Article 5. Basic requirements for payment systems The Law on Payments and Payment Systems

Home / RLA / Article 5. Basic requirements for payment systems The Law on Payments and Payment Systems

1. The procedure for the organization and functioning of a payment system is determined by its rules established by the operator of this payment system.

2. The rules of the payment system must contain:

1) procedures for the operation of the payment system, including the procedure for making money transfers in the payment system, the use of payment message formats, the schedule of the payment system and the risk management system in the payment system;

2) a description of the services provided by the payment system operator and the operations performed in the payment system;

3) terms of participation in the payment system;

4) the order of interaction of the participants of the payment system with its operator;

5) procedures for revoking instructions on payment and/or money transfer;

6) the procedure for settling the insolvency of participants in the payment system;

7) the procedure for compliance with information security measures;

8) measures taken against a payment system participant for violating the rules of the payment system;

9) measures to ensure and implement organizational and procedural measures in the payment system aimed at preventing fraud, legalization (laundering) of proceeds from crime, financing of terrorism and financing the proliferation of weapons of mass destruction.

3. It is prohibited to include in the rules of the payment system rules that restrict the participation of participants of this payment system in other payment systems (including rules in the form of conditions on exclusive participation), as well as the maintenance of other payment systems by persons who service the infrastructure of this payment system (with the exception of persons who are employees of the operator of this payment system).

4. The rules of the payment system, amendments and additions to these rules, information about the tariffs (cost of services) of the payment system operator and all changes to these tariffs (cost of services) are subject to publication on the Internet resource of the payment system operator within fifteen working days after their approval by the payment system operator.

Changes to the tariffs (cost of services) of the payment system operator are made by him on the basis of financial calculations justifying such changes.

5. The operator of the payment system, with the exception of the National Bank of the Republic of Kazakhstan, shall, within ten calendar days from the date of the start of the operation of the payment system in the territory of the Republic of Kazakhstan, inform the National Bank of the Republic of Kazakhstan of the establishment of its own payment system in the territory of the Republic of Kazakhstan or the start of the operation of a foreign payment system in the territory of the Republic of Kazakhstan, with the submission of the following documents:

1) information about the name, postal address and location of the payment system operator;

1-1) information containing the name of the payment system;

2) information about the head (members) of the executive body;

3) information about the domain name of the Internet resource of the payment system operator, on which the documents provided for in paragraph 4 of this Article are posted;

4) information about the founders (shareholders) of the payment system operator who have a share (shares) of more than ten percent in the capital of the payment system operator;

5) information containing the start date of the payment system in the territory of the Republic of Kazakhstan. The date of commencement of operation is the date of entry into force of the contract concluded by the payment system operator with the first participant of the payment system.

6. In case of participation of a bank or an organization performing certain types of banking operations in a payment system, including in a foreign payment system, this bank (this organization) shall inform the National Bank of the Republic of Kazakhstan in writing about such participation within ten calendar days from the date of conclusion of an agreement with the operator of the payment system for participation in the payment system with the submission of copies of agreements on the basis of which participation in the payment system is carried out, including in a foreign payment system, as well as information containing the name of the payment system, the name and postal address of the payment system operator.

The agreement (agreements) on the basis of which participation in a foreign payment system is carried out should provide for the procedure for banks or organizations engaged in certain types of banking operations to receive information and information about the beneficiary and sender of payments and (or) money transfers, with the exception of payments and (or) money transfers from using payment cards.

7. Excluded 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).

8. Money transfer in payment systems is performed based on the results of clearing or by individually executing each instruction of the initiator.

9. Money transfer based on the results of clearing takes place after the end of the process of offsetting the counter-monetary claims and obligations of the participants of the payment system.

10. Money transfer based on the results of clearing in the interbank clearing system is carried out using the money of its participants in the interbank money transfer system.

11. The transfer of money through the individual execution of each instruction of the initiator is carried out regardless of his rights and obligations arising from other instructions.

12. The procedure for resolving the insolvency of payment system participants should determine the methods of raising money to complete payments and/or money transfers.

The basic requirements for the procedure for resolving the insolvency of payment system participants are subject to publication on the Internet resource of the payment system operator within fifteen working days after their approval by the payment system operator.

13. The rules of the payment system, amendments and additions to these rules, tariffs (cost of services) of the payment system operator and all changes to these tariffs (cost of services) are applied by the operator and the participants of the payment system not earlier than the date of their publication on the Internet resource of the payment system operator.

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

Constitution Law Code Standard Decree Order Decision Resolution Lawyer Almaty Lawyer Legal service Legal advice Civil Criminal Administrative cases Disputes Defense Arbitration Law Company Kazakhstan Law Firm Court Cases