ASTANA, Kazakhstan, July 2. The National Bank of Kazakhstan announced the development of a draft resolution of the Board providing for important changes in the sphere of payments and money transfers aimed at protecting consumer rights and improving the regulation of financial transactions, Trend reports via the National Bank of Kazakhstan.
According to the information, the draft is being developed as part of the implementation of the provisions of the Laws on Housing Construction and Consumer Protection and includes several key innovations:
Cashless payments under shared participation agreements (SPA): All payments related to shared participation agreements in the primary real estate market must be made exclusively in cashless form. This measure is aimed at protecting shared participants from risks associated with unregistered agreements. Payments will only be accepted with a special purpose code and contract number indicated, while banks will verify the existence of the registered SPA in a unified information system.
Prohibition of fund recovery in emergencies: The draft provides for a ban on the recovery of funds paid to victims in emergencies of a natural or man-made nature by third parties. This will help ensure the targeted use of compensation for affected citizens.
In addition, the draft includes clarifying and editorial changes aimed at improving legal regulation in the field of payment systems and consumer rights protection.
