Procedure for Obtaining a License for Payment System Operator Activities

"Registered" Ministry of Justice Republic of Tajikistan No. 891 dated June 30, 2017. Amendment and addition registered Ministry of Justice Republic of Tajikistan No. 891 "a" dated June 12, 2018. "Approved" by the resolution of the National Bank of Tajikistan No. 23 dated March 31, 2017. Amendment and addition approved by resolution of the Board of the National Bank of Tajikistan No. 52 dated April 12, 2018. Amendment registered Ministry of Justice Republic of Tajikistan No. 891 "b" dated July 27, 2020. Amendment approved by resolution of the Board of the National Bank of Tajikistan No. 91 dated July 14, 2020. Amendment and addition registered Ministry of Justice Republic of Tajikistan No. 891 "v" dated May 7, 2025. Amendment and addition approved by resolution of the Board of the National Bank of Tajikistan No. 99 dated December 17, 2024.

Procedure for Obtaining a License for Payment System Operator Activities

This Procedure for Obtaining a License for Payment System Operator Activities (hereinafter referred to as the "Procedure") is developed in accordance with Article 14 of the Law of the Republic of Tajikistan "On Payment Services and the Payment System" and establishes the procedure for issuing, processing, and revoking licenses for the activity of a payment system operator (hereinafter referred to as the "License") by legal entities (credit financial organizations and legal entities that are not credit financial organizations) (Board Resolution dated 17.12.2024, No. 99).

CHAPTER 1. PROCEDURE FOR OBTAINING A LICENSE FOR PAYMENT SYSTEM OPERATOR ACTIVITIES

1. A legal entity submits an application for a license to the National Bank of Tajikistan in accordance with the form approved by the authorized state body in the field of regulating the licensing system, in written form or through an electronic system (Board Resolution dated 17.12.2024, No. 99).

2. A legal entity that is a credit financial organization, to obtain a license, attaches to the application the original documents provided for by part 9 of Article 14 of the Law of the Republic of Tajikistan "On Payment Services and the Payment System", part 1 of Article 21 of the Law of the Republic of Tajikistan "On the Licensing System", and a document confirming payment of the fee for consideration of the application for a license (Board Resolution dated 17.12.2024, No. 99).

3. A legal entity that is not a credit financial organization, to obtain a license, attaches to the application the original documents provided for by part 10 of Article 14 of the Law of the Republic of Tajikistan "On Payment Services and the Payment System", part 1 of Article 21 of the Law of the Republic of Tajikistan "On the Licensing System", an extract from the register of legal entities, and a document confirming payment of the fee for consideration of the application for a license. The documents and information specified in the first and eighth paragraphs of part 10 of Article 14 of the Law of the Republic of Tajikistan "On Payment Services and the Payment System" may be provided in the form of copies certified in accordance with the requirements of the legislation of the Republic of Tajikistan (Board Resolution dated 17.12.2024, No. 99).

4. If a legal entity is registered in a foreign state as a payment system and intends to carry out activities on the territory of the Republic of Tajikistan, its authorized representative must, in addition to the documents specified in paragraph 3 of this Procedure, submit to the National Bank of Tajikistan a copy, certified in accordance with the requirements of the legislation of the Republic of Tajikistan, of one of the following documents of the foreign state authority:

• an official document confirming the registration of the payment system in the foreign state;
• a permit, license, or other document confirming the right of the payment system to carry out activities in the field of international money transfers.

41. A payment system operator registered in a foreign state is obliged to open its representative office or branch in the Republic of Tajikistan within three months after obtaining the license. The representative office or branch of the payment system operator will provide the reporting requested by the National Bank of Tajikistan on a daily, monthly, and quarterly basis.

42. Deleted. (Resolution No. 91 dated 14.07.20)

43. The premises in which the hardware and software complex of a legal entity registered in the Republic of Tajikistan is operated must ensure the reliable operation of all business processes related to the provision of services for the functioning of the payment system and meet the following main requirements (Board Resolution dated 17.12.2024, No. 99):

• isolation (located in the inner spatial part of the building, separated from other adjacent parts of the structure by walls and having an independent entrance);
• presence of reliable automatic locks;
• presence of a fire and security alarm system, or the presence of round-the-clock security or surveillance means, excluding the possibility of uncontrolled penetration of unauthorized persons into the premises and ensuring the physical safety of protected resources located in the premises;
• staff access to the premises must be strictly regulated in accordance with functional duties;
• presence of a cooling system and maintenance of the required operating temperature for the hardware and software complex;
• presence of alternative power sources capable of ensuring uninterrupted operation. The legal address of a payment system operator registered in the Republic of Tajikistan must be identical to the location of the actual management of the payment system.

44. In order to prevent operational risks, a legal entity registered in a foreign state as a payment system carrying out settlements by payment cards must submit an audit conclusion on the hardware and software complex involving auditors certified under international certification programs (Board Resolution dated 17.12.2024, No. 99).

45. Documents for obtaining a license for a legal entity that is not a credit financial organization must be prepared taking into account the following:

• written consent of a credit financial organization to become the settlement center of the payment system must be drawn up in the form of a concluded agreement or in free form, signed by the executive body or a person to whom corresponding powers are delegated, and sealed with the imprint of the seal;
• information on the size of the authorized capital of a legal entity that is not a credit financial organization is provided in the form of a document confirming the contribution of funds as authorized capital (not less than 2500 calculation indicators) to an account in a credit financial organization.
• a financial report is provided in the form of a copy with an audit opinion for the last three years. If the legal entity has been functioning for less than three years, a copy of the financial report is provided for the last reporting date. The financial report must demonstrate the sustainability of the legal entity's activities. (Board Resolution dated 17.12.2024, No. 99)

6. To confirm compliance with the requirements imposed on persons holding the positions of head of the executive body and chief accountant of a legal entity that is not a credit financial organization, the following are provided:

• documents confirming the presence of higher professional education corresponding to the requirements of the second paragraph of part 12 of Article 14 of the Law of the Republic of Tajikistan "On Payment Services and the Payment System", and in the case of other higher education, extracts from work records to confirm work experience in the position of head of a department or other subdivision of a credit financial organization or payment system operator for 2 (two) years preceding the date of submission of the application for a license to the National Bank of Tajikistan;
• documents confirming the absence of a criminal record for crimes of an economic or corrupt nature. (Board Resolution dated 17.12.2024, No. 99)

7. The rules of the payment system, the business plan for the development of the payment system, and the decision of the governing body of the legal entity on the organization of the payment system must be approved by the authorized body of the legal entity with the indication of the date of approval and the name of the approving body.

8. In the rules of the payment system, in the section describing the risk management system, all associated risks of the functioning of the payment system and measures applied to manage these risks should additionally be listed.

9. In the rules of the payment system of a payment system operator carrying out cross-border transfers of funds, the requirements of normative legal acts of the National Bank of Tajikistan in the field of currency regulation and currency control must be taken into account and strictly observed.

10. In the event of disputes with participants of the payment system, a dispute resolution mechanism must be provided for in the contract between the parties.

11. In the case where the legal entity is a resident of the Republic of Tajikistan, the documents for obtaining a license are drawn up in the state language. In the case where the legal entity is a non-resident of the Republic of Tajikistan, the documents for obtaining a license for a payment system operator may be submitted in Russian or English with a translation into the state language.

12. When providing documents on paper, documents with a volume exceeding one sheet must be bound, numbered, and certified (Board Resolution dated 17.12.2024, No. 99).

13. The list of payment infrastructure service operators that will be attracted to provide payment infrastructure services is submitted in accordance with Appendix 1 to this Procedure (Board Resolution dated 17.12.2024, No. 99).

14. When providing documents on paper, the payment system rules and the list of payment infrastructure service operators are additionally provided in electronic form. Documents provided in electronic form must be identical to documents provided on paper (Board Resolution dated 17.12.2024, No. 99).

15. An application for a license with attached documents is sent by the legal entity to the National Bank of Tajikistan by mail, or submitted in person or through an electronic system in the manner established by the legislation of the Republic of Tajikistan. The date of submission of the application for a license is the date of its registration in the National Bank of Tajikistan (Board Resolution dated 17.12.2024, No. 99).

16. The National Bank of Tajikistan registers the application for a license and the attached documents by name and sends (delivers) information to the applicant or notifies through an electronic system of the date of registration of the application and the attached documents (Board Resolution dated 17.12.2024, No. 99).

17. If the application for a license is signed by a person who does not have the authority to do so, or if the attached documents do not comply with the requirements of the legislation of the Republic of Tajikistan and this Procedure, the National Bank of Tajikistan returns the application to the applicant in written form or sends/notifies through an electronic system a notification indicating the grounds for returning the application (Board Resolution dated 17.12.2024, No. 99).

CHAPTER 2. PROCEDURE FOR CONSIDERATION OF AN APPLICATION FOR A LICENSE

13. The term for consideration by the National Bank of Tajikistan of an application for a license and the decision to grant a license or refuse to issue a license cannot exceed 30 (thirty) calendar days from the date of receipt of the application for a license.

14. In the case of submission of an application for a license with a complete set of documents corresponding to the requirements of the Law of the Republic of Tajikistan "On Payment Services and the Payment System", the Law of the Republic of Tajikistan "On the Licensing System", and this Procedure, the National Bank of Tajikistan makes a decision to grant a license to the legal entity (Board Resolution dated 17.12.2024, No. 99).

15. The National Bank of Tajikistan, for the purpose of making the necessary decision in accordance with this Procedure, has the right to require legal entities to provide additional information or explanations to clarify the information specified in the documents submitted to the National Bank of Tajikistan or documents not submitted due to the absence of a procedure for their issuance in a foreign state.

16. The National Bank of Tajikistan assigns a registration number to the legal entity and includes information about the legal entity in the Registry of Payment System Operators (Appendix 2) (Board Resolution dated 17.12.2024, No. 99).

17. The Registry of Payment System Operators is posted on the official website of the National Bank of Tajikistan.

18. The applicant must pay the license fee within 15 (fifteen) working days from the date of the decision to issue the license and submit to the National Bank of Tajikistan a document confirming payment of the license fee. Within 3 (three) days after the applicant provides the document confirming payment of the license fee, the National Bank of Tajikistan issues the license in the form established by the authorized state body in the field of regulating the licensing system, after obtaining the signature of the authorized representative of the applicant in the register of applications and issued licenses, transfers it to the applicant, and sends an electronic copy to the applicant's email address in the established manner (Board Resolution dated 17.12.2024, No. 99).

19. The National Bank of Tajikistan sends a refusal to issue a license for a payment system operator to the legal entity on the grounds specified in part 19 of Article 14 of the Law of the Republic of Tajikistan "On Payment Services and the Payment System" and part 7 of Article 22 of the Law of the Republic of Tajikistan "On the Licensing System" (Board Resolution dated 17.12.2024, No. 99).

20. The National Bank of Tajikistan notifies the legal entity in writing or through an electronic system of the refusal to issue a license, indicating the grounds for refusal and the list of documents to be returned to the legal entity no later than 5 (five) working days from the date of the decision to refuse the license (Board Resolution dated 17.12.2024, No. 99).

21. The National Bank of Tajikistan sends a notification of refusal to issue a license to the legal entity by mail or through an electronic system, or by delivering it to the representative of the legal entity against signature. Documents submitted by the legal entity for obtaining a license and subject to return are sent by mail to the legal entity or delivered against signature to the representative of the legal entity (Board Resolution dated 17.12.2024, No. 99).

CHAPTER 3. PROCEDURE FOR AMENDING THE REGISTRY OF PAYMENT SYSTEM OPERATORS

21. In the event of reorganization of a legal entity, change of its name or location, the payment system operator is obliged to submit an application for reissuance of the license within 15 (fifteen) days, attaching documents confirming the specified changes, as well as submitting the original license to the National Bank of Tajikistan (Board Resolution dated 17.12.2024, No. 99).

22. An application for reissuance of a license is submitted in written form or through an electronic system. Amendments to the Payment System Rules, the list of payment infrastructure service operators, and the constituent documents are submitted on paper and in electronic form. Information provided in electronic form must be identical to information provided on paper (Board Resolution dated 17.12.2024, No. 99).

23. The National Bank of Tajikistan, within 10 (ten) working days from the date of receipt of the application for reissuance of the license, makes a decision and makes corresponding changes to the Registry of Payment System Operators (Board Resolution dated 17.12.2024, No. 99).

24. The National Bank of Tajikistan, within 10 (ten) working days from the date of submission by the licensee of an application for reissuance of the license and submission of corresponding documents, including a document confirming payment of the fee for reissuance of the license, issues a new license in accordance with the provisions of the legislation of the Republic of Tajikistan in the field of the licensing system, after obtaining the signature of the authorized representative of the applicant in the register of applications and issued licenses, delivers it to the applicant, and sends an electronic copy in the established manner to the applicant's email address. Until the reissuance of the license, the payment system operator who submitted the application for reissuance of the license carries out activities based on a copy of the submitted application for reissuance of the license with a mark of the National Bank of Tajikistan on the date of acceptance of the application (Board Resolution dated 17.12.2024, No. 99).

25. In the event of loss or damage to the license, based on the licensee's application with an attached document confirming payment of the fee for issuing a second copy (duplicate) of the license, and a copy of the publication of an announcement of the loss of the license in the mass media, the National Bank of Tajikistan, within no more than 5 (five) working days after the date of receipt of the application, provides a second copy (duplicate). An application for issuing a second copy (duplicate) of the license and necessary documents is submitted on paper or through an electronic system (Board Resolution dated 17.12.2024, No. 99).

CHAPTER 4. PROCEDURE FOR REVOCATION OF A PAYMENT SYSTEM OPERATOR'S LICENSE AND EXCLUSION OF INFORMATION FROM THE REGISTRY OF PAYMENT SYSTEM OPERATORS

25. The National Bank of Tajikistan makes a decision to revoke the license and exclude information about the payment system operator from the Registry of Payment System Operators on the grounds and within the timeframes provided for by part 22 of Article 14 of the Law of the Republic of Tajikistan "On Payment Services and the Payment System" and Article 29 of the Law of the Republic of Tajikistan "On the Licensing System" (Board Resolution dated 17.12.2024, No. 99).

26. A payment system operator's license is revoked in the following cases:

• based on the application of the payment system operator;
• in cases provided for by part 1 of Article 30 of the Law of the Republic of Tajikistan "On Payment Services and the Payment System" (failure to comply with the requirements of the aforementioned Law, laws, corresponding normative legal acts, and directives of the National Bank of Tajikistan; failure to provide information established for the National Bank of Tajikistan in a timely manner or provision of incomplete and unreliable information; failure to ensure uninterrupted functioning of the payment system);
• in the event of the National Bank of Tajikistan establishing during supervision of payment systems the fact of non-compliance of information with the information on the basis of which the license for the payment system operator was issued;
• in the event of the National Bank of Tajikistan revoking the license for carrying out banking operations from a credit financial organization that is a payment system operator;
• in the event of liquidation of a payment system operator that is not a credit financial organization as a legal entity, on the next day after the National Bank of Tajikistan becomes aware of the liquidation of said payment system operator;
• on other grounds established by normative legal acts of the Republic of Tajikistan and the National Bank of Tajikistan. (Board Resolution dated 17.12.2024, No. 99)

26. Based on the adopted decision to revoke the license, the National Bank of Tajikistan makes the corresponding entry in the Registry of Payment System Operators within 3 (three) days.

27. The National Bank of Tajikistan no later than the working day following the date of exclusion of information about the payment system operator from the Registry of Payment System Operators sends a notification of license revocation and exclusion of information about it from the Registry of Payment System Operators to the legal entity by mail and by email.

28. The payment system operator no later than the working day following the date of receipt from the National Bank of Tajikistan of a notification of license revocation and exclusion of information from the Registry of Payment System Operators sends the license by mail, or in person, to the National Bank of Tajikistan.

29. The National Bank of Tajikistan publishes the decision on license revocation and exclusion of the payment system operator from the Registry of Payment System Operators on the official website of the National Bank of Tajikistan within a period not exceeding 3 (three) working days.

30. The National Bank of Tajikistan sends the license, notification of registration of the payment system operator, notification of refusal to issue a license, and notification of exclusion of information about the payment system operator from the Registry of Payment System Operators to the address specified by the legal entity in its registration application.

CHAPTER 5. LICENSE FEE

31. In accordance with the Law of the Republic of Tajikistan "On the Licensing System", a fee is paid to the state budget for licensing (Board Resolution dated 14.07.2020, No. 91, Board Resolution dated 17.12.2024, No. 99).

Appendix 1 to the Procedure for Obtaining a License for Payment System Operator Activities List of Payment Infrastructure Service Operators (name of the payment system) (name of the payment infrastructure service operator)

A characteristic indicating the direction of activity of the payment infrastructure service operator in the payment system:

1. OCS - Payment System Operational Center
2. PKCS - Payment Clearing Center of the Payment System
3. RCS - Settlement Center of the Payment System

Number and date of the contract with the payment system operator for the provision of services as a payment infrastructure service operator Location (address) ________________________________________ Contact phone and website address on the "Internet" _______________

---

Full name of the head of the sole executive body and chief accountant of the payment infrastructure service operator:

1. ---

2. ---

Name of the sole executive body of the legal entity (payment system operator) ______________________________

---

M.P. /(signature) /

Appendix 2 to the Procedure for Obtaining a License for Payment System Operator Activities Registry of Payment System Operators

No. Registration No. License No. Date of Issue Name of PS Operator Name of Payment System TIN Legal Address of PS Operator Full Name of PS Operator Head License Issue Date License Revocation Date 1 2 3 4 5 6 7 8 9 10 1 13