Quarterly report pursuant to Section 13 or 15(d)

CUSTOMER LIABILITIES

v3.22.2.2
CUSTOMER LIABILITIES
 3 Months Ended
Sep. 30, 2022
Contract with Customer, Liability [Abstract]  
Customer liabilities CUSTOMER LIABILITIES
The Company recognizes customer liabilities associated with funds held by its brokerage and bank customers. As of September 30, 2022, and March 31, 2022, customer liabilities consisted of:
September 30, 2022
March 31, 2022
(Recasted)
Brokerage customers $ 847,517  $ 519,344 
Banking customers 719,941  246,284 
Total customer liabilities $ 1,567,458  $ 765,628 
As of September 30, 2022, banking customer liabilities consisted of demand deposits and term deposits of $356,092 and $363,849, respectively. As of March 31, 2022, banking customer liabilities consisted of demand deposits and term deposits of $155,494 and $90,790, respectively.
In accordance with Kazakhstan local law requirements, commercial banks conclude agreements with JSC Kazakhstan Deposit Insurance Fund ("KDIF"), under which banks have to pay commissions to KDIF on a recurring basis, the amount
of which, depends on the term and demand deposits received by banks from the customers. Under the agreement, KDIF insures the term and demand deposits up to $42 to each customer. As at September 30, 2022 and March 31, 2022, Freedom Bank KZ had the total amount of insured bank deposits for amounts of $96,785 and $42,697 for all customers.