Article 15-4. Grounds for refusal to issue a license to operate as a payment organization of the first category of the Law on Payments and Payment Systems

     1. The refusal to issue a license to operate a payment organization of the first category is made on the following grounds:

     1) the submitted documents do not comply with the requirements of the Law of the Republic of Kazakhstan "On Permits and Notifications" and the requirements established by the regulatory legal act of the National Bank of the Republic of Kazakhstan, as well as the provision of incomplete and (or) unreliable information to be reflected in these documents;

     2) non-compliance with the requirements established by Articles 15-1, 15-2, 19 and 19-1 of this Law, and (or) non-compliance with them;

     3) if a payment organization of the first category has not applied for a license to operate as a payment organization of the first category within one year from the date of its state registration (re-registration) with the "Government for Citizens" State Corporation.;

     4) submission by the applicant, in order to obtain a license for the operation of a payment organization of the first category, of documents of a payment organization of the first category that had previously been deprived of the license on the grounds provided for in paragraphs 1), 2), 3), 4), 5) and 6) paragraph 2 of Article 15-5 of this Law, or documents of a payment organization of the second category, previously excluded from the register of payment organizations on the grounds provided for in paragraphs 1), 2), 3), 4), 5), 6), 9) and 11) paragraph 1 of Article 18 of this Law.

     2. In the event of a refusal to issue a license for the operation of a payment organization of the first category on the grounds provided for in subparagraphs 1) and 2) of paragraph 1 of this article, the legal entity shall have the right to resubmit the application and documents for obtaining a license within twenty working days after the date of receipt of the reasoned refusal.

     Upon waiver of the right provided for in part one of this paragraph, as well as upon receipt of a refusal on the grounds provided for in subparagraph 3) According to paragraph 1 of this article, a legal entity, within thirty working days after the date of receipt of the refusal, is obliged to carry out the procedure of re-registration and name change if the words "payment organization" are present in it, or to make a decision on reorganization or liquidation.

     If a legal entity fails to perform the actions specified in parts one and three of this paragraph, it is subject to compulsory reorganization or liquidation in accordance with the procedure established by the laws of the Republic of Kazakhstan.

The Law of the Republic of Kazakhstan dated July 26, 2016 No. 11-VI SAM.

The article was amended and supplemented by the Law of the Republic of Kazakhstan dated July 23, 2026, No. 352-VIII SAM. 

     This Law regulates public relations arising in the field of organization and functioning of payment systems, regulation of payment systems and supervision (oversight) of them, regulation of the payment services market and control over it, as well as the implementation of payments and (or) money transfers in the Republic of Kazakhstan.

President    

Republic of Kazakhstan     

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