Article 3-1. Purpose, objectives and principles of this Law, the Law on Payments and Payment Systems

Home / RLA / Article 3-1. Purpose, objectives and principles of this Law, the Law on Payments and Payment Systems

1. The purpose of this Law is to regulate 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, control and supervision of it, as well as the implementation of payments and (or) money transfers in the Republic of Kazakhstan.

2. The objectives of this Law are:

1) regulation of the payment services market, the activities of payment service providers and payment system operators related to payments and money transfers, and the provision of payment services;

2) development and establishment of requirements for the activities of payment service providers, payment system operators for participation in the payment services market, for the procedure for interaction of subjects of the payment services market and the provision of payment services;

3) exercising control and supervision over the activities of payment service providers and payment system operators within their competence;

4) assistance in ensuring the stability of the financial system and the economy of the state, organizational and procedural measures aimed at preventing fraud, the legalization (laundering) of proceeds from crime, and the financing of terrorism.

3. Regulation of relations related to the functioning of payment systems, regulation of the payment services market, making payments and money transfers is based on the principles of:

1) legality;

2) ensuring equality of all before the law, respect for the rights and freedoms of subjects of the payment market and protection of the interests of consumers of payment services;

3) ensuring the economic security and independence of the national payment market.

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