Article 19-1. Founders and participants of the payment organization of the Law on Payments and Payment Systems
1. The founders (participants) (one of the founders, participants) of a payment organization are individuals, legal entities and foreign entities without forming a legal entity, with the exception of persons:
1) in respect of which there is an outstanding or outstanding criminal record or a court decision that has entered into legal force on the application of criminal punishment in the form of deprivation of the right to hold the position of a senior employee of a financial organization, a banking and (or) insurance holding company and to be a major participant (major shareholder) of a financial organization;
2) those on the list of organizations and persons related to the financing of terrorism and extremism, as well as the list of organizations and persons related to the financing of the proliferation of weapons of mass destruction, in accordance with the legislation of the Republic of Kazakhstan on countering the legalization (laundering) of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction;
3) who were the head, member of the management body, head, member of the executive body, chief accountant of a financial organization, head or deputy head of a branch of a non–resident bank of the Republic of Kazakhstan, a branch of a non–resident insurance (reinsurance) organization of the Republic of Kazakhstan, a branch of a non–resident insurance broker of the Republic of Kazakhstan for a period not exceeding one year prior to the adoption by the authorized body the body of the decision on the application of the settlement regime to the bank, the decision on the revocation of the license of a financial institution, a branch of the bank – a non–resident of the Republic of Kazakhstan, a branch of a non–resident insurance (reinsurance) organization of the Republic of Kazakhstan, a branch of a non-resident insurance broker of the Republic of Kazakhstan, or the entry into force of a judicial act on the compulsory liquidation of a financial organization or declaring it bankrupt in accordance with the procedure established by the legislation of the Republic of Kazakhstan, or the entry into force of a judicial act on the compulsory termination of a branch of a non–resident bank Republic of Kazakhstan, a branch of an insurance (reinsurance) organization – a non-resident of the Republic of Kazakhstan in cases established by the laws of the Republic of Kazakhstan;
4) who were the founder or the first head of the founder, a legal entity of a payment organization, a major participant, or the first head of a major participant – a legal entity and (or) the head of the management body, the head of the executive body of the payment organization for a period not more than five years prior to the revocation of its license on the grounds provided for in paragraphs 1), 2), 3), 4), 5) and 6) paragraph 2 of Article 15-5 of this Law, or its exclusion from register of payment organizations on the grounds provided for in paragraphs 1), 2), 3), 4), 5), 6), 9) and 11) paragraph 1 of Article 18 of this Law, or a payment organization liquidated on the basis of a judicial act that has entered into legal force or declared bankrupt in accordance with the procedure established by the Government of the Russian Federation., established by the legislation of the Republic of Kazakhstan;
5) having registration, place of residence or location in offshore zones, the list of which is established by the National Bank of the Republic of Kazakhstan.
The Law of the Republic of Kazakhstan dated July 26, 2016 No. 11-VI SAM.
The article was amended and supplemented by the Law of the Republic of Kazakhstan dated July 23, 2026, No. 352-VIII 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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