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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of February 24, 2016 No. 10/7

About approval of the Provision "About the Corrective Actions Applied to Operators of Payment System / to Payment Institutes"

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

1. Approve the Provision "About the Corrective Actions Applied to Operators of Payment System / to Payment Institutes" it (is applied).

2. To legal management:

- publish this resolution on the official site 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.

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

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

5. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic L.Dzh. To Orozbayev.

Chairman

T. Abdygulov

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of February 24, 2016 No. 10/7

Provision "About the Corrective Actions Applied to Operators of Payment System / to Payment Institutes"

Chapter 1. General provisions

1. The provision "About the Corrective Actions Applied to Operators of Payment System / to Payment Institutes" (further - the Provision) is developed according to the laws "About National Bank of the Kyrgyz Republic", "About Payment System of the Kyrgyz Republic", "About Licensed Authorization System in the Kyrgyz Republic", "About Counteraction of Legalization (Washing) of the Criminal Income and to Financing of Terrorist or Extremist Activities" and other regulatory legal acts of the Kyrgyz Republic.

2. This Provision determines corrective actions, procedure for application of corrective actions to operators of payment system (except banks and other financial credit institutes) / to payment institutes which perform the activities in the territory of the Kyrgyz Republic according to the legislation of the Kyrgyz Republic.

3. Corrective actions to operators of payment system / to payment institutes are applied by National Bank of the Kyrgyz Republic (further - National Bank) on the bases and according to the procedure, stipulated by the legislation the Kyrgyz Republic and this Provision.

4. The purposes of application of corrective actions is protection of interests of participants and consumers of the services provided by operators of payment system / payment institutes, ensuring smooth operation of payment systems, timeliness and quality of the provided services to participants and consumers, counteraction to financing of terrorism and to legalization (washing) of income gained in the criminal way.

5. The National Bank applies corrective actions to operators of payment system / to payment institutes in the following cases:

- violation of the law of the Kyrgyz Republic in activities of operators of payment system / payment institutes, including the legislation on counteraction of legalization (washing) of the criminal income and financing of terrorist or extremist activities and regulations of National Bank;

- violation of the licensed requirements provided by regulations of National Bank;

- counteraction in implementation by National Bank of supervising functions and inspection checks on places, failure to carry out of the instructions and other preventive measures applied by National Bank;

- non-presentation of reports according to the procedure and terms established by regulations of National Bank;

- implementation of the dummy and suspicious activities which do not have real covering which are estimated according to the legislation on counteraction of legalization (washing) of the criminal income and financing of terrorist or extremist activities of the Kyrgyz Republic;

- systematic (two and more times) provision of the wrong/doubtful / distorted / incomplete reporting.

Chapter 2. Corrective actions and their application

6. This Provision determines the following corrective actions applied to operators of payment system / to payment institutes:

- instruction;

- temporary suspension of action of the license or restriction of carrying out separate payment types and transactions within the license;

- revocation of license.

7. Corrective actions are applied depending on situation, complexity and gravity of violation and possible consequences to the operator of payment system / payment institute. In case of application of corrective actions their priority and the sequence is not provided.

8. The decision on application of adequate measures of impact is made by Committee on payment system of National Bank.

9. The prevention goes in case of need informing the operator of payment system / payment institute that they break certain regulations and rules or are engaged in the activities menacing to their stability and reliability for the purpose of the prevention that further the corresponding sanctions can be applied to them. The prevention is not corrective action.

10. The instruction about elimination goes to certain time of the revealed violations to the operator of payment system / payment institute in cases:

- non-presentations of the financial reporting or other otchetnost determined by regulations of National Bank, the conclusion of the external auditor and applications to it in installed by National Bank terms;

- submissions of the unreliable, incomplete, distorted information;

- violation of the law of the Kyrgyz Republic and requirements of National Bank regarding regulation of activities of operators of payment systems / payment institutes;

- counteraction to the staff of National Bank in case of execution of supervising and inspection functions by them.

11. The solution on need of temporary suspension of action of the license or restriction of carrying out separate payment types and transactions within the license by the operator of payment system / by payment institute is accepted in cases:

- systematic failure to carry out of instructions of National Bank;

- systematic counteraction to the staff of National Bank in case of execution of supervising and inspection functions by them;

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