In Kazakhstan, banks will be able to block transfers under international sanctions
Starting in December 2024, the Central Securities Depository of Kazakhstan (KCSD) introduces new rules according to which transfers can be blocked due to the risk of violating international sanctions, such as OFAC requirements.
Starting in December 2024, the Central Securities Depository of Kazakhstan (KCSD) introduces new rules that will block transfers and other transactions in case of risk of violating international sanctions, such as the requirements of the U.S. Office of Foreign Assets Control (OFAC). According to the new rules, if the employees of the depository notice that the operation may violate the requirements of international sanctions or harm the work of the organization, they will be able to refuse to carry it out. Also, the clients of the depository will be obliged to independently resolve possible disputes with counterparties in order to avoid claims against the depository. OFAC is an American agency responsible for the control of foreign assets and the implementation of sanctions against countries and organizations that pose a threat to U.S. national security.
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