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National Bank of Kyrgyzstan tightens requirements for payment systems

The National Bank of Kyrgyzstan has submitted four more draft resolutions for public discussion. All of them relate to the activities of payment system operators.

Changes and additions are made to the regulatory acts of the National Bank on risk management and supervision (oversight) over a payment system. In addition, new versions of the provisions «On measures of influence applied to payment system operators / payment organizations» and «On regulation of activity of payment organizations and payment system operators» were submitted.

A new provision — «On extraordinary situations in a payment system» — has been also developed.

Earlier, the National Bank submitted for public discussion amendments to draft resolutions of the Board of the National Bank «On approving instructions for conducting inspections of payment system operators and payment organizations» and «On approving regulations on electronic money in the Kyrgyz Republic.» The National Bank of the Kyrgyz Republic also proposed a new version of the resolution approving the regulation on licensing the activities of payment system operators and payment organizations.

By these changes, the National Bank of Kyrgyzstan tightens the requirements for payment organizations after problems with Mobilnik and QIWI payment operators.

In mid-May, the National Bank of the Kyrgyz Republic revoked licenses of Mobilnik LLC and suspended QIWI licenses. At the end of January, terminals of Mobilnik LLC began to malfunction. A number of large companies refused its services. National Bank of the Kyrgyz Republic suspended the licenses of Mobilnik.

In addition, from February 1 to March 7, 2019, the National Bank carried out an inspection of the work of the United System of Instant Payments LLC — QIWI payment operator. Since March 1, 2019, due to violation of the requirements of the regulatory legal acts of the National Bank, the LLC was instructed to suspend the acceptance of payments and settlements in favor of third parties.