Regulatory Alerts2021-12-08 | 114435Added · Updated
Regulation on Cashless Payments in the Kyrgyz Republic
The National Bank of the Kyrgyz Republic establishes the legal framework for cashless payments, defining the roles of payers, payees, and banks, and specifying permitted payment instruments such as payment orders, direct debits, letters of credit, and electronic money. The regulation mandates that all interbank payments in national currency be processed through correspondent accounts held at the National Bank, prohibits direct correspondent accounts between payment system participants, and sets strict timelines for payment finality and irrevocability. It further regulates the formatting, acceptance, and legal validity of both paper and electronic payment documents, requiring banks to maintain internal procedures and ensure straight-through processing capabilities.
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