Foreigners are no longer considered high-risk customers by Kazakhstani banks. What does this mean?
Foreigners will be able to apply for cards in Kazakhstan that are valid for more than a year. Photo: Shutterstock.com
Starting September 29, new regulations will take effect in Kazakhstan that ease requirements for foreigners when dealing with banks: they will no longer be classified as “high-risk clients,” and restrictions on the validity periods of debit and credit cards will be lifted. The key change lies in the shift from automatically applying the “high-risk” label to a broad category of non-residents to a case-by-case assessment of each individual client, explains Olesya Ablezgova, Ph.D. in Law and author of the Telegram channel “Let’s Go to Kazakhstan,” Olesya Ablezgova, Ph.D. in Law.
How were the restrictions implemented?
Effective July 21, 2025, the list of customers whose activities increase the risks of money laundering and terrorist financing was expanded by law. This list now includes all “non-residents of the Republic of Kazakhstan who do not have a residence permit or permanent residence authorization.” In other words, a “passport” became a direct risk factor, regardless of the nature of the client’s business: by default, any foreign national without a residence permit was to be treated by banks as a high-risk client.
What did that mean in practice?
Credit institutions were required, pursuant to a direct directive from the regulator, to exercise heightened vigilance toward the specified individuals. For high-risk customers, the following measures were mandated: a ban on the remote issuance and reissuance of payment cards; mandatory two-factor authentication using biometrics; subsequent confirmation of biometric authentication at least once a month; and a restriction on issuing or reissuing more than one payment card. The regulations were supplemented by a number of special requirements; for example, a separate mechanism was introduced for verifying documents, reviewing customer applications, and assessing risks.
The mechanism, introduced in 2025, stipulated that the validity period of payment cards issued to non-residents of Kazakhstan should not exceed 12 calendar months. When opening a bank account and/or issuing a payment card to a non-resident, the bank verifies documents confirming the legitimacy of the foreign national’s stay in Kazakhstan and reviews the questionnaire completed by the customer. This questionnaire was required to include information on the purpose of the stay in Kazakhstan, professional activities, the purpose of opening the account or issuing the card, the source of funds for transactions, planned international transfers, whether third parties would have access to the account, the existence of accounts at other banks, the device’s IMEI, and other details.
What will change in the lives of foreigners now?
Pursuant to Resolution No. 126 of the Agency of the Republic of Kazakhstan for the Regulation and Development of the Financial Market, dated September 7, 2026, the automatic “high-risk” designation for foreign nationals has been abolished. To some extent, the new regulations have led to a liberalization of regulatory frameworks not only for foreign citizens but also for the entire banking system of Kazakhstan.
But this does not mean that the bank will stop monitoring non-residents altogether. Audits will certainly continue, but now the bank itself will decide whether there are grounds for applying enhanced compliance procedures to a foreign client or not.
The most significant practical change is that the restriction on issuing cards with a validity period of no more than 12 months has been lifted. As of September 29, 2026, this rule will no longer apply: banks will now be able to set their own validity periods for cards.
It is important to note that the new rules do not contain an explicit requirement for banks to “cancel the 12-month card validity period.” The restriction has been removed from the regulator’s legal wording, but this does not mean that, for example, Kaspi will begin issuing cards with a 3-year validity period starting September 29, 2026. According to banking regulations, the validity period of a payment card and/or the agreement governing its issuance is determined by the issuer (i.e., the bank) independently, subject to legal requirements. Therefore, the decision regarding the validity periods of cards for foreign nationals will remain with Kazakhstan’s banks.
In addition, monthly biometric verification is being eliminated. The “smile and turn” requirement had been mandated for “high-risk” customers, but this rule has now been abolished. All customers of credit institutions in Kazakhstan are subject to periodic biometric authentication. However, banks will now determine the frequency of such checks independently, in accordance with their internal policies.
Mandatory questionnaires have also been eliminated. However , this does not mean that the bank will not ask the foreign national any questions. The new version stipulates that the bank must verify identity documents, conduct biometric authentication, and apply additional due diligence measures as provided for in the bank’s internal documents.
This article was AI-translated and verified by a human editor
