Regulatory Alerts2019-09-02 | 131892Regulation on the Regulation of Payment Organizations and Payment System Operators
The National Bank of the Kyrgyz Republic issued this Regulation to establish mandatory requirements for payment organizations and payment system operators, including licensing conditions, capital thresholds, tariff policies, and information security standards. It mandates that payment system operators conclude agreements with participants within twelve months of licensing, maintain uninterrupted processing and clearing services, and implement robust cybersecurity and risk management frameworks. The Regulation further defines roles for agents and sub-agents, specifies technical personnel qualifications, and grants the National Bank authority to enforce compliance through sanctions and tariff restrictions.
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