Kazakh Citizens Can No Longer Apply for Loans from Multiple Banks Simultaneously

The Mazhilis has approved the second reading of the bill “On Banks and Banking Activities.” According to the document, citizens are now prohibited from applying for loans from multiple banks or microfinance organizations simultaneously.

Under the new regulations, an individual may submit a loan application to only one financial institution per hour. If a citizen attempts to submit applications to two or more banks within this timeframe, the information is sent to the Anti-Fraud Center for review for potential signs of fraud.

Additionally, the draft law stipulates that credit bureaus will be included as participants in the Anti-Fraud Center. This measure is designed to reduce risks within the financial system and protect citizens’ credit histories.

Furthermore, the process of biometric verification and issuance of electronic digital signatures (EDS) will now be carried out exclusively with the client’s personal presence.

According to members of the Mazhilis, this initiative will enhance citizens’ financial security and prevent fraudulent loan applications and cybercrime.