BAKU, Azerbaijan, Nov. 5
By Fakhri Vakilov-Trend:
Uzbekistan’s President Shavkat Mirziyoyev signed the law "On Payments and Payment Systems", which will enter into force in three months, Trend reports referring to the “Norma” legal information portal.
The document contains the types of payment services markets, their suppliers and the requirements for them, the procedure for the provision of payment services, including mandatory conditions and the mechanism for concluding an appropriate agreement, restrictions on the activities of payment organizations and features of work through payment agents and subagents.
Sufficient attention in the act is paid to issues of state regulation of payment systems and the payment services market. Most regulatory instruments are concentrated under Central Bank’s responsibility. In particular, the Central Bank:
- Issues licenses to payment system operators and payment organizations and determines the minimum size of their authorized capital and maintains registers of such systems and organizations;
- Carries out supervision and conducts inspections of payment system operators and payment organizations (for specific issues or complex) with duration of not more than 30 days not more than once per year. Based on the results, an act is drawn up, reflecting general information about the activities of the audited entity and identified violations with the application of supporting documents;
- Applies one of following sanctions for non-compliance with the order to eliminate the violation of anti-terrorism legislation, if this negatively affects the uninterrupted operation of the payment system: a fine of up to $115,900; restriction of certain types of payment services and (or) operations for up to six months; suspension of the license for a period of not more than 10 working days.
In addition, the Central Bank controls payment system operators and payment service providers for compliance with the information security regime.
Every year until April 1, they are required to submit a report to the Central Bank and promptly inform about violation of the regime and the measures taken to minimize the consequences. The regulator creates and maintains a database of violations of the information security regime of payment systems.
In the process of monitoring payment systems, the Central Bank generalizes, systematizes and analyzes information about them (with emphasis on significant) and publishes a review of the results of observations at least once a year.
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