According to the Law of the Republic of Kazakhstan “On Payments and Payment Systems,” a payment organization, upon obtaining a registration number assigned by the National Bank (hereinafter – the registration number), is entitled to provide the following types of payment services:
1)services for accepting cash payments without opening a bank account for the sender of money;
2)services for issuing (distributing) electronic money and payment cards;
3)services for receiving and processing payments made using electronic money;
4)services for processing payments initiated by the client in electronic form and transmitting the necessary information to a bank or an organization performing certain types of banking operations for the execution of a payment and/or transfer, or for accepting funds under such payments.
For registration with the National Bank, a payment organization submits the following via the “e-government” web portal:
1)an application in the form established by the National Bank of the Republic of Kazakhstan, including information on the head (members) of the executive body (with copies of diplomas and documents confirming employment history in accordance with the Labour Code of the Republic of Kazakhstan);
2)copies of documents confirming the formation of the charter capital;
3)the charter (articles of association);
4)a document defining the procedure for interaction between the payment organization and the relevant bank or organization performing certain types of banking operations that execute money transfers under the provided payment services;
5)information and documents confirming the employment (or hiring) of a head of the structural unit responsible for the administration of information and communication systems, and a compliance control officer or another person responsible for compliance control;
6)internal control rules aimed at combating money laundering, terrorist financing, and financing of the proliferation of weapons of mass destruction for payment organizations;
7)internal rules governing the activities of the payment organization, approved by its governing body.
Based on the review of the application, the National Bank makes a decision on either registering the payment organization or refusing registration.
After approval and signing of the notification or a reasoned refusal by the head of the responsible unit, the officer of the responsible unit, on the same day, enters the payment organization into the register of payment organizations (in case of approval) and sends the result of the state service for registration to the payment organization.
