Regulatory Alerts2019-09-30 | 130304Regulation on Enforcement Measures Applied to Payment System Operators/Payment Organizations
The National Bank of the Kyrgyz Republic issued this Regulation to establish a comprehensive framework for enforcement measures against payment system operators and payment organizations operating within the country. It mandates specific penalties, including fines calculated as percentages of asset values or average annual remuneration, alongside orders, official suspensions, license restrictions, and special regimes like direct banking supervision and temporary administration. The framework empowers the National Bank to apply these measures independently or cumulatively based on violation severity, ensuring system stability, consumer protection, and compliance with anti-money laundering and financial obligations.
Share