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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of June 15, 2016 No. 25/8

About approval of Policy on risk management in payment system of the Kyrgyz Republic

(as amended on 02-09-2019)

According to articles 7 and 43 of the Law "About National Bank of the Kyrgyz Republic" and article 33 of the Law "About Payment System of the Kyrgyz Republic" Board of National Bank of the Kyrgyz Republic decides:

1. Approve Policy on risk management in payment system of the Kyrgyz Republic it (is applied).

2. Declare invalid the resolution of Board of National Bank of the Kyrgyz Republic "About approval of Policy on risk management in payment system of the Kyrgyz Republic" of May 19, 2005 No. 16/4.

3. To legal management:

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

- after official publication of this resolution to send 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 on work with documents to bring this resolution to the attention of the relevant structural divisions, regional managements and representative office of National Bank in Batken Province.

6. To management of payment systems to bring this resolution to the attention of commercial banks, operators of payment systems and payment institutes.

7. To impose control of execution of this resolution on the Vice-chairman of National Bank of the Kyrgyz Republic L. Orozbayeva.

Chairman

T. Abdygulov

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of June 15, 2016 No. 25/8

Policy on risk management in payment system of the Kyrgyz Republic

Chapter 1. General provisions

1. Ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 08.06.2017 No. 2017-P-14/23-11-(PS)

2. Ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 02.09.2019 No. 2019-P-14/46-3-(PS).

3. This Policy is directed to the organization of risk management process, arising in activities of members of payment service provider of the Kyrgyz Republic, for maintenance of reliability and efficiency of payment system of the Kyrgyz Republic by identification, assessment and the analysis, monitoring, the prevention and decrease in risks.

4. This Policy determines main objectives, tasks and the principles of risk management in payment system of the Kyrgyz Republic, methods of the organization and methods of decrease in probability of emergence of adverse effects in case of violation of smooth functioning of payment system.

5. For the purpose of realization of this Policy by the members of payment service providers having the license of National Bank instructions and procedures for implementation of the measures directed to risk minimization and acceptance of management decisions on regulation of the payment systems functioning in the territory of the Kyrgyz Republic are developed.

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