Resolution of the Board of the National Bank of the Kyrgyz Republic No. 34/10 of 31.07.2014 on Amending and Supplementing the Resolution of the Board of the National Bank of the Kyrgyz Republic No. 30/6 of 15.07.2009 on Approval of the Rules for Making Money Transfers through Money Transfer Systems in the Kyrgyz Republic

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Date of creation: 2014-08-06

Resolution of the Board

of the National Bank of the Kyrgyz Republic

of "31" July 2014 No. 34/10

"On Amending and Supplementing the Resolution of the Board

of the National Bank of the Kyrgyz Republic of 15 July 2009 No. 30/6

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

In order to strengthen the security and reliability of making money transfers through money transfer systems in the Kyrgyz Republic and reduce risks, and also in accordance with Articles 7 and 43 of the Law of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic", the Board of the National Bank of the Kyrgyz Republic resolves:

1. To introduce amendments and supplements to the "Rules for Making Money Transfers through Money Transfer Systems in the Kyrgyz Republic" approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic of 15 July 2009 No. 30/6 (attached).

2. To the Legal Department:

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

• after official publication, to 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 on the day of its official publication.

4. To the Payment Systems Department to bring this resolution to the attention of commercial banks of the Kyrgyz Republic.

5. To assign control over the execution of this resolution to the Deputy Chairman of the National Bank of the Kyrgyz Republic Zheenbayev B.Zh.

Chairman Abdygulov T.S.

Annex

to the Resolution of the Board

of the National Bank

of the Kyrgyz Republic

of "31" July 2014 No. 34/10

Amendments and Supplements to the Resolution

of the Board of the National Bank of the Kyrgyz Republic of 15 July 2009 No. 30/6

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

To introduce the following amendments and supplements 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:

1. To supplement paragraph 1.1 with paragraphs nine and ten of the following content:

"- the Regulation "On Basic Requirements for the Functioning of the Payment System of the Kyrgyz Republic upon the Occurrence of Emergency Situations in the Payment System", approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic of 28 January 2009 No. 4/6;

• the Regulation "On Requirements for Ensuring Information Security in Commercial Banks of the Kyrgyz Republic", approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic of 14 September 2011 No. 52/12.".

2. To restate paragraph 2.4 as follows:

"2.4. Operator of a money transfer system (hereinafter - operator) - a legal entity, resident or non-resident of the Kyrgyz Republic, a provider of money transfer services, holding the relevant permitting documents of the authorized body for financial supervision of the country of origin (license, registration certificate, etc.), registration with the National Bank of the Kyrgyz Republic and ensuring the functioning of the money transfer system. For the development of the infrastructure and access points to the money transfer system, the operator concludes an agreement on participation in the money transfer system, according to which the operator and the participants undertake to carry out their activities in accordance with the rules of the system.".

3. To restate paragraph 3.1 as follows:

"3.1. The operator (resident or non-resident of the Kyrgyz Republic), in order to provide services through money transfer systems in the territory of the Kyrgyz Republic, must undergo registration with the National Bank of the Kyrgyz Republic and provide a package of documents including the following:

• the name of the money transfer system;

• the name of the operator of the money transfer system and the country of origin;

• registration number, copy of the registration certificate, license, certificate issued by the authorized body for financial supervision of the country of origin;

• the rules of the money transfer system;

a standard agreement with the participants of the system, if any.".

4. To restate paragraph 3.2 as follows:

"3.2. The operator providing services through a money transfer system must carry out activities in the territory of the Kyrgyz Republic in accordance with the normative legal acts of the Kyrgyz Republic.

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 must be guided by the requirements of the normative legal acts of the Kyrgyz Republic in the field of money transfers.".

5. To supplement paragraph 3.5 with subparagraph 7 of the following content:

"7) carrying out mutual settlements on a daily basis, unless otherwise provided by the agreement between the operator and the participant.".

6. To supplement Section 3 with paragraph 3.7 of the following content:

"3.7. The operator, except for the operator of internal local money transfer systems, must ensure the fulfillment of at least one of the following conditions:

1) to place on the correspondent account of the participating bank or on the correspondent accounts in third-party banks indicated by the participating bank a mandatory insurance deposit in an amount covering the average daily turnover for all operations performed (for a month, or a quarter, or a year);

2) to provide guarantees from banks that have international credit ratings of investment level assigned by international rating agencies;

3) to ensure insurance of money transfers carried out through its money transfer systems.".

7. To supplement paragraph 4.1 with a sentence of the following content:

"In order to ensure security, the participant must be guided by the normative legal acts of the Kyrgyz Republic.".

8. To supplement Section 4 with paragraph 4.11 of the following content:

"4.11. The participant must quarterly, no later than the 10th day of the month following the reporting quarter, provide to the National Bank of the Kyrgyz Republic information in accordance with Annex 1 (attached).".

9. To restate paragraph 5.1 as follows:

"5.1. The participant, when concluding an agreement with the operator on participation in the money transfer system, must verify that the operator has the relevant permitting documents of the authorized body of the country of origin (license, registration certificate, certificate, etc.), and registration with the National Bank of the Kyrgyz Republic, and check for compliance with the requirements of these Rules and the normative legal acts of the Kyrgyz Republic.".

Annex 1

to the "Rules for Making Money Transfers

through Money Transfer Systems in the Kyrgyz Republic",

approved by the Resolution of the Board of the NBKR

No. 34/10 of "31" July 2014

Name of the bank

Name of money transfer systems

Currency

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international

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