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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of September 30, 2019 No. 2019-P-14/50-2-(PS)

About approval of the Provision "On Regulation of Activities of Payment Institutes and Operators of Payment Systems"

(as amended on 24-06-2021)

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 "On Regulation of Activities of Payment Institutes and Operators of Payment Systems" it (is applied).

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

- "About approval of the Provision "On Regulation of Activities of Operators of Payment Systems and Payment Institutes" of March 25, 2015 No. 19/10";

- "About modification and amendments in the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "On Regulation of Activities of Operators of Payment Systems and Payment Institutes" of March 25, 2015 No. 19/10" of December 27, 2017 No. 2017-P-14/54-10-(NPA)";

- "About entering of amendment and change into the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "On Regulation of Activities of Operators of Payment Systems and Payment Institutes" of March 25, 2015 No. 19/10" of June 20, 2018 No. 2018-P-14/24-5".

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, except for Item 51 and the subitem 2 of Item 98 of the Provision "On Regulation of Activities of Payment Institutes and Operators of Payment Systems" approved by this resolution which become effective since October, 2020.

5. To payment institutes, operators of payment service providers, commercial banks to bring the activities into accord with requirements of this provision till January 1, 2020.

6. 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 Payment Systems of the Kyrgyz Republic", OYuL "Association of Telecom Operators", Interbank Processing Center Ltd and commercial banks.

7. To department of development of state 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.

8. 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-14/50-2-(PS)

Regulations on regulation of activities of payment institutes and operators of payment systems

Chapter 1. General provisions

1. This Provision "On Regulation of Activities of Payment Institutes and Operators of Payment Systems" (further - the Provision) determines the requirements obligatory for execution by the payment institutes and operators of payment systems having the license of National Bank of the Kyrgyz Republic (further - National Bank) on:

- rendering services in acceptance, processing and issue of financial information (processing, clearing) on payments and calculations of the third parties to members of payment service provider, this processing, clearing center;

- rendering services in acceptance and carrying out payments and calculations for the goods and services which are not result of the activities for benefit of the third parties by means of the payment systems based on information technologies and electronic means and methods of carrying out payments.

Payment institutes, operators of payment systems, and also agents/subagents of payment institute shall observe requirements of the legislation, including in the sphere of counteraction to financing of terrorist activities and to legalization (washing) of the criminal income according to the Provision "About the Minimum Requirements to the Organization of Internal Control in Payment Institutes and Operators of Payment Systems for the purpose of Counteraction to Financing of Terrorist Activities and to Legalization (Washing) of the Criminal Income" approved by the resolution of Board of National Bank of the Kyrgyz Republic of August 19, 2020 No. 2020-P-14/46-4-(PS).

2. Action of this provision does not extend:

- on payment systems as which operator the National Bank acts;

- on the commercial bank performing services in acceptance, processing and issue of financial information (processing, clearing) in payments and calculations in the system for own payments;

- on the commercial bank performing services in acceptance and carrying out payments and calculations for the goods and services which are not result of the activities for benefit of the third parties by means of the payment systems based on information technologies and electronic means and methods of carrying out payments, except for the subitem 2 of Item 98 of this provision;

- on internal systems of the business entities performing acceptance, processing and issue of financial information (processing, clearing) on payments and calculations in the structure for own payments.

3. The National Bank regulates and exercises supervision of payment systems, payment institutes and operators of payment systems for ensuring stability, reliability and safety of payment system of the Kyrgyz Republic according to regulatory legal acts of National Bank.

4. Anti-monopoly regulation of activities of payment institutes and operators of payment systems on consumer protection and development of the competition in the market of payment services is performed within Policy and the basic principles of anti-monopoly regulation, development of the competition and consumer protection in the market of the banking services of the Kyrgyz Republic rendered by the commercial banks, other financial credit institutions, payment institutes and operators of payment systems licensed and regulated by National Bank of the Kyrgyz Republic approved by the resolution of Board of National Bank of the Kyrgyz Republic of March 2, 2005 No. 4/1.

5. In case of violation of requirements of this provision the National Bank has the right to apply corrective actions in relation to payment institute, the operator of payment system, and other members of interbank payment service provider according to the legislation of the Kyrgyz Republic.

Chapter 2. The used terms and determinations

6. In this Provision the following terms and determinations are used:

The Automated System (AS) is the system consisting of the hardware and software of the automation equipment of activities, methods and actions realizing information technology of accomplishment of the established functions.

The agent - the legal entity or the individual entrepreneur who concluded with payment institute the agency agreement about implementation of activities for acceptance of payments of physical persons and legal entities for benefit of suppliers of goods, works and services.

The agency agreement - the agreement signed between payment institute and the agent about provision of services, specified in this Provision. At the same time responsibility for actions of the agent is born by payment institute.

Information system - the system intended for storage, search and information processing and the appropriate organizational resources by means of which information is provided and extends.

The identifier - unique sign of the subject or access object.

The user of the automated system is the subject registered in the automated system and using its resources (employees, agents, clients or other persons) with different access rights.

Authentication - check of accessory to the object/subject of access of the identifier shown them or authenticity confirmation.

Authorization - provision process to certain object / subject of the rights to accomplishment of some actions according to the carried-out role in system.

Confidentiality of information - the condition of resources consisting that processing, storage and transfer of data assets is performed in such a way that data assets are available only to the authorized users.

Integrity of information - property of information to keep invariance or to find the fact of change in the data assets.

Availability of information - the property of information consisting that data assets are provided to the authorized user, and in the type and the place necessary for the user and when they are necessary for it.

Information security - preserving confidentiality, integrity, and availability of data assets.

The subagent - the legal entity or the individual entrepreneur who signed with the agent of payment institute the subagency agreement on implementation of activities for acceptance of payments of physical persons and legal entities for benefit of suppliers of goods, works and services (further - goods/services). At the same time responsibility for actions of the subagent is born by payment institute.

The Mobile Application of the Agent (MAA) is the tool (software) provided by the agent of payment institute who is at the same time the supplier of goods/services, access for users to which is provided via mobile devices / applications, and by means of which the payment institute independently or through the agent provides services in acceptance of payments for benefit of the third parties with use of the money returned to the user (client)/subscriber of this supplier of goods/services on account of the advance cash means / means of advance payment or their parts which are earlier brought on its personal account.

The user of MPA - physical person, the legal entity or the individual entrepreneur who is at the same time the client of payment institute and the subscriber of the supplier of goods and services acting as the agent of payment institute who uses MPA for carrying out payments and other transactions (services) according to the legislation of the Kyrgyz Republic.

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