The National Bank is holding public consultations on the draft Regulations for the activities of non-bank payment service providers.
The development of the regulation is due to the need to bring the secondary regulatory framework in line with the amendments made last year to the Law on Payment Services and Electronic Money. The regulation details the capital requirements that non-bank payment service providers must maintain; regulates the procedure for registering branches, workplaces, additional offices and payment agencies in case of filing applications in electronic form; the requirements for the heads of departments and administrators of payment agencies are outlined; describes the requirements for reporting, accounting and storage of information; the process of risk management in internal control systems related to information technology and communications, etc. is presented. As specified in the explanatory note of the National Bank, the draft regulation does not change the legal norms related to the payment of fees for issuing a license / a certified copy of a license / updating a license and issuing a duplicate license. Accordingly, the project does not involve any budget expenditures. It is envisaged that within 6 months after the entry into force of the regulation, non-bank payment service providers who already have a license from the National Bank for activities in the field of providing payment services and / or for issuing electronic money are required to bring their internal procedures in accordance with the new regulatory act. The regulation will enter into force on August 5, 2023, with the exception of the provisions relating to payment initiation and account informing services, which will enter into force on August 5, 2024. Consultations on the project are held until February 10: https://bit.ly/3Jj8n70. //27.01.2023 — InfoMarket.
