Article 11. Criteria and methods for determining significant payment service providers The Law on Payments and Payment Systems

Home / RLA / Article 11. Criteria and methods for determining significant payment service providers The Law on Payments and Payment Systems

1. The National Bank of the Republic of Kazakhstan classifies a payment service provider as a significant payment service provider if it meets one of the following criteria:

1) the payment service provider ensures the implementation of payments and (or) money transfers in a systemically significant or significant payment system operated by residents of the Republic of Kazakhstan during the year in an amount not less than the indicator established by the National Bank of the Republic of Kazakhstan;

2) the payment service provider provides services for issuing payment cards and processing transactions involving their use on the territory of the Republic of Kazakhstan and abroad during the year in an amount not less than the indicator established by the National Bank of the Republic of Kazakhstan;

3) the payment service provider provides services for the issuance, repayment of electronic money and processing of transactions carried out with their use during the year in an amount not less than the indicator established by the National Bank of the Republic of Kazakhstan;

4) the payment service provider provides services for making payments through electronic terminals and remote access systems without using payment cards during the year in an amount not less than the indicator established by the National Bank of the Republic of Kazakhstan;

5) the payment service provider ensures the provision of money transfer services through the money transfer system in the territory of the Republic of Kazakhstan and abroad during the year in an amount not less than the indicator established by the National Bank of the Republic of Kazakhstan;

6) the payment service provider provides services for making payments and (or) money transfers through correspondent accounts opened between banks in the territory of the Republic of Kazakhstan and abroad during the year in an amount not less than the indicator established by the National Bank of the Republic of Kazakhstan;

7) the payment service provider ensures the organization and implementation of pension payments, benefits, social and other payments from the state budget or the State Social Insurance Fund;

8) the payment service provider provides services not provided by other payment service providers in the payment services market of the Republic of Kazakhstan.

2. The National Bank of the Republic of Kazakhstan classifies payment service providers as significant payment service providers independently based on the results of the conducted analysis of the payment services market.

3. If a payment service provider is classified as significant, the National Bank of the Republic of Kazakhstan includes this payment service provider in the register of significant payment service providers, notifies the payment service provider in writing within five business days and publishes the specified information on its Internet resource.

4. A significant payment service provider determines:

1) the composition, powers and rules of operation of the governing body;

2) powers of the governing body;

3) a risk management system inherent in the activities of a significant payment service provider;

4) the procedure for resolving conflicts of interest between a significant payment service provider and interested parties;

5) goals and objectives regarding customer satisfaction with the quality of services provided.

5. The risk management system inherent in the activities of a significant payment service provider determines:

1) procedures for identifying, measuring, monitoring and managing risks;

2) procedures for ensuring the continuity of activities in the provision of payment services and a plan for the restoration of its activities.

6. A significant payment service provider:

1) submits to the National Bank of the Republic of Kazakhstan, in accordance with the procedure established by the regulatory legal act of the National Bank of the Republic of Kazakhstan, information on the payment services provided by it.;

2) ensures the assessment of the quality of the services provided and submits the results of the assessment to the National Bank of the Republic of Kazakhstan.

The footnote. Article 11 as amended by the Law of the Republic of Kazakhstan dated 25.11.2019 No. 272-VI (effective ten calendar days after the date of its first official publication).

The Law of the Republic of Kazakhstan dated July 26, 2016 No. 11-VI 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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