this status.
Banks must assess each client individually: their operations, the purpose of using the account, activity, and the nature of the business relationship.
For high-risk clients, enhanced verification and transaction monitoring measures are applied.