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RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of August 27, 2018 No. 181

About approval of Rules of application of limited corrective actions to operators of payment systems, the operational centers of payment systems, payment service providers which are not the banks, branches of nonresident banks of the Republic of Kazakhstan and the organizations performing separate types of banking activities

(as amended on 30-11-2020)

According to the laws of the Republic of Kazakhstan of March 30, 1995 "About National Bank of the Republic of Kazakhstan" and on July 26, 2016 "About payments and payment systems" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Rules of application of limited corrective actions to operators of payment systems, the operational centers of payment systems, payment service providers which are not the banks, branches of nonresident banks of the Republic of Kazakhstan and the organizations performing separate types of banking activities.

2. To department of payment systems (Ashykbekov E. T.) in the procedure established by the legislation of the Republic of Kazakhstan to provide:

1) together with Legal department (Sarsenov N. V.) state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan;

2) within ten calendar days from the date of state registration of this resolution its direction in the Kazakh and Russian languages in the Republican state company on the right of economic maintaining "The republican center of legal information" for official publication and inclusion in Reference control bank of regulatory legal acts of the Republic of Kazakhstan;

3) placement of this resolution on official Internet resource of National Bank of the Republic of Kazakhstan after its official publication;

4) within ten working days after state registration of this resolution submission to Legal department of data on execution of the actions provided by subitems 2), 3) of this Item and Item 3 of this resolution.

3. To management on consumer protection of financial services and external communications (Terentyev A. L.) provide within ten calendar days after state registration of this resolution the direction it to the copy on official publication in periodic printing editions.

4. To impose control of execution of this resolution on the vice-chairman of National Bank of the Republic of Kazakhstan Kurmanov Zh. B.

5. This resolution becomes effective after ten calendar days after day of its first official publication.

Chairman of National Bank

D. Akishev

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of August 27, 2018 No. 181

Rules of application of limited corrective actions to operators of payment systems, the operational centers of payment systems, payment service providers which are not the banks, branches of nonresident banks of the Republic of Kazakhstan and the organizations performing separate types of banking activities

Chapter 1. General provisions

1. These rules of application of limited corrective actions to operators of payment systems, the operational centers of payment systems, payment service providers which are not the banks, branches of nonresident banks of the Republic of Kazakhstan and the organizations performing separate types of banking activities (further - Rules) are developed according to the laws of the Republic of Kazakhstan of March 30, 1995 "About National Bank of the Republic of Kazakhstan" and on July 26, 2016 "About payments and payment systems" and determine procedure for application by National Bank of the Republic of Kazakhstan (further - National Bank) limited corrective actions concerning operators of payment systems, the operational centers of the payment systems, payment service providers which are not the banks, branches of nonresident banks of the Republic of Kazakhstan and the organizations performing separate types of banking activities (further - non-bank subjects of the market of payment services).

Rules act on the territory of the Republic of Kazakhstan and extend to residents of the Republic of Kazakhstan.

2. The National Bank applies limited corrective action to the non-bank subject of the market of payment services taking into account one or several of the following factors:

1) risk level.

The risk is understood as probability of emergence of negative consequences in the form of violation of the rights and freedoms of citizens, causing damage to interests of society and to the state as a result of non-execution and (or) incomplete execution by the non-bank subject of the market of payment services of the requirements established by the legislation of the Republic of Kazakhstan on counteraction of legalization (washing) of income gained in the criminal way and to terrorism financing and also about payments and payment systems, when implementing activities, and also deteriorations in capability of the non-bank subject of the market of payment services to fulfill the obligations on ensuring functioning of payment system or on rendering payment services;

2) capabilities to correct situation as a result of application of the chosen limited corrective action;

3) nature of violations and possible consequences for the non-bank subject of the market of payment services and his clients;

4) frequencies and durations of violations;

5) measures for elimination of the allowed violations and (or) the reasons, and also the conditions promoting their making, accepted (planned) non-bank subject of the market payment services;

6) availability of the applied limited corrective actions, sanctions for violation of requirements of the legislation of the Republic of Kazakhstan for the questions entering competence of National Bank to the non-bank subject of the market of payment services;

7) awarenesses of leading employees of the non-bank subject of the market of payment services on the allowed violations;

8) the analysis of the applied risk management system and measures of information security;

9) general capability of the non-bank subject of the market of payment services on ensuring functioning of payment system or on rendering payment services.

3. In case of risk level assessment in case of application of limited corrective action concerning the operator, the operational center of payment systems which is not bank, branch of nonresident bank of the Republic of Kazakhstan or the organization performing separate types of banking activities (further - the operator) the type of payment system in addition is taken into account: systemically significant payment system, significant payment system or other payment system.

In case of the risk level assessment in case of application of limited corrective action concerning the payment service provider which is not bank, branch of nonresident bank of the Republic of Kazakhstan or the organization performing separate types of banking activities (further - the supplier) types of the payment services rendered to them and its reference to significant suppliers are in addition considered.

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