Article 15-5. Grounds for suspension, termination or revocation of a license to operate a payment organization of the first category of the Law on Payments and Payment Systems
1. The National Bank of the Republic of Kazakhstan has the right to make a decision to suspend the license for the operation of a payment organization of the first category, regardless of the supervisory response measures previously applied to it on the following grounds:
1) violation of prudential standards and (or) other mandatory rules and limits;
2) failure to comply with the supervisory response measures of the National Bank of the Republic of Kazakhstan;
3) obstruction by a payment organization of the first category in conducting an audit by the National Bank of the Republic of Kazakhstan;
4) identification of false information and information in the documents submitted for obtaining a license to operate a payment organization of the first category;
5) systematic (three or more times within twelve consecutive calendar months) violation of the requirements of the legislation of the Republic of Kazakhstan on payments and payment systems and (or) accounting and financial reporting, and (or) currency regulation and currency control, and (or) countering the legalization (laundering) of proceeds from crime financing of terrorism and financing the proliferation of weapons of mass destruction;
6) non-compliance of the risk management and internal control system with the requirements of the National Bank of the Republic of Kazakhstan.
2. The National Bank of the Republic of Kazakhstan has the right to make a decision to revoke the license to operate a payment organization of the first category, regardless of the supervisory response measures previously applied to it on the following grounds:
1) failure to eliminate the circumstances that served as the basis for the suspension of the license;
2) systematic (two or more times within twelve consecutive calendar months) failure to comply with the supervisory response measures of the National Bank of the Republic of Kazakhstan;
3) failure to provide payment services for six consecutive calendar months;
4) the discovery of the circumstances provided for in subitems 1) and 2) of paragraph 1 of Article 15-4 of this Law;
5) carrying out activities not provided for by this Law;
6) the entry into force of a court decision on the liquidation of a payment organization of the first category;
7) adoption by a payment organization of the first category of a decision on the voluntary termination of its activities.
3. The termination of the license for the operation of a payment organization of the first category is carried out on the grounds provided for by the Law of the Republic of Kazakhstan "On Permits and Notifications".
In the case provided for in subparagraph 5) of paragraph 1 of Article 35 of the Law of the Republic of Kazakhstan "On Permits and Notifications", documents and information confirming the fulfillment of obligations arising from the activities of a payment organization of the first category shall be attached to the application for termination of the license for the operation of a payment organization of the first category.
4. The decision to suspend or revoke the license to operate a payment organization of the first category shall enter into force from the date of its adoption.
The license for the operation of a payment organization of the first category is considered suspended from the date of notification of such a decision to the payment organization of the first category.
Information on the decision to suspend or revoke the license for the operation of a payment organization of the first category is published on the Internet resource of the National Bank of the Republic of Kazakhstan in Kazakh and Russian languages.
5. The decision of the National Bank of the Republic of Kazakhstan to suspend or revoke the license to operate a payment organization of the first category may be appealed in accordance with the procedure established by the laws of the Republic of Kazakhstan.
An appeal against the decision of the National Bank of the Republic of Kazakhstan on suspension or revocation of a license to operate a payment organization of the first category does not suspend the execution of this decision.
6. A payment organization of the first category, whose license has been suspended, is obliged to fulfill its obligations under previously initiated payment services and concluded contracts.
7. A payment organization of the first category, which has been deprived of its license or whose license has been suspended, is not entitled to provide payment services.
8. A payment organization of the first category, within thirty calendar days from the date of the decision by the National Bank of the Republic of Kazakhstan to revoke the license for the operation of a payment organization of the first category, must carry out the procedure for state re-registration and name change if the words "payment organization" are present in it, or make a decision on reorganization or liquidation.
The Law of the Republic of Kazakhstan dated July 26, 2016 No. 11-VI SAM.
The article was amended and supplemented by the Law of the Republic of Kazakhstan dated July 23, 2026, No. 352-VIII SAM.
This Law regulates public relations arising in the field of organization and functioning of payment systems, regulation of payment systems and supervision (oversight) of them, regulation of the payment services market and control over it, as well as the implementation of payments and (or) money transfers in the Republic of Kazakhstan.
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Republic of Kazakhstan
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