Article 15. Creating a payment organization The Law on Payments and Payment Systems

Home / RLA / Article 15. Creating a payment organization The Law on Payments and Payment Systems

1. A legal entity that is not registered as a payment organization may not use the words "payment organization" or words derived from them in its name, suggesting that it is engaged in the provision of payment services.

2. The payment organization has the right to open its branches, including outside the Republic of Kazakhstan.

The payment organization notifies the National Bank of the Republic of Kazakhstan of the opening of its branches in accordance with the procedure established by the regulatory legal act of the National Bank of the Republic of Kazakhstan.

3. The payment organization maintains accounting records and reports in accordance with the requirements of the legislation of the Republic of Kazakhstan on accounting and financial reporting.

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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