The Law of the Republic of Kazakhstan of 26 July, 2016 № 11-VI «Payments and payment systems»

The Law of the Republic of Kazakhstan of 26 July, 2016 № 11-VI
«Payments and payment systems»

Unofficial translation

The order of enforcement see Art.60

The present law regulates the social relations arising in the sphere of organization and functioning of payment systems, regulation of payment systems (oversight), payment service market regulation and supervision, as well as payments and (or) money transfers in the Republic of Kazakhstan.

Chapter 1. GENERAL PROVISIONS

Article 1. Basic definitions used in this Law

In the present law the following basic concepts are used:

1) current account is a bank calculation, discovered by bank or organization, which achieves separate forms of bank operations, on the basis of the agreement of bank calculation;

2) information bank services is service of the supplier of pay services, operating bank calculation client, on the assignment to client or third face on the order and from the agreement of the client of information about the remainders and (or) the motion of money according to its bank calculation, about the payments and (or) the transfers of the money, realized according to this calculation, and other information on the request of client or by agreement, concluded between client and supplier of pay services;

3) the system of money orders is a pay system, through which are achieved the transfers of money with the use of software of an operator of this system, with which by bank or the organization, which achieves separate forms of bank operations, concluded agreement for the realization of payments and (or) of transfers of money;

4) money transfer is a consistent fulfillment of instructions of senders by receiving banks on money transfer, linked with making payment or other goals;

5) a sender is a person, sending instruction, linked with payment and (or) money transfer that may be as well as a remitter, initiator or beneficiary;

6) bank of the sender of money is a bank or the organization, which achieves separate forms of bank operations, the operators of the sender of money;

7) a constant order of the sender of money is commission of the sender of money the jar of the sender of money about the realization of regular payments and (or) of money transfers in favor of one or several beneficiaries from his or her name according to conditions and properties, indicated in this commission;

8) outsourcing is a transfer by the supplier of pay services to the third persons on the basis of the agreement about the compensatory rendering of the services of the performance of the information-technological functions, necessary for guaranteeing the rendering of pay services by the supplier of pay services (agreement about the outsourcing);