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Laws & Regulations
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 Institutions & E-Money
No. When applying, you must document that the company has 1 million TL of paid-in capital, paid in cash and free of collusion. The collateral is deposited with the CBRT only if the Board grants the license.
Payment Systems
The CBRT reset the minimum equity amounts for payment and e-money institutions: 10 million TL for bill payment institutions, 20 million TL for other payment institutions and 55 million TL for e-money institutions.
Merchant & POS
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.
Payment Systems
With the CBRT's regulation on payment services, electronic money issuance and payment service providers, the minimum equity amounts for bill payment, payment and electronic money institutions were raised.
Laws & Regulations
In Türkiye, collecting payments requires a payment institution license and issuing e-money requires an e-money institution license. Article 28 of Law No. 6493 sets prison terms and fines for operating without one.
Merchant & POS
The Secure Mobile Payment System is a system permitted by the Ministry, operated under the Revenue Administration (GIB) Communiqué, for sales, payment and collection transactions and the electronic creation, transmission and retention of the related financial documents.
Laws & Regulations
No. Law No. 6493 sets no minimum number of shareholders, so under Turkish Commercial Code No. 6102 a payment or electronic money institution can be set up with a single shareholder.
Laws & Regulations
Yes. A payment or electronic money institution may outsource its information systems, provided it complies with Articles 11 and 16 of the Information Systems Communiqué and Article 13 of the Regulation.
Laws & Regulations
The information and documents required in license applications to provide payment services or issue electronic money in Türkiye are listed in the first and second paragraphs of Article 8 of the Regulation.
Payment Systems
With its announcement of 30/11/2023, the Revenue Administration published a draft Tax Procedure Law General Communiqué to complete the replacement of old-generation payment recorder devices (EN OKC) with new-generation ones (YN OKC), reduce cash use and increase card payment options.
Laws & Regulations
The Law lists services for intermediating bill payments as a payment service, but it uses no terms such as “bill payment center”. These services can be provided by licensed payment institutions and electronic money institutions.