Document from CIS Legislation database © 2003-2019 SojuzPravoInform LLC

LAW OF THE REPUBLIC OF KAZAKHSTAN

of July 26, 2016 No. 11-VІ ZRK

About payments and payment systems

(The last edition from 21-01-2019)

This Law governs the public relations arising in the sphere of the organization and functioning of payment systems, regulations of payment systems and supervision (oversight) of them, regulations of the market of payment services and control of it, and also implementation of payments and (or) money transfers in the Republic of Kazakhstan.

Chapter 1. General provisions

Article 1. The basic concepts used in this Law

In this Law the following basic concepts are used:

1) the current account - the bank account opened by bank or the organization performing separate types of banking activities based on bank account agreement;

2) information banking services - services of the payment service provider serving the bank account of the client in provision to the client or the third party by order of and with the consent of the client of information on remaining balance and (or) movement of money according to its bank account, about payments and (or) money transfers made on this account, and other information on request of the client or on the agreement signed between the client and the payment service provider;

3) money transfer system - payment system through which money transfers with use of the software of the operator of this system with which the bank or the organization performing separate types of banking activities sign the agreement for implementation of payments and (or) money transfers are made;

4) money transfer - consecutive execution by the payment service provider of specifying of the client about transfer of money connected with implementation of payment or other purposes;

5) the sender of money - person at the expense of whom the payment and (or) money transfer are made;

6) bank of the sender of money - bank or the organization performing the separate types of banking activities serving the sender of money;

7) the permanent order of the sender of money - the order of the sender of money to bank of the sender of money about implementation of regular payments and (or) money transfers for benefit of one or several beneficiaries from his name according to the conditions and details specified in this order;

8) outsourcing - transfer by the payment service provider to the third parties based on the agreement on paid rendering services of execution of the information and technological functions necessary for ensuring rendering payment services with the payment service provider (the agreement on outsourcing);

9) interbank money transfer system - the payment system intended for implementation of payments and (or) money transfers between her participants with use of the money which is on the correspondent accounts opened in National Bank of the Republic of Kazakhstan by individual execution of each specifying of her participant with completion of money transfers during the operational day;

10) system of interbank clearing - the payment system intended for implementation of payments and (or) money transfers between its participating banks, the organizations performing separate types of banking activities by multilateral clearing of instructions of participants;

11) the bank account - method of reflection and accounting of movement of money of the client in bank or the organization performing separate types of banking activities, and also contractual relations between the client and bank or the organization performing separate types of banking activities for bank customer service;

12) direct debiting of the bank account - withdrawal by bank or the organization performing separate types of banking activities, money at the sender of money and their transfer for benefit of the beneficiary based on preliminary permission of the sender of money about such withdrawal;

13) the initiator - person who showed specifying for execution;

14) the beneficiary - person for benefit of whom the payment and (or) money transfer are made;

15) bank of the beneficiary - bank or the organization performing the separate types of banking activities serving the beneficiary;

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