Laws & Regulations
FAST Limit Being Raised to 2,000 TL
The upper limit for FAST transactions, raised to 1,000 TL on 29 January 2021, was increased to 2,000 TL on 4 August 2021, and payment and e-money institutions began applying to join the system.
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Laws & Regulations
Regulation Amending the Regulation on Program of Compliance with Obligations of Anti-Money Laundering and Combating the Financing of Terrorism Published
The Regulation amending the Regulation on Program of Compliance with Obligations of Anti-Money Laundering and Combating the Financing of Terrorism has been published. It introduces financial group compliance rules, a deputy compliance officer and wider scope.
Payment Systems
What are the QR Code Routing System (KYS) Rules?
The purpose of these rules is to set out the operating rules, participation requirements, and pricing principles of the QR Code Routing System (KYS) established and operated by BKM, as well as other procedures related to KYS's operation.
Payment Systems
What are the 3D Secure Payment Models?
In card payment transactions made via a physical POS device, entering the card's PIN keeps the transaction secure, while in virtual POS transactions, security is provided through the 3D Secure flow. Are 3D Secure payment methods standardized? There are 3 different 3D Secure models.
Payment System Institutions
MASAK General Communiqué on Remote Identity Verification Methods for Customer Identification Published
MASAK General Communiqué No. 19, which sets the procedures and principles for remote identity verification methods used to verify customer identity, was published in the Official Gazette on 30 April 2021.
Cryptocurrency
What Are the Terms Used in the Cryptocurrency World?
Cryptocurrencies are becoming part of everyday life and are expected to compete seriously with card payments. This glossary explains the key crypto terms, from address, altcoin and arbitrage to halving, mining, proof of stake and stop-loss.
Payment Systems
MASAK Report Published on Money Laundering and Terrorist Financing Risks of Non-Financial Obliged Parties Under Law No. 5549
MASAK has published a report on the money laundering and terrorist financing risks of obliged parties that are not financial institutions under Law No. 5549.
Merchant & POS
How Should We Interpret the Regulation on the Non-Use of Crypto Assets in Payments?
The Regulation on the Non-Use of Crypto Assets in Payments, published in the Official Gazette on 16 April and effective from 30 April, looks set to seriously affect cryptocurrency developments in Turkey. Here are its key points and the full text.
E-commerce
What Is Amazon PayCode?
Amazon PayCode is a payment option that lets customers pay for Amazon orders in cash: after checkout they receive a code and pay at a participating Western Union agent location.
Payment Institutions & E-Money
What Is an E-Money Institution? Which Services Can It Provide Under Law No. 6493?
The Law defines e-money as monetary value issued in exchange for funds accepted by the issuer, stored electronically, used for payment transactions and accepted as a payment instrument by persons other than the issuer. This post explains e-money institutions and the services they may provide.
Mobile Payments
Economic Reforms Action Plan Published: How Should We Interpret These Reforms?
New developments emerge every day in payment systems and digital payments. The Economic Reforms Action Plan, published by the Ministry of Treasury and Finance, includes several items of close interest to fintechs, such as TROY, BKM representation, digital banking licensing and CBRT access.
Payment Institutions & E-Money
What Should the Report Format Be for Payment/E-Money Institution License Applications to the Central Bank?
Applications for electronic money and payment institution licenses have risen sharply with technology and digitalization, and obtaining the operating license can be the most tiring part. Here is where to find the application form.