Resolution of the Board of the National Bank of the Kyrgyz Republic No. 2020-P-14/12-2-(PS) of 18 March 2020 on Amending the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Rules for Making Money Transfers through Money Transfer Systems in the Kyrgyz Republic" of 15 July 2009 No. 30/6

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Date of creation: 2020-03-23

Resolution of the Board

of the National Bank

of the Kyrgyz Republic

of 18 March 2020

No. 2020-P-14/12-2-(PS)

On Amending the Resolution

of the Board of the National Bank of the Kyrgyz Republic

"On Approval of the Rules for Making Money Transfers through Money Transfer Systems in the Kyrgyz Republic"

of 15 July 2009 No. 30/6

In accordance with Articles 20 and 68 of the Law of the Kyrgyz Republic

"On the National Bank of the Kyrgyz Republic, Banks and Banking Activity", the Board of the National Bank of the Kyrgyz Republic resolves:

1. To amend the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Rules for Making Money Transfers through Money Transfer Systems in the Kyrgyz Republic" of 15 July 2009 No. 30/6 (attached).

2. The Legal Department shall:

• publish this resolution on the official website of the National Bank of the Kyrgyz Republic;

• after official publication, send this resolution to the Ministry of Justice of the Kyrgyz Republic for inclusion in the State Register of Normative Legal Acts of the Kyrgyz Republic.

3. This resolution enters into force upon the expiry of fifteen days from the day of official publication.

4. The Payment Systems Department shall bring this resolution to the attention of commercial banks and operators of money transfer systems.

5. Control over the execution of this resolution shall be assigned to the member of the Board of the National Bank of the Kyrgyz Republic supervising the Payment Systems Department.

Chairman

T. Abdygulov

Annex

to the Resolution of the Board

of the National Bank

of the Kyrgyz Republic

of 18 March 2020

No. 2020-P-14/12-2-(PS)

Amendments

to the Resolution of the Board of the National Bank of the Kyrgyz Republic

"On Approval of the Rules for Making Money Transfers through Money Transfer Systems in the Kyrgyz Republic" of 15 July 2009 No. 30/6

To introduce the following amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Rules for Making Money Transfers through Money Transfer Systems in the Kyrgyz Republic" of 15 July 2009 No. 30/6:

in the Rules for Making Money Transfers through Money Transfer Systems in the Kyrgyz Republic approved by the above-mentioned resolution:

• paragraph four of clause 1.2 shall be supplemented with the following sentence:

"With the consent of the recipient/sender located in the territory of the Kyrgyz Republic, the money transfer, upon receipt/sending, may be converted by non-cash means.";

• Chapter 1 shall be supplemented with clause 1.6-1 as follows:

"1.6-1. The National Bank regulates and supervises participant banks of money transfer systems and operators of money transfer systems in accordance with the legislation of the Kyrgyz Republic.

The National Bank ensures interaction with participant banks of money transfer systems and operators of money transfer systems for the purpose of obtaining information on money transfers made through money transfer systems, and also provides consultations to participants and operators on money transfers, including on issues of combating the financing of terrorist activity and the legalization (laundering) of criminal proceeds.";

• in clause 3.1:

paragraph eleven shall be restated as follows:

"- the rules of the system approved by the authorized body of the money transfer systems;";

in paragraph twenty-one, the second sentence shall be restated as follows:

"The operator of the money transfer system shall, within a period of not more than 10 (ten) calendar days, provide to the National Bank documents in electronic form (scanned copy) with the original sent by post, revised taking into account the comments.";

• clause 3.2 shall be restated as follows:

"3.2. An operator providing services under a money transfer system shall carry out activity in the territory of the Kyrgyz Republic in accordance with the legislation of the Kyrgyz Republic, including in the sphere of legislation on combating the financing of terrorist activity and the legalization (laundering) of criminal proceeds.

If the operator is a non-resident of the Kyrgyz Republic, then when concluding agreements on participation in the money transfer system with banks of the Kyrgyz Republic, the banks and the operator shall be guided by the requirements of the normative legal acts of the Kyrgyz Republic in the field of money transfers, as well as legislation on combating the financing of terrorist activity and the legalization (laundering) of criminal proceeds.";

• Chapter 3 shall be supplemented with clause 3.2-1 as follows:

"3.2-1. The National Bank shall annul the registration of an operator of an international money transfer system in the following cases:

• in the case of revocation/annulment of the operator's (non-resident's) authorization documents, license/certificate/registration certificate for the right to carry out the activity of an operator of money transfer systems, issued by the authorized body of the country of origin licensing/regulating the said activity;

• in the case of submission by an operator of an international money transfer system of an application to terminate its activity as an operator of an international money transfer system in the territory of the Kyrgyz Republic.

The National Bank shall make changes to the register of international payment systems and post information on the annulment of the registration of the operator of an international money transfer system on the official website.";

• in clause 4.6:

subparagraph 1 shall be restated as follows:

"1) the amount and currency of the funds that will be paid to the recipient as a result of the money transfer;";

subparagraph 6 shall be restated as follows:

"6) on fraud risks, including the prohibition on transferring a copy of the receipt and informing third parties about the details of the money transfer (control number, full name of the recipient, amount of the money transfer), on the conditions for issuing the transfer in the country and the point of receipt of the transfer, as well as other information necessary for the sender.";

• in clause 4.9:

paragraph one shall be restated as follows:

"4.9. The operator and the participant shall keep records for each money transfer operation, for batch files, if several transfers are combined into one batch transfer, and shall store information about the sender/recipient of the money transfer who initiated/received the money transfer in the territory of the Kyrgyz Republic (full name, date and year of birth, home address, passport data or data of the identity document, TIN (if any), bank account number when sending/receiving the money transfer by non-cash means), the purpose of the transfer, the amount of the transfer in figures and in words, and other information in accordance with the requirements of the normative legal acts of the Kyrgyz Republic on the storage of payment documents.";

paragraph three shall be restated as follows:

"1) ensure the retention of all information accompanying a cross-border money transfer about the sender and recipient (full name, date and year of birth, home address, passport data or data of the identity document, TIN (if any), bank account number when sending/receiving the money transfer by non-cash means);";

paragraph five shall be restated as follows:

"3) identify cross-border money transfers that do not contain information about the recipient or sender accompanying the money transfer, and also have risk-oriented procedures for executing/rejecting/suspending such transfers.";

paragraph six shall be recognized as

no longer in force;

• in clause 4.11, the words "not later than the 15th day" shall be replaced by the words "not later than the 5th (fifth) day";

• clause 6.2 shall be restated as follows:

"6.2. The participant is obliged to store information and documentation on operations carried out through money transfer systems in accordance with the storage periods for payment documents determined by the normative legal acts of the Kyrgyz Republic and legislation on combating the financing of terrorist activity and the legalization (laundering) of criminal proceeds.

The participant shall also store information on operations carried out through money transfer systems in its automated banking system.";

• clause 6.6 shall be restated as follows:

"6.6. The operator, at the request of the National Bank and/or a participant, in accordance with the FATF recommendations, is obliged, within a period not exceeding 3 (three) working days from the moment the request is received, to provide detailed information on the operation for the requested money transfer, on the sender or recipient of the money transfer who initiated or received the money transfer in the territory of the Kyrgyz Republic (full name, date and year of birth, home address, passport data or data of the identity document, TIN (if any), bank account number when sending/receiving the money transfer by non-cash means), the purpose of the transfer, the amount of the transfer in figures, with copies of all supporting documents for the sending/payment of the money transfer attached (application for sending/receiving the money transfer and cash order).

The operator is responsible for the actions of its participants and for the finality of transfers, starting from the moment the funds are deposited into the cash desk of the participants until the lawfulness of their issuance to the recipient.";

• Chapter 6 shall be supplemented with clause 6.7 as follows:

"6.7. The participant and the operator shall, on a monthly basis, not later than the 15th (fifteenth) day of the month following the reporting month, provide to the National Bank information on all operations carried out through money transfer systems in accordance with Annex 3. The information shall be provided within the specified deadlines in electronic form.";

• The Rules shall be supplemented with Annex 3 as follows:

"

Annex 3

to the Rules for Making Money Transfers through Money Transfer Systems in the Kyrgyz Republic

No.*

Name of the money transfer system

Type of transfer (outgoing/

incoming)

Date of sending

Currency

Amount

Point of sending

(country from which the money transfer is sent)

Date of issuance

Currency

Amount

Point of issuance

(country in which the money transfer is issued)

country

city

country

city

*sequential number of the report line.

".

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