RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of March 25, 2015 No. 19/11

About approval of the Instruction "About conducting inspection checks of operators of payment systems and payment institutes"

According to articles 7 and 43 of the Law "About National Bank of the Kyrgyz Republic", the Law "About Payment System of the Kyrgyz Republic", the Law "About Licensed Authorization System in the Kyrgyz Republic", the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Instruction "About conducting inspection checks of operators of payment systems and payment institutes" it (is applied).

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

3. To legal management:

- publish this resolution on the official site of National Bank of the Kyrgyz Republic.

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

4. To management of payment systems to bring this resolution to the attention of structural divisions, regional managements and representative office of National Bank in Batken Province, operators of payment systems and payment institutes, commercial banks of the Kyrgyz Republic.

5. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic Zheenbayeva B. Zh.

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of March 25, 2015 No. 19/11

The instruction about conducting inspection checks of activities of operators of payment systems and payment institutes

1. General provisions

1. This Instruction is developed according to the Laws of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", "About payment system of the Kyrgyz Republic", "About licensed and allowing activities in the Kyrgyz Republic" and "About counteraction to financing of terrorism and to legalization (washing) of income gained in the criminal way".

2. This Instruction establishes the purposes, types and procedure of inspection checks of activities of operators of the payment systems and payment institutes (further - persons under surveillance of the organization) having the license of National Bank of the Kyrgyz Republic (further - National Bank) on the activities implementation right:

- 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;

- 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.

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