Article 17. Grounds for refusal to register a payment organization The Law on Payments and Payment Systems

Home / RLA / Article 17. Grounds for refusal to register a payment organization The Law on Payments and Payment Systems

1. The registration of a payment organization is refused in the following cases::

1) submission of incomplete and (or) unreliable information to be reflected in the documents specified in paragraph 2 of Article 16 of this Law;

2) submission of an incomplete list of documents or documents that do not comply with the requirements of this Law and the regulatory legal act of the National Bank of the Republic of Kazakhstan;

3) if the head of the executive body of the payment organization does not meet the requirements set out in Article 19 of this Law;

4) if the payment organization has not applied for registration within one year from the date of its state registration (re-registration) with the Government for Citizens State Corporation.

2. In case of refusal of registration, the legal entity has the right to resubmit the application for registration upon elimination of the reasons that led to the refusal of registration of the payment organization, or to make a decision to change its name or reorganize or liquidate.

Failure to eliminate the reasons that led to the refusal of registration of the payment organization is the basis for refusing to re-examine the application.

The re-submitted application is reviewed by the National Bank of the Republic of Kazakhstan within ten working days.

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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