Article 7. Completeness of payments and (or) money transfers in payment systems of the Law on Payments and Payment Systems

Home / RLA / Article 7. Completeness of payments and (or) money transfers in payment systems of the Law on Payments and Payment Systems

1. The payment and/or money transfer are considered completed (final) in the payment system after the money is credited to the participant of the payment system in whose favor the payment and/or transfer was made.

2. The operator of a systemically important payment system guarantees the completion (finality) of the payment and /or money transfer in the payment system in real time, providing for the processing and execution of instructions immediately upon their receipt in the payment system, or before the end of the current business day.

3. Payments and (or) money transfers sent to the payment system by its participant before receiving a copy of the court decision on the application of the debtor's debt restructuring procedure, rehabilitation procedure, declaring the debtor bankrupt and liquidation with the initiation of bankruptcy proceedings against the client are irrevocable and final, subject to execution and completion.

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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