Regulatory Alerts2019-09-02 | 130302Added · Updated
Regulation on the Licensing of Payment Organizations and Payment System Operators
The National Bank of the Kyrgyz Republic establishes requirements for the licensing of payment organizations and payment system operators, including mandatory notification of changes to capital, management, or shareholders within 15 working days. The regulation mandates that authorized capital be formed exclusively in national currency and prohibits its use before license issuance. It imposes strict eligibility criteria on shareholders, banning those from offshore zones or under international sanctions, and requires proof of the lawful origin of funds for capital increases. Licenses are perpetual and non-transferable, with the National Bank empowered to suspend operations or apply sanctions for non-compliance.