Article 18. Grounds for exclusion from the register of payment organizations The Law on Payments and Payment Systems

Home / RLA / Article 18. Grounds for exclusion from the register of payment organizations The Law on Payments and Payment Systems

1. A payment organization is excluded from the register of payment organizations in the following cases::

1) systematic (three or more times within twelve consecutive calendar months) failure to provide information on payment services to the National Bank of the Republic of Kazakhstan;

2) submission of false information about payment services or false information to be reflected in the documents specified in paragraph 2 of Article 16 of this Law, which affect the decision on the registration of a payment organization;

3) systematic (three or more times within twelve consecutive calendar months) failure to comply with the requirements of the legislation of the Republic of Kazakhstan on payments and payment systems;

4) the payment organization fails to carry out activities within twelve consecutive calendar months from the date of inclusion in the register of payment organizations or termination of its activities for a period of more than six consecutive months;

5) the discovery of the circumstances provided for in subitems 3) and 4) of paragraph 1 of Article 17 of this Law;

6) the entry into force of the court's decision on the termination of the payment organization's activities;

7) entering information about the termination of the payment organization's activities into the National Register of Business Identification Numbers;

8) making a decision by the payment organization on the voluntary termination of its activities through reorganization (affiliation, merger, division, separation, transformation) or liquidation. At the same time, the payment organization fulfills all its obligations before submitting an application for exclusion from the register of payment organizations. A letter confirming the fulfillment of all obligations is attached to the application at the same time.;

9) the payment organization's obstruction of the audit by the National Bank of the Republic of Kazakhstan or failure to comply with the instructions of the National Bank of the Republic of Kazakhstan;

10) receipt of an application from the payment organization in case of refusal to provide payment services, except in cases where such exclusion contributes to harming the interests of the recipients of payment services.

2. In case of exclusion from the register of payment organizations, the National Bank of the Republic of Kazakhstan, within five working days from the date of exclusion, notifies the payment organization in writing and publishes information about it on its Internet resource.

The notification is sent to the location of the payment organization or the address indicated in the application for account registration.

3. The decision of the National Bank of the Republic of Kazakhstan to exclude a payment organization from the register of payment organizations 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 to exclude a payment organization from the register of payment organizations does not suspend the execution of this decision.

4. A payment organization is prohibited from providing payment services after receiving a written notification from the National Bank of the Republic of Kazakhstan on its exclusion from the register of payment organizations.

5. In case of exclusion from the register of payment organizations, the payment organization must, within thirty calendar days from the date of notification by the National Bank of the Republic of Kazakhstan of the exclusion from the register of payment organizations, make a decision to change the name if the words "payment organization" are present in it, or reorganize or liquidate the payment organization.

The footnote. Article 18 as amended by the Law of the Republic of Kazakhstan dated 07/03/2020 No. 359-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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