Regulation on Enforcement Measures Applied to Payment System Operators/Payment Organizations

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Date of Creation: 2026-02-12

Appendix to the Resolution of the Board of the National Bank of the Kyrgyz Republic dated September 30, 2019 No. 2019-P-14/50-3-(PS)

REGULATION on Enforcement Measures Applied to Payment System Operators/Payment Organizations

(As amended by Resolutions of the Board of the National Bank of the Kyrgyz Republic dated August 29, 2022 No. 2022-P-14/54-5, October 31, 2025 No. 2025-P-14/59-2-(PS), December 19, 2025 No. 2025-P-14/68-3-(NPA), and December 26, 2025 No. 2025-P-12/70-6-(PS))

Chapter 1. General Provisions

1. This Regulation defines enforcement measures and the procedure for applying such measures to payment system operators (excluding banks and other financial-credit organizations) and payment organizations operating within the territory of the Kyrgyz Republic in accordance with Kyrgyz legislation.

2. Enforcement measures are applied by the National Bank of the Kyrgyz Republic (hereinafter - the National Bank) in the manner prescribed by Kyrgyz legislation and this Regulation.

3. The purpose of the National Bank applying enforcement measures is to protect the rights and legitimate interests of payment system users, maintain and ensure the efficiency, safety, and reliability of payment systems, and counter the financing of criminal activities and the legalization (money laundering) of illicit funds.

(As amended by Resolution of the Board of the National Bank of the Kyrgyz Republic dated December 26, 2025 No. 2025-P-12/70-6-(PS))

4. The grounds for applying enforcement measures to payment system operators/payment organizations and/or their officials are violations of norms, requirements, and restrictions established by the Constitutional Law of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic", Laws of the Kyrgyz Republic "On Banks and Banking Activity", "On the Payment System of the Kyrgyz Republic", "On Countering the Financing of Criminal Activities and Legalization (Money Laundering) of Illicit Funds", regulatory legal acts of the National Bank, and other regulatory legal acts of the Kyrgyz Republic. The National Bank applies corresponding enforcement measures to payment system operators/payment organizations and/or their officials upon identifying violations stipulated in this Regulation.

(As amended by Resolutions of the Board of the National Bank of the Kyrgyz Republic dated August 29, 2022 No. 2022-P-14/54-5, and December 26, 2025 No. 2025-P-12/70-6-(PS))

5. The National Bank may issue a written warning to inform the payment system operator/payment organization that it may be violating certain norms of Kyrgyz legislation or is engaged in activities threatening the safety and reliability of the payment system, as well as to warn that corresponding enforcement measures may be applied in the future. A warning is not an enforcement measure. The written warning is signed by the head of the structural unit performing regulatory, supervisory, and control functions over payment system operators and payment organizations, or by the acting official.

Chapter 2. Enforcement Measures and Their Application

6. This Regulation defines the following enforcement measures applied to payment system operators/payment organizations:

• order (directive);
• fine imposed on payment system operators/payment organizations and their officials;
• suspension or replacement of officials;
• restriction on accepting payments and/or restriction on conducting certain types of payments and operations within the license;
• introduction of a special regime in the form of:
  • direct banking supervision;
  • temporary administration;
• temporary suspension of the license;
• revocation of the license.

7. Enforcement measures are applied depending on the situation, complexity, and severity of the violation and its consequences for users and participants of payment systems. When applying enforcement measures, their sequence or order is not required. The National Bank has the right to apply multiple enforcement measures for a single violation.

8. The Supervisory Committee of the National Bank adopts a resolution on applying corresponding enforcement measures in the form of a decree. A decision to apply an enforcement measure in the form of an order is adopted by the head of the structural unit performing regulatory, supervisory, and control functions over payment system operators and payment organizations.

(As amended by Resolutions of the Board of the National Bank of the Kyrgyz Republic dated August 29, 2022 No. 2022-P-14/54-5, and December 19, 2025 No. 2025-P-14/68-3-(NPA))

9. An order to rectify identified violations within a specified period is issued to payment system operators/payment organizations in the following cases:

• failure to submit financial or other reporting as defined by regulatory legal acts of the National Bank;
• failure to submit an independent financial audit report, information system audit report, and their appendices within specified deadlines and in accordance with regulatory legal acts of the National Bank;
• submission to the National Bank of untimely/unreliable/incomplete information;
• absence and/or failure to submit during supervisory inspections technical documents and other requested information/documents, or submission of unreliable/incomplete information/documents, as well as documents supporting the functioning of the hardware-software complex in accordance with regulatory legal acts of the National Bank;
• failure to rectify a technical malfunction in the payment system functioning within 24 hours;
• (paragraph became invalid in accordance with Resolution of the Board of the National Bank of the Kyrgyz Republic dated August 29, 2022 No. 2022-P-14/54-5)
• other violations of banking legislation of the Kyrgyz Republic, as well as antimonopoly legislation and legislation on countering the financing of criminal activities and legalization (money laundering) of illicit funds.

(Paragraph became invalid in accordance with Resolution of the Board of the National Bank of the Kyrgyz Republic dated August 29, 2022 No. 2022-P-14/54-5)

(As amended by Resolutions of the Board of the National Bank of the Kyrgyz Republic dated August 29, 2022 No. 2022-P-14/54-5, and December 26, 2025 No. 2025-P-12/70-6-(PS))

9-1. The order must indicate the fact of violation, specific references to Kyrgyz legislation violated by the payment system operator/payment organization and/or their officials, as well as the deadline for rectification.

(As amended by Resolution of the Board of the National Bank of the Kyrgyz Republic dated August 29, 2022 No. 2022-P-14/54-5)

10. The National Bank may impose a fine on payment system operators/payment organizations. A fine on payment system operators/payment organizations of up to 10 (ten) percent of the book value of assets (as of the last reporting date) is imposed in the following cases:

• failure to comply with a National Bank order within established deadlines;
• systematic (2 or more times within 12 consecutive calendar months) failure to submit financial or other reporting, or submission of untimely/unreliable/incomplete information, financial or other reporting, or data;
• violation of Kyrgyz legislation, including antimonopoly legislation and legislation on countering the financing of criminal activities and legalization (money laundering) of illicit funds;
• obstruction by National Bank officials performing supervisory functions during conducted inspections. Payment system operators/payment organizations are obligated to pay the fine within one month from the date of receipt of the resolution imposing the fine. In case of non-payment by payment system operators/payment organizations, the National Bank may apply measures aimed at compulsory recovery of the debt within enforcement proceedings or other enforcement measures in accordance with Kyrgyz legislation.

(As amended by Resolutions of the Board of the National Bank of the Kyrgyz Republic dated August 29, 2022 No. 2022-P-14/54-5, and December 26, 2025 No. 2025-P-12/70-6-(PS))

11. Imposition of a fine on officials of payment system operators/payment organizations. A fine on officials of payment system operators/payment organizations of up to the average annual remuneration, including all types of payments in this organization (salary, bonuses, etc.), is imposed in the following cases:

• actions or omissions by officials of payment system operators/payment organizations that lead to suspension/revocation of the license, compulsory liquidation, or bankruptcy of the payment system operator/payment organization - at 50 percent of the average annual remuneration;
• failure to comply with National Bank orders - at 50 percent of the average annual remuneration;
• systematic (two or more times within 12 consecutive calendar months) failure to submit financial or other reporting, or submission of untimely/unreliable/incomplete information, financial or other reporting - at 30 percent of the average annual remuneration;
• violation of banking legislation of the Kyrgyz Republic, antimonopoly legislation, and legislation on countering the financing of criminal activities and legalization (money laundering) of illicit funds - at 50 percent of the average annual remuneration;
• obstruction by National Bank officials performing supervisory functions during conducted inspections - at 50 percent of the average annual remuneration. The size of the average annual remuneration of an official is calculated using the following formula: В / 3 / 29,6 * 365 where: В - remuneration of the official for the last 3 months, including all types of payments (salary, bonuses, etc.), minus mandatory tax payments and social contributions provided by Kyrgyz legislation; 3 - number of months; 29,6 - average monthly number of calendar days; 365 - number of days in a year. Officials of payment system operators/payment organizations are obligated to pay the fine within one month from the date of receipt of the resolution imposing the fine. In case of non-payment by officials, the National Bank may apply measures for compulsory recovery of the fine within enforcement proceedings and other measures in accordance with Kyrgyz legislation.

(As amended by Resolutions of the Board of the National Bank of the Kyrgyz Republic dated August 29, 2022 No. 2022-P-14/54-5, and December 26, 2025 No. 2025-P-12/70-6-(PS))

12. Imposition of a fine on payment system operators/payment organizations and their officials does not serve as grounds for failing to rectify the violation or fulfill financial obligations to service consumers/agents/goods/services suppliers.

13. The National Bank may impose a fine on payment system operators/payment organizations and/or their officials for offenses stipulated by the Code of the Kyrgyz Republic on Administrative Offenses. In this case, the decision to impose a fine is made in accordance with the Code of the Kyrgyz Republic on Administrative Offenses. Double jeopardy for the same offense is not permitted.

(As amended by Resolution of the Board of the National Bank of the Kyrgyz Republic dated August 29, 2022 No. 2022-P-14/54-5)

14. The National Bank may suspend or require the replacement of officials of a payment system operator/payment organization in the following cases:

• non-compliance of officials with requirements of regulatory legal acts of the National Bank or failure/improper performance of official duties;
• inadequate level of internal control and risk management of the payment system operator/payment organization in accordance with the Risk Management Policy in the Payment System of the Kyrgyz Republic, approved by Resolution of the Board of the National Bank of the Kyrgyz Republic dated June 15, 2016 No. 25/8;
• inability of officials to ensure execution of directives by the organization's governing bodies and regulatory authorities regarding the activities of the payment system operator/payment organization, as per the charter;
• conducting transactions with affiliated and related parties in violation of National Bank requirements or Kyrgyz legislation;
• failure to submit information to the National Bank, or submission of untimely/unreliable/incomplete information by payment system operators/payment organizations or their governing/official bodies;
• failure to submit, or submission of untimely, incomplete, or unreliable reports to the National Bank;
• initiation or conduct of actions, including internal conflicts or disputes involving third parties, law enforcement or judicial authorities, as well as among participants/shareholders of payment system operators/payment organizations, threatening the stability of the payment system, its uninterrupted and safe functioning, timely execution of payments, protection of consumer rights for payment services, and financial stability of the payment system operator/payment organization;
• use of official powers not in the interest of the organization;
• failure to comply with requirements and/or orders of the National Bank;
• other cases stipulated by Kyrgyz legislation. The Supervisory Committee of the National Bank adopts a resolution in the form of a decree on suspending or replacing officials of a payment system operator/payment organization.

(As amended by Resolution of the Board of the National Bank of the Kyrgyz Republic dated December 19, 2025 No. 2025-P-14/68-3-(NPA))

15. The National Bank may introduce a special regime in the form of direct banking supervision over the activities of payment system operators/payment organizations in the following cases:

• abnormal situations that may lead to disruption of the payment system's uninterrupted functioning, systemic risk and/or failure to fulfill obligations to users within a set period;
• non-fulfillment of financial obligations to participants and users of the payment system, which may threaten the further activities of the payment system operator/payment organization, and inability to settle obligations within a set period;
• identification of the risk that a payment organization - issuer of electronic money - cannot ensure timely and complete settlement with electronic money and/or non-fulfillment of obligations to repay electronic money to holders;
• presence of information from law enforcement and other authorities/persons confirming illegal activities of the payment system operator/payment organization;
• actions or omissions by officials and/or governing/executive bodies of payment system operators/payment organizations that lead to suspension/revocation of the license, compulsory liquidation, or bankruptcy;
• identification of violations of Kyrgyz legislation and National Bank orders that were not rectified within the time specified by the National Bank. Direct banking supervision is introduced to control operations of a payment system operator/payment organization, monitor its financial condition, accounting and reporting, fulfill current financial obligations, as well as for other purposes defined by the National Bank.

(As amended by Resolution of the Board of the National Bank of the Kyrgyz Republic dated October 31, 2025 No. 2025-P-14/59-2-(PS))

16. The National Bank may introduce a special regime in the form of temporary administration over payment system operators/payment organizations in the following cases:

• if there are any grounds for license revocation in accordance with Kyrgyz legislation;
• if there are disputes between governing bodies of a payment system operator/payment organization, disrupting its