The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market
What actions should be taken if the liquidation commission of a bank refuses to recognize creditors’ claims in the register of claims of the bank undergoing liquidation?
The procedure for forming the register of creditors’ claims of a liquidated bank is established by paragraphs 81, 82, 83, 84, 85, 86, 87, 88, 89, 30 of the Rules for the Liquidation of Banks, Compulsory Termination of Activities of Branches of Non-Resident Banks of the Republic of Kazakhstan, and Requirements for the Work of Liquidation Commissions of Banks under Compulsory Liquidation and Branches of Non-Resident Banks under Compulsory Termination, approved by Resolution No. 114 of the Management Board of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market dated November 30, 2020 (hereinafter – the Rules No. 114).
Additionally, paragraphs 98 and 99 of Rules No. 114 stipulate the conditions under which creditors’ claims are included in the register of creditors’ claims based on a court decision that satisfies the creditor’s claims and orders their inclusion in the register. These conditions apply in the following cases:
The creditor's claims were not recognized by the liquidation commission;
The creditor’s claims were submitted after the deadline set by the liquidation commission for claim submission, and are accounted for in a separate balance sheet account as other accounts payable.
What mistakes do borrowers most commonly make when taking out a mortgage?
The most common mistakes include underestimating one’s financial capabilities, focusing solely on the amount of the monthly payment without considering the total cost of the loan and the overall amount of interest paid, and overlooking additional expenses associated with purchasi...
What additional expenses, apart from the monthly payment, should be taken into account when purchasing a home with a mortgage?
When purchasing a home with a mortgage, it is important to consider not only the monthly loan payment but also additional expenses associated with acquiring and maintaining the property. These may include property appraisal costs, insurance, notarial and registration fees, taxes,...
Can a borrower lose their home due to a prolonged mortgage delinquency? What is the foreclosure procedure?
In the event of a prolonged failure to fulfill obligations under a mortgage loan, the legislation provides for the possibility of foreclosure on the mortgaged property. However, before such measures are taken, borrowers are provided with a number of tools to settle their debt. In...
What are the “gray” and “black” lists of droppers?
To combat dropper schemes, a centralized system for recording suspicious clients has been established. The system is operated by the Anti-Fraud Center of the National Bank, which receives information from banks, payment organizations, telecommunications operators, and law enforce...
What new requirements have been introduced for the remote issuance and reissuance of bank cards?
For the remote issuance and reissuance of bank cards, financial institutions are required to use two-factor authentication, including biometric identification. Bank cards may only be linked to Kazakhstan-registered mobile phone numbers, which reduces the risk of using foreign SIM...
What is “dropping” and what penalties are provided by law?
“Dropping” refers to the illegal provision, transfer, or use of access to a bank account, payment instrument, or identification tool, as well as the execution of unauthorized payments or money transfers, including on behalf of third parties, in exchange for financial compensation...
How has the regulator strengthened its oversight of collection agencies in recent years?
Since 2017, the Agency has pursued a regulatory policy aimed at strengthening oversight of collection activities, improving the functioning of the debt collection market, and reducing unfair collection practices. Since 2017, the following regulatory measures have been introduced:...
Does a debtor have the right to record a conversation with a collector?
Yes. Under subparagraph 7) of paragraph 1 of Article 16 of the Law on Collection Activities, a debtor and/or their representative has the right to independently record interactions with employees of a collection agency using audio and/or video recording equipment.
