RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of July 15, 2009 No. 30/6

About approval "Rules of implementation of money transfers on money transfer systems in the Kyrgyz Republic"

According to article 43 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", the Board of National Bank of the Kyrgyz Republic decides:

1. Approve Rules of implementation of money transfers on money transfer systems in the Kyrgyz Republic according to appendix to this resolution.

2. Recognize to invalid:

- the resolution of Board No. 12/1 of March 11, 2009, "About provisional regulations "About the remittances in the Kyrgyz Republic made on money transfer systems".

- the resolution Board No. 6/5 of June 10, 2009. "About provisional regulations "About the remittances in the Kyrgyz Republic made on money transfer systems".

3. In accordance with the established procedure to direct to management of payment systems together with Legal department this resolution to state registration in the Ministry of Justice of the Kyrgyz Republic.

4. This resolution becomes effective after state registration in the Ministry of Justice of the Kyrgyz Republic and the subsequent official publication.

5. After publication of the registered regulatory legal act to Legal department to inform the Ministry of Justice of the Kyrgyz Republic on publication source (the name of the edition, its number and date).

6. To management of payment systems to bring this resolution to the attention of structural divisions of National Bank of the Kyrgyz Republic, regional managements, Representative offices of National Bank of the Kyrgyz Republic in Batken Province and commercial banks of the Kyrgyz Republic.

7. To impose control of execution of this resolution on the Vice-chairman of National Bank of the Kyrgyz Republic Chokoyev Z. L.

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of July 15, 2009 No. 30/6

Rules of implementation of money transfers on money transfer systems in the Kyrgyz Republic

1. General provisions

1.1. Rules of implementation of money transfers in the Kyrgyz Republic (further - Rules) determine requirements to banks and operators of money transfer systems when implementing activities for provision of services in money transfers by money transfer systems by them through money transfer systems.

1.2. Money transfer without opening of the bank account (further - remittance) in the territory of the Kyrgyz Republic is made by physical persons, residents and nonresidents of the Kyrgyz Republic in national or foreign currencies through the commercial banks (further - banks) licensed and regulated by National Bank of the Kyrgyz Republic (further - National Bank) with use of specialized money transfer systems (local, international systems) or according to direct correspondence relations of banks (international/cross-border money transfers).

Money on money transfer systems in the Kyrgyz som (national currency of the Kyrgyz Republic) in the Kyrgyz Republic shall be transferred only with use of local money transfer systems.

Money transfer on the international money transfer system in the territory of the Kyrgyz Republic is provided to the receiver in currency of the country sender other than national currency of the Kyrgyz Republic - som.

It is possible to withdraw/cancel money transfer on the international money transfer system from the territory of the Kyrgyz Republic only in currency of the country of the sender or in national currency.

Converting (exchange transaction) of the money transfer which arrived on money transfer system from payment transfer currency in other currency is performed according to the legislation of the Kyrgyz Republic. Converting of money transfer is made by banks of the Kyrgyz Republic only on the rate specified in the information stand of buying rates and sales of foreign currencies (as for exchange of cash), according to the Provision "About Procedure for Carrying Out Exchange Transactions with Cash Foreign Currency in the Kyrgyz Republic" approved by the resolution of Board of National Bank of the Kyrgyz Republic of August 14, 2019 No. 2019-P-12/42-1-(NPA).

1.3. Ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 08.06.2017 No. 2017-P-14/23-15

1.4. Banks of the Kyrgyz Republic make remittances in national currency in the territory of the Kyrgyz Republic in compliance regulatory legal acts of the Kyrgyz Republic and based on rules of local money transfer systems. Operators of local money transfer systems are banks of the Kyrgyz Republic.

1.5. Banks of the Kyrgyz Republic can become participants of the international money transfer systems by signing of the relevant contract with the operator of money transfer system, observance of rules of system and the legislation of the Kyrgyz Republic. Operator of the international money transfer system is the legal entity, resident or the nonresident of the Kyrgyz Republic who is acting on the basis of the allowing documents for implementation of this type of activity issued by authorized body on financial supervision of country of source and registered in National Bank.

Activities of the operator of money transfer system - resident of the Kyrgyz Republic on implementation of money transfers outside the Kyrgyz Republic through own money transfer system shall be performed according to the legislation of that country in which it performs such activities.

1.6. The bank can sign the contract (agency agreement) with non-bank financial credit institutes and the non-bank organizations for provision of services to the population on money transfers through money transfer systems according to regulatory legal acts of the Kyrgyz Republic. At the same time responsibility on obligation fulfillment on money transfers is born by bank.

1.6-1. The National Bank regulates and exercises supervision of participating banks of money transfer systems and operators of money transfer systems according to the legislation of the Kyrgyz Republic.

The National Bank provides interaction with participating banks of money transfer systems and operators of money transfer systems for the purpose of receipt of information on the money transfers performed on money transfer systems and also provides to participants and operators of consultation on money transfers, including concerning counteraction to financing of terrorist activities and to legalization (washing) of the criminal income.

1.7. Everything, the relations of participants of money transfer system which are not fixed by these rules, their responsibility, the rights and obligations are established by the corresponding contracts or agreements.

2. Terms and determinations

2.1. Ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 30.09.2015 No. 59/6

2.2. Ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 30.09.2015 No. 59/6

2.3. Money transfer without opening of the bank account - money transfer, banking activity which is performed by bank by acceptance from physical person of cash in national or foreign currency and further transfer to the specified physical person (receiver) in the Kyrgyz Republic or beyond its limits through money transfer system.

The receiver of money transfer in the territory of the Kyrgyz Republic has at its sole option the right to get money transfer in cash form through cash desk or peripheral devices (ATM/terminal) of bank, including using the identifying carrier of the receiver of money transfer in money transfer system (if it is provided by rules of money transfer system) or in non-cash form by transfer/transfer of money on the bank account specified by the receiver for the bank payment card issued by bank and/or on the identified e-wallet emitted by bank of the Kyrgyz Republic.

The identifying carrier of the receiver of money transfer can be in the form of the one-time map which is not bank payment card and intends only for receipt of money transfer by cash disbursement of money in the amount of money transfer in the cash desks or peripheral devices (ATM/terminal) of all banks connected to this system. Effective period of this card (identifying carrier) shall not exceed 30 days from the moment of sending money transfer. Responsibility for money transfer according to the card (identifying carrier) is born by payment service provider. It is forbidden to perform any other banking activities by means of the identifying carrier.

If rules of money transfer system provide receipt of money transfer by parts, the receiver of money transfer has the right to receive part of money transfer amount in cash form using the identifying carrier, and the balance in cash has the right to direct for transfer to the bank account specified by the receiver for the bank payment card issued by bank and/or on the identified e-wallet emitted by bank of the Kyrgyz Republic.

In case of receipt of money transfer using the identifying carrier via the ATM each transaction of receipt of cash shall not exceed 250 (two hundred fifty) settlement indicators in national currency or its equivalent in country sender currency.

Conditions of use of the identifying carrier of the receiver of money transfer (the requirement for identification, limits, etc.) shall be installed by rules systems, be reflected in bilateral agreements between the participant and the operator of money transfer system and to correspond to the legislation of the Kyrgyz Republic.

Money transfer on money transfer systems is considered final:

1) for the sender - at the time of receipt of confirmation about acceptance to execution of the order on implementation of money transfer;

2) for the receiver - at the time of receipt of cash by him in cash desk or the peripheral device (ATM/terminal) of bank or transfer/transfer of money on the bank account specified by the receiver for the bank payment card issued by bank and/or on the identified e-wallet emitted by bank of the Kyrgyz Republic.

Money transfers without opening of the account between the legal entities, citizens who are engaged in business activity are prohibited.

Other physical person (receiver) can make remittance from the account on bank deposit (deposit) poste restante of physical person in the Kyrgyz Republic or beyond its limits through money transfer systems according to regulatory legal acts of the Kyrgyz Republic provided that this transaction will have personal, non-commercial character.

2.4. The operator of money transfer system (further - the operator) - the legal entity, the resident or the nonresident of the Kyrgyz Republic having the relevant allowing documents of authorized body on financial supervision of country of source (the license, the registration certificate, etc.), registration in National Bank and providing functioning of money transfer system. For development of infrastructure and Items of access to money transfer system the operator signs the contract with participants according to which the operator and participants shall perform the activities for provision of services of money transfer without opening of the bank account according to rules of system and the legislation of the Kyrgyz Republic.

2.5. The sender - the physical person initiating sending money transfer without opening of the bank account by transfer of cash to bank or money from the account on bank deposit (deposit) poste restante of physical person for their sending to advantage of the receiver of money specified by the sender.

2.6. The receiver - the physical person specified by the sender as the receiver of money transfer without opening of the bank account. The sender and the receiver can be the same person.

2.7. Money transfer system - type of payment system on acceptance by the member of payment service provider of money from the population on condition that this money will be paid to the addressee. On money transfer system remittances as within the country (local), and with crossing of frontier of the Kyrgyz Republic are made (international, cross-border). Unique identification number is assigned to each money transfer in system. The system shall provide to participants accounting on each money transfer with identification of senders and receivers of money transfers.

2.8. The participant of money transfer system (further the Participant) - the bank providing services in money transfers to the population in the territory of the Kyrgyz Republic according to regulatory legal acts of the Kyrgyz Republic and the signatory contract with the operator on participation in money transfer system. The participant shall correspond to the criteria of participation in money transfer system established by rules of system.

2.9. The electronic order - the electronic information on money transfer created in money transfer system according to the established formats of system and containing all necessary data on money transfer, the sender and the receiver.

2.10. Package transfer according to recommendations of FATF - the transfer constituted from number of individual money transfers which go to the address of one financial institution (bank) and can be addressed to one or different persons.

3. Requirements to the operator

3.1. The operator (the resident or the nonresident of the Kyrgyz Republic) for rendering services in money transfer systems in the territory of the Kyrgyz Republic shall be registered by National Bank.

Activities of operators of money transfer system in the territory of the Kyrgyz Republic without registration availability in National Bank are forbidden.

3.1-1. For registration passing the operator provides the following authentic documents or their copies certified properly in National Bank:

1) the statement for registration for rendering services in money transfer systems with indication of the following data:

- names of money transfer system;

- names of the operator of money transfer system and country of source;

- data on legal and actual addresses of the operator;

- names of clearing bank of the operator if the operator is not credit institution;

2) the copy of the certificate and/or other document on state/accounting registration of the legal entity equated to it confirming its legal position and country of source;

3) the certificate on registration in tax authority of country of source;

4) the copy of the registration certificate of the operator of money transfer system, the license/certificate and other documents (in case of applicability) confirming the right to implementation of the money transfers issued by the authorized body on financial supervision of country of source which is licensing/regulating the specified activities, or the written confirmation of this body / law company that such permission / confirmation is not required by the legislation of country of source (is not the licensed/regulated type of activity);

5) the rules of system approved by authorized body of money transfer systems;

6) the standard agreement with participants of system, in the presence of those.

If the money transfer system belongs to bank, in National Bank properly verified copy of the license for banking operations issued by the Central (national) Bank of country of source is in addition provided.

3.1-2. The official documents of foreign states provided for registration of money transfer system by the operator - the nonresident, shall be legalized in accordance with the established procedure if other is not provided by the become effective international treaties which participant is the Kyrgyz Republic.

Documents in foreign language shall contain the translation into the state and/or official languages of the Kyrgyz Republic certified properly.

The documents containing more than one leaf shall be numbered polistno, stitched, signed and certified properly.

Upon the demand of National Bank documents shall be provided electronically.

The documents provided in National Bank by operators of money transfer system do not return

3.1-3. In time, not exceeding 15 (fifteen) calendar days from the date of receipt in National Bank from the operator of the statement for registration and documents for registration passing, National Bank makes the decision on registration of this operator of money transfer system or on refusal in registration. The National Bank in writing notifies the operator on the made decision within 3 (three) working days from decision date.

In time considerations of documents time spent by the operator for completion of documents does not enter. If the provided documents do not meet requirements imposed by National Bank, the term of consideration of documents is reckoned from the date of receipt by National Bank of the documents meeting qualifying standards.

The final decision following the results of consideration of documents for registration is made after receipt by National Bank of copies of the application and other documents in paper form if other is not provided by regulatory legal acts of National Bank.

In case of adoption of the positive decision on registration the National Bank assigns to the operator of money transfer system registration number, includes information on him in the register of the operators rendering services in money transfer systems in the territory of the Kyrgyz Republic (further - the register of operators of money transfer systems), and at the scheduled time sends to the operator the written notice of passing of registration with indication of the assigned registration number.

The procedure for maintaining the register of operators of money transfer systems is established by National Bank.

3.1-4. In case of discrepancy of documents for registration to the established requirements and/or by provision of incomplete document package they return to completion.

Documents, additional/modifed taking into account notes, shall be provided in National Bank no more than 10 (ten) working days from the date of receipt by the operator of documents for completion in time. The specified documents can be provided previously electronically, with obligatory dosyl of copies in paper form.

By provision of the documents which are not conforming to requirements of these rules or not in full more than two times, the National Bank has the right to refuse to the operator of money transfer system registration, with the direction at the scheduled time of the adequate written notice with indication of causes of failure.

3.1-5. The operator of money transfer system shall notify in writing National Bank on change of any data specified in case of its registration within 3 (three) working days from the moment of approach of changes.

The National Bank based on provided information in case of need within 3 (three) working days enters the corresponding record in the register of operators of money transfer systems.

3.1-6. The operator of money transfer system at stage of implementation of new services / products / services (enhancement) of system in the territory of the Kyrgyz Republic shall inform previously National Bank and direct the notification with appendix of the detailed information describing developed services/products/services, expected changes / amendments in system and to get permission of National Bank to use of new services / products / services (enhancement) of system in the territory of the Kyrgyz Republic.

3.2. The operator rendering services in money transfer system shall perform activities in the territory of the Kyrgyz Republic according to the legislation of the Kyrgyz Republic, including in the field of the legislation on counteraction to financing of terrorist activities and legalization (washing) of the criminal income.

If the operator is nonresident of the Kyrgyz Republic, in case of the conclusion of contracts on participation in money transfer system with banks of the Kyrgyz Republic banks and the operator shall be guided by requirements of regulatory legal acts of the Kyrgyz Republic in the field of money transfers, and also the legislation on counteraction to financing of terrorist activities and legalization (washing) of the criminal income.

3.2-1. The National Bank cancels registration of operator of money transfer system and enters the corresponding record in the register of operators of money transfer systems in the following cases:

1) in case of response/cancellation at the operator of money transfer system of allowing documents, the license/certificate/registration certificate on the right of implementation of activities of the operator of the money transfer systems issued by the authorized body on financial supervision of country of source which is licensing/regulating the specified activities;

2) in case of giving by the operator of money transfer system of the statement for its exception of the register of operators of money transfer systems in National Bank or other written notice of the termination of implementation of activities of the operator of money transfer system by it in the territory of the Kyrgyz Republic. The operator of the international money transfer system provides the plea of nullity of registration and exception of the register only after making of final settlement with members of payment service provider. The operator of local money transfer system provides the plea of nullity of registration and exception of the register only after making of final settlements in money transfer system taking into account all settlement with receivers/senders of money transfers and participants of system.

The National Bank in writing notifies the operator of money transfer system, commercial banks of the Kyrgyz Republic and other interested persons on registration cancellation, and also posts information on cancellation of registration on the official website.

The operator of money transfer system shall stop rendering services in money transfer systems in the territory of the Kyrgyz Republic no later than day of exception by National Bank it from the corresponding register and placement of information on it on the official website.

3.3. The operator, shall provide availability in system of mechanisms on management of reference books of senders and receivers, check of clients according to the lists of terrorists issued by the international organizations, the national list: terrorists, national list of suspects of participation in terrorism.

3.4. The operator shall undertake necessary measures for reduction of system in" compliance with the general international principles of implementation of money transfers (1), aimed at providing competitiveness, transparency, availability and reliability of the market of money transfers:

1) transparency of the market and consumer protection. The operator shall provide transparency of the provided services in money transfer system, provide to senders and receivers of money transfers opportunity to obtain information on the offered services before use them (including the commissions, speed of implementation of money transfer, the exchange rate, conditions of issue of transfer in the country and Item of obtaining, transfer terms of return, fraud risks, etc.) and to provide adequate consumer protection;

2) infrastructure of payment systems. The operator shall support and encourage the enhancement of infrastructure of payment systems directed to increase in efficiency of services in implementation of money transfers, expansion of Items of access to system by expansion of partner bonds, the organizations of cross-border linkages between national payment systems of the different countries;

3) normative legal framework. The operator shall provide availability in system of the reasonable, predictable, non-discriminatory legal and regulatory base in the conditions of the systems of law corresponding". Regulation of process of implementation of money transfers through system shall be directed, first of all, to prevention of money laundering and financing of terrorism and to provide accomplishment of the requirement "know the client" (2);

4) structure of the market and competition. The operator shall encourage creation of conditions for the market competition, including ensuring access to local infrastructures of payment systems in the field of implementation of money transfers;

5) management and risk management. The operator shall provide availability in system of the corresponding mechanisms on risk management, including financial risks, operational risks and risks of loss of reputation, for increase in efficiency, reliability and safety of system operation.

3.5. The operator, being effective on its own behalf, shall coordinate the activities of participants connected with participation in money transfer system without opening of the bank account and provide information and technological exchange of participants, including without limitation, with the following functions:

1) involvement of new participants in system, registration with them contractual relations;

2) creation and introduction of amendments and/or changes in regulating documents of system;

3) control of accomplishment by participants of requirements of regulating documents of system, including the contracts and agreements signed between participants;

4) development of requirements to technology solutions, including to type and operating procedure of the software, the protocol of data exchange between the operator and participants of system; verification of the technology solutions proposed by participants on compliance to requirements of system;

5) processing (implementation information and technological; interactions between participants, services in collection, processing and mailing of information on the made transactions in money transfers, management of system-wide reference books, restrictions, registers and other system information, and also other accompanying functions);

6) risk management in system, connected with possible exceeding of the amount of the current monetary commitments of participants;

7) implementation of settlement on daily basis.

3.6. The operator shall provide availability in system and in contractual basis of rules and procedures for the dispute resolution (wrong money transfer, return, refusal of money transfer, etc.).

____________________________

(1) Bank for International Settlements. General principles for international remittance services. Consultative report. (January 2007)

(2) Target group on financial measures for anti-money laundering of FATF. Methodology of assessment of conformity to 40+9 Recommendations (FATF)

3.7. The operator, except the operator of local money transfer systems, for the purpose of guarantee of monetary commitments before the member of payment service provider shall provide accomplishment of one of conditions:

1) to place on the correspondent account specified by participating bank the obligatory insurance deposit in the amount covering average daily turnover on all made transactions (in month/quarter/year under approval). The money transfer amounts having for the weekend and holidays also enter calculation of amount of the insurance deposit. The size of the insurance deposit is established monthly.

In case of non-execution or improper execution of obligations by the operator of means of the insurance deposit are used by the participant for satisfaction of requirements for such obligations.

In case of termination of the contract on provision of services of money transfer without opening of the account on initiative of the operator or the participant of means of the insurance deposit also the terms provided by contractual relations return to the operator according to the procedure;

To provide 2) to the participant a day before the next operational day advance payment (advance/security payment) by its placement on the correspondent account specified by participating bank in the amount of daily average amount of the money transfers paid by the participant to receivers. The advance payment amount (advance/security payment) is determined as agreed by the parties on the basis of data in month/quarter/year and established at least once a month. In the operational day preceding days off and holidays, the advance payment amount (advance/security payment) increases by the amount of the daily average amount having for the weekend and holidays.

3.8. When implementing money transfer without opening of the account by means of transfer of money transfer on the bank account specified by the sender and/or bank payment card the operator, except the operator of local money transfer systems, shall perform requirements of Item 3.7 of these rules.

3.9. The operator of money transfer system shall notify in writing National Bank on any changes in rules of work of systems, within 1 (one) working day from the moment of approach of changes.

4. Requirements to the Participant

4.1. The participant shall have developed internal regulations on provision of service in money transfer system without opening of the account and control procedure for ensuring effective and safe work when implementing money transfers without opening of the bank account. These procedures shall conform to requirements of regulatory legal acts of the Kyrgyz Republic and change depending on market situation. For the purpose of safety the participant shall be guided by regulatory legal acts of the Kyrgyz Republic.

4.2. The participant of system which operator is the nonresident of the Kyrgyz Republic before decision making about accession to this money transfer system shall make sure of compliance of rules of system to requirements of regulatory legal acts of the Kyrgyz Republic and compliance of the operator to requirements of these rules.

4.3. The participant when implementing money transfers without opening of the bank account through money transfer system shall observe requirements of policy "know the client", the proper check of the client determining procedure, according to regulatory legal acts of the Kyrgyz Republic.

When conducting proper check the participant applies the simplified or strengthened measures of check of the sender of money transfer, with use risk - the oriented approach, according to requirements of Chapter 3 of the Provision "About Procedure for Conducting Proper Check of the Client" approved by the order of the Government of the Kyrgyz Republic of December 25, 2018 No. 606.

4.4. The participant, providing services in money transfers without opening of the bank account through money transfer systems, shall observe requirements of the legislation of the Kyrgyz Republic for counteraction to financing of terrorist activities and legalization (washing) of the criminal income.

If the one-time amount of sending money transfer is equal or exceeds the sum determined in the Provision "About Procedure for Conducting Proper Check of the Client" approved by the order of the Government of the Kyrgyz Republic of December 25, 2018 No. 606, the participant shall carry out proper inspection of the client by filling of the questionnaire constituted according to the requirements established in the Provision "About Procedure for Conducting Proper Check of the Client".

If the one-time amount of sending money transfer does not exceed the sum determined in the Provision "About Procedure for Conducting Proper Check of the Client" approved by the order of the Government of the Kyrgyz Republic of December 25, 2018 No. 606, the participant shall observe the requirements provided by Chapter 12 of the Provision "About Procedure for Conducting Proper Check of the Client".

4.5. The participant when implementing money transfers through money transfer system shall inform the sender and/or the receiver on rules of money transfer and to provide all necessary documents for implementation or receipt of money transfer, to check identification data of the sender and/or receiver and to check correctness of filling with the sender or receiver of all necessary details.

4.6. The participant shall inform the sender on the following:

1) to the amount and cash currency which will be paid to the receiver as a result of money transfer;

2) to commission amount of the charges of the participant necessary to payment by the sender and/or receiver;

3) about foreign exchange rate of the transferred money and possible restrictions, including currency, in case of sending/receipt of money;

4) time when means on money transfer are available to obtaining;

5) the place where means on money transfer will be available to obtaining;

6) about fraud risks, including prohibition on transfer of the receipt to the copy and informing the third parties on details of money transfer (control number, the receiver's full name, money transfer amount), about conditions of issue of transfer in the country and Item of receipt of transfer, and also the other information necessary for the sender.

4.7. The participant accepts money from the sender and provides sending money transfer according to formats and rules of system of cash: transfers.

4.8. In case of issue to the receiver of the money received through money transfer system, the participant shall make sure of full compliance of details of the electronic order created by money transfer system with data of the identity document of the receiver. In case of discrepancy of details the participant shall inform the receiver on discrepancy of details and refuse to the receiver issue of money.

4.9. The operator and the participant shall record on each transaction on money transfer, according to package files if several transfers are united in one package transfer and to store information on the sender/receiver of the money transfer which initiated/got money transfer in the territory of the Kyrgyz Republic (full name, date and year of birth, the home address, passport data or data of the identity document, INN (in the presence), bank account number in case of sending/receipt of money transfer by non-cash method, number of the identified e-wallet in case of receipt of money transfer by non-cash method), the transfer purpose, transfer amount in figures and copy-book and other information according to requirements of regulatory legal acts of the Kyrgyz Republic for storage of payment documents.

If the participant in money transfer process is not sender and the receiver when implementing transfer (that is performs functions of transit financial institution (bank), it shall provide accomplishment of the following requirements according to recommendations of FATF and the legislation on counteraction to financing of terrorist activities and to legalization (washing) of the criminal income:

1) to provide preserving at itself to all information on the sender and the receiver accompanying cross-border money transfer (full name, date and year of birth, the home address, passport data or data of the identity document, INN (in the presence), bank account number in case of sending/receipt of money transfer by non-cash method, number of the identified e-wallet in case of receipt of money transfer by non-cash method);

2) at least five years to store record of all information accompanying cross-border money transfer obtained from the sending financial institution (the bank/operator of money transfer system);

3) to reveal the cross-border money transfers which are not containing information on the receiver or the sender accompanying money transfer and also to have risk - the oriented procedures for execution/variation/suspension of such transfers.

the paragraph of the sixth ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 18.03.2020 No. 2020-P-14/12-2-(PS).

4.10. The participant shall prevent attempts of carrying out money transfer on transactions of illegal trade, illegal financial transactions, the transactions directed to legalization (washing) of income gained in the criminal way.

The participant shall refuse to the sender sending money transfer and/or to the receiver receipt of money transfer if the sender and/or the receiver is in the Sanctions list of physical persons and legal entities, groups and the organizations concerning which there are data on their participation in terrorist or extremist activities and distribution of weapons of mass destruction or in the List of persons, groups, the organizations concerning which there are data on their participation in legalization (washing) of the criminal income.

4.11. The participant shall quarterly, no later than 5 (fifth) following reporting quarter to provide information on execution of Item 3.7 in National Bank. these rules according to Appendix 2.

Paragraph of ceased to be valid.

5. Requirements to the agreement on participation in money transfer system

5.1. The participant in case of the conclusion of the contract with the operator on participation in money transfer system shall make sure available at the operator of the relevant allowing documents of authorized body of country of source (the license, the registration certificate, the certificate, etc.), and registration of National Bank to the Kyrgyz Republic and to check for compliance to requirements of these rules and regulatory legal acts of the Kyrgyz Republic.

5.2. The participant shall develop and approve package of measures for application of different risk management methods with the operator, including connected with possible excess of the amount of the current monetary commitments of the operator over the amount of the insurance deposit or advance payment (advance/security payment) and to provide distribution of responsibility between the parties in the agreement on participation in money transfer system. In case of establishment of measures for risk control the participant shall carry out assessment of risk level and undertake all necessary measures for protection against risks by provision of service in money transfers without opening of the bank account through money transfer system.

5.3. Collection of any penalties and penalties, and also indemnification is the right, but not obligation, and is implemented by the parties according to the signed agreements.

6. Final provisions

6.1. The participant shall provide in National Bank of the Kyrgyz Republic information on functioning of the used money transfer systems, and also on transactions on money transfer systems according to the forms and terms established in regulatory legal acts of National Bank of the Kyrgyz Republic.

6.2. The participant shall store information and documentation on the performed operations through money transfer systems according to storage durations of the payment documents determined by regulatory legal acts of the Kyrgyz Republic and the legislation on counteraction to financing of terrorist activities and to legalization (washing) of the criminal income.

The participant also shall store information on the performed operations through money transfer systems in the automated bank system.

6.3. In the territory of the Kyrgyz Republic the participant and the operator bear responsibility for non-execution or improper execution of requirements to implementation of activities for money transfers according to the procedure, established by regulatory legal acts of the Kyrgyz Republic.

6.4. Participants of money transfer systems shall exercise control over observance of conditions of the relevant contracts with operators, safety of carrying out transaction and observance of rules on money transfers by senders and Receivers of money transfers.

6.5. The participants providing services in money transfers through money transfer systems shall perform monitoring of transactions on cash to transfers in the parameters set by rules of the corresponding system and also hold events for the termination and/or prevention of wrong and unauthorized transactions.

6.6. The operator at the request of National Bank and/or the participant according to recommendations of FATF shall in time, not exceeding 3 (three) working days from the moment of receipt of request, to provide the detailed information about transaction on required money transfer, about the sender or the receiver of the money transfer which was initiating or got money transfer in the territory of the Kyrgyz Republic (full name, date and year of birth, the home address, passport data or data of the identity document, INN (in the presence), bank account number in case of sending/receipt of money transfer by non-cash method, number of the identified e-wallet in case of receipt of money transfer by non-cash method), the transfer purpose, transfer amount in figures with application of copies of all supporting documents on sending/payment of money transfer (the statement on sending/receipt of money transfer and the cash order).

The operator bears responsibility for actions of the participants and for finality of transfers, since the moment of entering of money into cash desk of participants to legitimacy of its issue to the receiver. 

6.7. The participant and the operator shall monthly, no later than 15 (fifteenth) following month under report to provide in National Bank the information on all to the performed operations through money transfer systems according to Appendix 3. Information shall be submitted within the specified terms in electronic form.

Appendix 1

to Rules of implementation of money transfers on money transfer systems in the Kyrgyz Republic

Voided according to the Resolution of Board of National Bank of the Kyrgyz Republic of 14.10.2016 No. 42/3

 

Appendix 2

to Rules of implementation of money transfers on money transfer systems in the Kyrgyz Republic

Data on execution of Item 3.7. Governed (*)

№

Name of money transfer system

Providing type on Item 3.7.

Agreement number

Signature date of the agreement

Duration of the agreement

Average daily turnover on money transfer system (the amount, currency)

Terms of the contract

Note / Other

Amount of the insurance deposit, currency

Conditions of placement of the insurance deposit

Advance payment (advance/security payment)

amount

currency

% rate

urgency

amount

currency

(*) Data shall be provided on the album sheet A4.

Contractor	________________________________________________________________
	specify full name responsible for preparation of Data, position, department/management, signature
Head of department	________________________________________________________________
	specify full name of the head of department responsible for preparation Data, signature
Vice-chairman	________________________________________________________________
	specify full name of person supervising this block, the signature

Seal of organization, date".

Appendix 3

to Rules of implementation of money transfers on money transfer systems in the Kyrgyz Republic

№*

Name of money transfer system

Transfer type (proceeding/entering)

Date of sending

Currency

Amount

Sending Item (the country from which money transfer goes)

Date of issue

Currency

Amount

Issue Item (the country in which money transfer is issued)

country

city

country

city

(*) sequence number of report line.

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