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National Bank proposes temporary administration regime for payment systems

To strengthen control over the activities of payment operators and organizations, the National Bank of Kyrgyzstan suggests introducing a temporary administration regime in them, if necessary. A draft resolution of the Board of the National Bank of the Kyrgyz Republic says.

The decision to introduce the temporary administration regime is proposed to be made by the National Bank Payment System Committee and its Board.

In addition, the draft resolution determines the requirements for the date and time of beginning of the temporary administration, composition, requirements for an interim administrator, transfer, sale of assets and liabilities of a payment organization / operator of a payment system.

Requirements for a representative of a provisional administrator in the representative office and / or branch of the payment organization / operator of the payment system and the expenses of the provisional administration are also stipulated.

«The introduction of the temporary administration regime will allow the National Bank to strengthen control over a payment institution / payment system operator. This is necessary to protect the rights and legitimate interests of users, maintain and ensure the effectiveness, security and reliability of payment systems, counteract the financing of terrorist activities and money laundering, as well as to find out a real situation in a payment organization and payment system operator and determine its further activities,» the National Bank stressed.