LAW OF THE REPUBLIC OF TAJIKISTAN

of February 24, 2017 No. 1397

About payment services and payment system

Accepted by the Resolution MH MOPT of October 26, 2016, No. 586

Approved by the Resolution MM MORT of February 16, 2017, No. 338

This Law determines legal and organizational basis of functioning of payment systems and procedure for provision of payment services in the Republic of Tajikistan and is directed to creating favorable conditions for development of payment system.

Chapter 1. General provisions

Article 1. Basic concepts

In this Law the following basic concepts are used:

- the acceptance of the payer - the consent of the payer to money transfer from its bank account based on the agreement upon the demand of the receiver of means;

- the payment service provider - the National Bank of Tajikistan and the credit financial institutions providing services in money transfer;

- payment services - receiving and delivery of cash, calculations and money transfers, including transfers of electronic money, release (issue) and (or) servicing of payment instruments and service in acceptance of payments;

- means of payment - means and (or) set of the procedures approved between the client and the payment service provider and applied by the client to initiation of the payment order;

- money transfer - actions of the payment service provider within the applied forms of clearing settlements on provision to the receiver of money of the payer;

- electronic means of payment - the means and (or) method allowing the client of the payment service provider to constitute, certify and transfer the payment order for the purpose of implementation of money transfer within the applied forms of clearing settlements with use of information and communication technologies, electronic media of information, including bank payment cards and other technical devices;

- cross-border transfer of money - money transfer when which implementing the payer or the receiver of means is outside the Republic of Tajikistan and (or) money transfer when which implementing the payer or the receiver of means are served by foreign Central (national) Bank or other foreign bank;

- the operator of payment system - the legal entity who is determining rules of payment system and carrying out other obligations according to this Law;

- the operator of services of payment infrastructure - the legal entity rendering operational services and (or) services of payment clearing and also authorized to provide information and other technological functions in payment system in case of money transfer;

- the payment order - the order of the payer or receiver of money to the payment service provider within the applied forms of clearing settlements for money transfer;

- operational services - services of the operator of services of payment infrastructure providing access for members of payment service provider and their clients to services in money transfer including with use of electronic means of payment, and also exchange of electronic messages;

- services of payment clearing - services of the operator of services of payment infrastructure providing within payment system acceptance to execution of orders of members of payment service provider on implementation of money transfer and also offsetting of mutual monetary claims and obligations of members of payment service provider;

- the central payment clearing partner - the National Bank of Tajikistan and (or) the credit financial institution which are according to this Law the payer according to requirements of members of payment service provider and the receiver of means according to obligations of members of payment service provider;

- settlement center - the National Bank of Tajikistan and (or) the credit financial institution which within payment system performs orders of members of payment service provider by means of write-off and transfer of money according to their bank accounts and directs confirmation about it to members of payment service provider;

- the bank payment agent - the legal entity, except for the credit financial institution, or the individual entrepreneur involved by the credit financial institution to implementation of separate banking activities according to this Law;

- the bank payment subagent - the legal entity, except for the credit financial institution, or the individual entrepreneur involved by the bank payment agent to implementation of separate banking activities according to this Law;

- irrevocability of money transfer - the characteristic of money transfer designating impossibility of withdrawal of the order or its termination } about implementation of money transfer at a given time;

- certainty of money transfer - the characteristic of money transfer designating lack of conditions or accomplishment of all conditions for implementation of money transfer at a given time;

- finality of money transfer - the characteristic of money transfer designating provision of money to their receiver at a given time;

- payment system - the set of the organizations which are interacting by rules of payment system for the purpose of implementation of money transfer, including the operator of payment system, the operator of services of payment infrastructure, and also at least 3 (three) participants - the credit financial institutions;

- subjects of payment system of the Republic of Tajikistan - the set of payment service providers, bank payment agents (subagents), operators of payment systems, operators of services of payment infrastructure and the organizations of mail service when implementing money transfers according to the legislation of the Republic of Tajikistan fully or partially performing activities in the Republic of Tajikistan;

- risk management system in payment system - complex of actions and methods of decrease in probability of emergence of adverse effects for uninterruptedness of functioning of payment system;

- rules of payment system - the document (documents) containing (containing) conditions of participation in payment system, implementation of money transfer, rendering services of payment infrastructure and other conditions determined by the operator of payment system according to this Law;

- participants of payment system - the legal entities who joined payment system for the purpose of rendering services in money transfer and acting according to its rules;

- electronic money - the money in national or foreign currency which is previously provided by physical person to the payment service provider considering information on the size of the provided money without opening of the bank account for execution of monetary commitments of physical person before the third parties;

- the terminal - the electronic program and technical device allowing to read out information from electronic means of payment, to create, send and accept messages on transactions with electronic means of payment in the relevant payment service provider and from it;

- the automated self-service terminal - the electronic program and technical device intended for acceptance, cash and implementation of payments to municipal services, mobile operators, the Internet and other payments taking into account part 16 of article 13 of this Law, and also for implementation of clearing settlements by means of bank payment cards and other electronic means of payment;

- the ATM - the electronic program and technical device intended for receiving and delivery of cash and provision of other services of the credit financial institution with use of electronic means of payment.

Article 2. Legislation of the Republic of Tajikistan on payment services and payment system

The legislation of the Republic of Tajikistan on payment services and payment system is based on the Constitution of the Republic of Tajikistan and consists of this Law, other regulatory legal acts, and also the international legal acts recognized by Tajikistan.

Chapter 2. Procedure for rendering payment services and use of electronic means of payment

Article 3. Procedure for rendering payment services

1. The payment service provider renders payment services based on the agreements signed with clients and other payment service providers within the applied forms of clearing settlements according to the legislation of the Republic of Tajikistan.

2. Bank payment agents and bank payment subagents participate in rendering payment services based on the contracts signed with payment service providers and bank payment agents according to requirements of article 13 of this Law.

3. The organizations of mail service render services in money transfer according to requirements of the Law of the Republic of Tajikistan "About mail service".

Article 4. Procedure for money transfer

1. The payment service provider transfers money based on the payment order of the client (the payer or the receiver of money) who is drawn up according to the applied form of clearing settlements (further - the payment order).

2. Money is transferred at the expense of the money of the payer which is on its bank account or provided to them without opening of the bank account.

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