Kazakhstan aged 18 to 21 will now be required to visit a bank
branch to issue or reissue payment cards, as online processing is
no longer available, Trend reports.
This became known from a draft regulation by the Agency for
Regulation and Development of the Financial Market of
Kazakhstan.
“The establishment of business relationships, issuance, and
reissuance of payment cards remotely or through a representative is
not allowed for clients aged 18 to 21,” the draft regulation of the
Agency for Regulation and Development of the Financial Market
states.
Additionally, according to the new draft regulation, when
Kazakhstani citizens aged 14 to 18 receive banking services online,
their transactions will need to be confirmed by their parents or
other legal representatives.
The draft also introduces the following additional control
measures:
The bank will conduct two-factor authentication of the client with
mandatory use of biometrics when establishing business
relationships or when the client changes their mobile phone;
The bank will monitor the linking of all client accounts/cards to a
single Kazakhstani mobile number registered for the client on the
Kazakhstan e-government portal;
The client must use a mobile application only through one
identified mobile device registered with the bank;
If the client is issued more than one payment card (except for
special accounts for benefits, children’s cards, and credit cards
for loan servicing), the bank will monitor the flow of money in the
account according to the intended purpose specified by the client
when the card was issued, and in case of discrepancies, a deeper
transaction monitoring will take place;
Banks are required to store photo and video records of the client
identification process for at least 5 years.
It was also previously reported that the National Bank of
Kazakhstan and the Agency for Regulation and Development of the
Financial Market signed a memorandum with the Central Bank of the
UAE.
Stay up-to-date with more news on Trend News
Agency’s WhatsApp channel