The National Bank has approved amendments to the Rules for Money Transfers via Money Transfer Systems. The document introduces new requirements for operators, clarifies the procedure for interacting with the regulator, and expands the grounds for deregistration.

According to the resolution, money transfer system operators are required to provide the National Bank of the Kyrgyz Republic with up-to-date contact information, including an email address.

The regulator notification deadlines have also been changed: working days are now used instead of calendar days. Thus, operators must notify the National Bank at least 15 working days in advance of the planned introduction of new services, products, or other changes to the money transfer system. The same period is established for notification of changes to the system’s operating rules.

The resolution clarifies the grounds for deregistering a money transfer system operator in the following cases:

revocation or annulment of a license or other permits in the operator’s country of origin;

voluntary termination of operations after completion of all settlements with system participants;

absence of operations in Kyrgyzstan for 12 months after registration or cessation of operations for more than one year;

systematic (two or more times within 12 months) violation of the requirements of National Bank regulations;

provision of false information or documents during registration.

After being removed from the register, the operator is obligated to cease providing money transfer services no later than the day of deregistration. Information about this will be published on the official website of the National Bank of the Kyrgyz Republic.

The resolution also updates the reporting procedure. Operators are required to submit information about money transfer system transactions and participants electronically to the National Bank quarterly, no later than the 15th day of the month following the reporting quarter.

The document revokes certain provisions of the current rules and approves a new reporting form for money transfer system operators.