On assessing payment system International Money Transfers LEADER

Pursuant to the requirements of Federal Law No. 161-FZ, dated 27 June 2011, ‘On the National Payment System’, the Bank of Russia assessed activity of the socially important payment system International Money Transfers LEADER for the period from 11 June 2014 to 30 June 2015.

The assessment determined the compliance of the payment system International Money Transfers LEADER with the international standard ‘Principles for Financial Market Infrastructures’ (the Principles) worked out by the Committee on Payment and Settlement Systems¹ of the Bank for International Settlements and the International Organisation of Securities Commissions. The standard is set forth in Bank of Russia letter No. 94-T, dated 29 June 2012, ‘On the Committee on Payment and Settlement Systems Document ‘Principles for Financial Market Infrastructures’ and is recommended by the Bank of Russia for compliance by important payment systems.

The payment system International Money Transfers LEADER was assessed for compliance with 13 Principles of the said standard pursuant to the methodology stipulated by Bank of Russia Order No. OD-3118, dated 6 November 2014, ’On the Methodology for Assessing Compliance of the Activity of Systemically Important Payment System Operators, Outsourced Payment Infrastructure Service Operators and Related Systemically Important Payment Systems with Bank of Russia Recommendations’.

The obtained assessment outcomes show high compliance of the payment system International Money Transfers LEADER with the Principles. The payment system International Money Transfers LEADER is established to be in full compliance with 4 Principles (Principles 9, 13, 18, and 22), in general compliance with 7 Principles (Principles 1, 2, 8, 17, 19, 21, and 23), and in partial compliance with 2 Principles (Principles 3 and 15). The assessment did not reveal any instances of incompliance with Principles or non-applicability thereof.

¹ Renamed the Committee on Payments and Market Infrastructures from 1 September 2014.

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