Article 16. Registration of a payment organization The Law on Payments and Payment Systems

Home / RLA / Article 16. Registration of a payment organization The Law on Payments and Payment Systems

1. Registration of payment organizations with the National Bank of the Republic of Kazakhstan is carried out for the purpose of regulating and controlling their activities and is a prerequisite for the provision of payment services by a payment organization. The activity of providing payment services carried out by a payment organization without registration with the National Bank of the Republic of Kazakhstan is illegal and entails liability established by the laws of the Republic of Kazakhstan.

2. To complete the registration, the payment organization submits to the National Bank of the Republic of Kazakhstan:

1) an application in the form determined by the National Bank of the Republic of Kazakhstan, including information about the head (members) of the executive body (accompanied by copies of the diploma(s) and a document confirming the employee's employment in accordance with the Labor Code of the Republic of Kazakhstan);

1-1) copies of documents confirming the formation of the authorized capital;

2) the charter, except for cases when the payment organization carries out activities according to the standard charter;

3) a document defining the procedure for the interaction of the payment organization with the relevant bank or organization performing certain types of banking operations that transfer money for the payment services provided;

4) excluded by the Law of the Republic of Kazakhstan dated 25.11.2019 No. 272-VI (effective after ten calendar days after the date of its first official publication); 5) excluded by the Law of the Republic of Kazakhstan dated 25.11.2019 No. 272-VI (effective after ten calendar days after the date of its first official publication); 6) excluded by the Law RK No. 272-VI dated 25.11.2019 (effective ten calendar days after the date of its first official publication);

7) the rules for carrying out the activities of the payment organization, approved by the management body of the payment organization.

The list of mandatory conditions for the rules of operation of a payment organization is established by a regulatory legal act of the National Bank of the Republic of Kazakhstan.

8) excluded by the Law of the Republic of Kazakhstan dated 25.11.2019 No. 272-VI (effective after ten calendar days after the date of its first official publication); 9) excluded by the Law of the Republic of Kazakhstan dated 25.11.2019 No. 272-VI (effective after ten calendar days after the date of its first official publication); 10) excluded by the Law RK No. 272-VI dated 11/25/2019 (effective ten calendar days after the date of its first official publication).

3. The National Bank of the Republic of Kazakhstan shall consider the application of the payment organization for registration within ten working days from the date of submission of the full list of documents specified in paragraph 2 of this Article.

4. The National Bank of the Republic of Kazakhstan, upon registration by a payment organization, assigns a registration number to the payment organization, makes an entry in the register of payment organizations, and sends a written notification to the payment organization indicating the registration number on registration within the time period established by paragraph 3 of this Article.

In case of refusal of registration, the National Bank of the Republic of Kazakhstan shall send a written notification to the payment organization stating the reason for the refusal within the time period established by paragraph 3 of this Article.

5. The register of payment organizations that have been registered is posted on the Internet resource of the National Bank of the Republic of Kazakhstan.

6. The payment organization is obliged to indicate its registration number when providing information about the payment organization.

7. The payment organization shall inform the National Bank of the Republic of Kazakhstan of all changes and additions made to the documents on the basis of which the registration was carried out, within ten calendar days after these changes are made.

8. Foreign entities without the formation of a legal entity registered in a foreign state (territory) included in the list of states (territories) compiled by the authorized financial monitoring body that do not comply and/or insufficiently comply with the recommendations of the Financial Action Task Force on Money Laundering (FATF) may not, directly or indirectly own and (or) use and (or) dispose of shares in the authorized capital of payment organizations.

Indirect ownership of shares in the authorized capital or ownership (voting) of shares in the authorized capital of a payment organization provides an opportunity to determine the decisions of a legal entity participating in the payment organization through ownership (voting) of shares in the authorized capital (shares) of other legal entities.

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.

President

Republic of Kazakhstan

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