As is known, paragraph (1) of Article 14 of the Law on Payment and Securities Settlement Systems, Payment Services and E-Money Institutions (the Law), published in the Official Gazette dated 27/06/2013 and numbered 28690 and entered into force,
provides that payment institutions wishing to operate in the field of payment services under this Law, and, under paragraph (2) of Article 18,
e-money institutions wishing to issue e-money under this Law, may operate only on the condition that they obtain permission from the
Banking Regulation and Supervision Board. The first paragraph of Article 8, titled “Operating Permit”, of the Regulation on Payment Services and
E-Money Issuance and Payment Institutions and E-Money Institutions (the Regulation), prepared pursuant to Provisional Article 1 of the Law and
published in the Official Gazette dated 27/06/2014 and numbered 29043, lists the information and documents to be attached to the application petitions
for operating permit applications to be made to our Agency, in accordance with Articles 14 and 18 of the Law, in order to operate in the field of payment services
or issue e-money in Turkey.
Sub-paragraph (c) of the said paragraph states: “A report prepared as a result of an on-site examination, carried out by an independent audit firm authorized by the Public Oversight, Accounting and Auditing Standards Authority and included in the list of Independent Audit Firms Authorized to Conduct Information Systems Audits in Banks published by the Agency, is attached, covering whether the company's capital has been paid in cash free of any collusion, the amount of the initial capital defined in the first paragraph of Article 23 of the Regulation and whether appropriate service units capable of carrying out the planned activities, units for complaints and objections, and internal control, risk management, accounting, information systems and reporting systems in line with this Regulation have been established, whether an adequate staff has been formed for these units and whether the job descriptions, authorities and responsibilities of the staff have been determined, and whether the necessary measures concerning the continuity of the activities to be carried out and the security and confidentiality of information have been taken.” The same paragraph further provides
that the Agency is authorized to determine the form and scope of the report to be prepared under sub-paragraph (c).
In this context, the reports to be prepared by independent audit firms as a result of the on-site examination under sub-paragraph (c) of the first paragraph of Article 8 of the Regulation and to be submitted to our Agency with operating permit applications
must be prepared in the form and scope set out in the attachment.
Circular on the Report Format to Be Prepared under Article 8 of the Regulation
