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Tengrinews.kz – New regulations governing the issuance of bank cards will be introduced in Kazakhstan. The Agency for Regulation and Development of the Financial Market has published the draft resolution.
According to the document, Kazakh citizens aged 18 to 21 will be prohibited from obtaining or reissuing payment cards online. To receive a new card, they will be required to visit a bank branch in person.
Additionally, banks will be prohibited from establishing remote business relationships with individuals under the age of 21.
Another change concerns Kazakhstanis aged 14 to 18 — if they use banking services online, their transactions will need to be approved by parents or other legal representatives.
According to the developers of the regulations, these measures are necessary to protect clients from fraud. As part of these efforts, ARDFM will also require banks to store clients’ biometric data - including photos and videos - for at least five years after the termination of their relationship.
Banks will also be required to strengthen control over the following categories of clients:
- Owners of five or more cards from one or multiple banks.
- Non-residents without a residence permit or permanent residency, who do not live in Kazakhstan.
- Citizens aged 14 to 25 without official income, who receive large suspicious transactions from non-relatives or frequently transfer money to third parties.
- Individuals who obtain cards through bank branches or ATMs in border areas.
To ensure security, second-tier banks will need to verify that clients use the same phone number and device registered in the system when accessing electronic services.
Clients wishing to obtain a new card will be required to state the purpose of issuing the card. Banks, in turn, will monitor whether the actual transactions correspond to the stated purpose. If there is a discrepancy, the client will be assigned a high-risk status.
As part of the broader security initiative, Kazakhstan plans to establish a unified registry of compromised data. This registry will contain information on cases of personal data breaches. Individuals included in this registry will be restricted from obtaining bank loans and microloans, with notifications about the removal of such restrictions provided via the e-government portal.
