How the situation in the world will impact on payments and remittances of the entrepreneurs from Kazakhstan.
We understand your emotional stress and do our best to protect your business and funds against a situation in the world.
Because there are so many terrible sights in the world – USA, European Union and other countries issue sanctions against the Russian Federation and the Republic of Belarus. It impacts on a process and a speed of processing the payments and the remittances from Kazakhstan to these countries:
- Inspection for compliance with the sanctions
Now, the correspondent banks may request for additional information in order to verify to whom you remit the funds or from whom you receive the goods.
- Delays of payments and remittances
Now, processing of the additional requests from the correspondent banks may take 1 to 3 weeks.
Our specialists prepared the list of basic recommendations compliance of which may reduce a time of processing of the payments and the remittances in such hard times.
- Verify before sending payments and remittances
Please, verify the counteragents, the banks of the counteragents and separate legal entities and the individuals connected to them for presence of the restrictions and the sanctions issued by USA, UK, European Union and other countries. Such data is available on open access:
- Search engine for the sanction list of Department of Treasury’s Office of Foreign Assets Control (OFAC): https://sanctionssearch.ofac.treas.gov/
- The list of persons and companies who are the subject of freezing the assets in UK: https://www.gov.uk/
- Sanction map of the European Union: https://www.sanctionsmap.eu/
- The list of goods that are sanctioned by EU, USA or UK: http://traderadar.kz/tnved
- Verify the Currency Contracts for subject of the goods prohibited for import or export.
- Verify that you provided the information maximally completely about payment purpose and money remittance.
Advices for the Currency Contracts:
- Consider an opportunity of appointment of the persons, responsible for control and compliance with the international sanctions in your company.
- Control over introduction and plannable to be introduced the sanction restrictions and assess their impact on your company’s activity.
- Assess with what clients and business partners you are working, with whom you consummate the transactions, settlements, to whom you deliver the goods or render the services, who delivers goods/raw materials/services to your company and so on.
- If you have any questions, please, contact for legal consultation to the specialists.
Advices for payments and remittances:
- Please, be ready that the bank may request for the additional confirmation documents, including information about the beneficiaries of the business partner and/or the client.
- Provide complete and reliable information about purpose of the payments when making payments. For example, when payment for an invoice, please, indicate not only its number but the end recipient of the goods, type, jurisdiction and other actual information.
- Periods of execution of the payments and the remittances depend on completeness and the periods of provision by your company of the requested documents.
In these hard times for business, we give specific attention to support of the clients – if you have any questions on delays in remittances and payments, so you may call to our call-center at 7711. We will answer and help!
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