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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of September 30, 2019 No. 2019-P-14/50-3-(PS)

About approval of the Provision "About the Corrective Actions Applied to Operators of Payment Systems / to Payment Institutes"

According to articles 20 and 68 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity" the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About the Corrective Actions Applied to Operators of Payment Systems / to Payment Institutes" it (is applied).

2. Recognize invalid the following resolutions of Board of National Bank of the Kyrgyz Republic:

- "About modification and amendments in the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About the Corrective Actions Applied to Operators of Payment System / to Payment Institutes" of December 28, 2016 No. 51/1" of June 8, 2017 No. 2017-P-14/23-12-(PS).

3. To legal management:

- publish this resolution on the official website of National Bank of the Kyrgyz Republic;

- after official publication to send this resolution to the Ministry of Justice of the Kyrgyz Republic for inclusion in the State register of regulatory legal acts of the Kyrgyz Republic.

4. This resolution becomes effective after fifteen days from the date of official publication.

5. To management of payment systems to bring this resolution to the attention of payment institutes and operators of payment systems, OYuL "Association of Operators of KG Payment Service Providers", OYuL "Association of Telecom Operators", Interbank Processing Center Ltd and commercial banks.

6. To department of development of official language and document flow to bring this resolution to the attention of the relevant structural divisions, regional managements and representative office of National Bank in Batken Province.

7. To impose control of execution of this resolution on the board member of the National Bank of the Kyrgyz Republic supervising Management of payment systems.

Chairman of the board of National Bank of the Kyrgyz Republic

T. Abdygulov

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of September 30, 2019 No. 2019-P-14/50-3-(PS)

Regulations on the corrective actions applied to operators of payment systems / to payment institutes

Chapter 1. General provisions

1. This Provision determines corrective actions, procedure for application of corrective actions to operators of payment systems (except banks and other financial credit institutions), to payment institutes which perform the activities in the territory of the Kyrgyz Republic according to the legislation of the Kyrgyz Republic.

2. Corrective actions are applied by National Bank of the Kyrgyz Republic (further - National Bank) according to the procedure, stipulated by the legislation the Kyrgyz Republic and this Provision.

3. The purpose of application by National Bank of corrective actions is protection of the rights and legitimate interests of users of payment systems, maintenance and ensuring efficiency, safety and reliability of payment systems, counteraction to financing of terrorist activities and to legalization (washing) of the criminal income.

4. The National Bank applies corrective actions to officials and operators of payment systems / to payment institutes in the following cases which occurred on the party of the operator of payment system / payment institute:

- violations of the bank law of the Kyrgyz Republic, and also antitrust law and legislation on counteraction to financing of terrorist activities and to legalization (washing) of the criminal income;

- non-executions of financial liabilities before participants and users of payment system who can entail threat for further activities of the operator of payment system / payment institute, and inability to extinguish obligations during fixed term;

- action or failure to act of operators of payment systems / payment institutes which involve threat to the rights and legitimate interests of participants and users of payment systems or threat of emergence of systemic risk in payment system;

- action or failure to act of officials of operators of payment systems / payment institutes which involve violation of the bank law, suspension/revocation of license, involuntary liquidation or bankruptcy of operator of payment system / payment institute;

- counteractions when implementing of supervising functions by National Bank;

- implementation of suspicious transactions (transactions) which do not have real financial covering;

- implementation of suspicious actions (transactions) which are forbidden according to the legislation of the Kyrgyz Republic on counteraction to financing of terrorist activities and to legalization (washing) of the criminal income;

- failure to provide or provision of the untimely/doubtful/incomplete reporting and/or other information in National Bank;

- delays of the beginning of activities as the operator of payment system / payment institute more than for 1 (one) from the moment of licensing.

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