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Credit Card
The BRSA has restricted the number of installments on credit card transactions depending on the sector, aiming to keep household spending from exceeding income. This post covers the new installment limits for furniture, white goods, TVs, gold, vehicle loans and the higher risk weights.
Credit Card
If you miss the minimum payment three times in a calendar year, your card is closed to cash use; if you miss it three times in a row, it is closed to both cash use and purchases until the full debt is paid.
Payment Systems
Under the regulation published on 25 September 2020 in Official Gazette No. 31255, institutions that sign merchant agreements must now be able to track transactions at the sub-merchant level.
Payment Systems
A draft communiqué has been published setting out the procedures and principles for remote identity verification methods that banks can use for new customer acquisition and customer identity verification.
Payment Institutions & E-Money
Under the Law on Payment Services and Electronic Money Institutions, the organs, duties and powers, and working principles of the Payment and Electronic Money Institutions Association of Turkey have been determined. The statute is now in force.
Credit Card
To ease payments during post-coronavirus normalization and support domestic tourism, the BRSA raised the credit card installment limit for domestic airline, travel agency and accommodation spending from 12 to 18 months.
Laws & Regulations
Law No. 7192 amends certain articles of Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions. Announced on 22 November 2019, it entered into force on 01.01.2020.
Payment Institutions & E-Money
The duties of the Payment Systems and Financial Technologies Department, set up within the CBRT Head Office, have been defined, along with the directorates it consists of.
Credit Card
AMLD5 is the European Union's Fifth Anti-Money Laundering Directive. It updates the Fourth Directive to stop the financial sector being used for terrorist financing and money laundering.
Open Banking
The European Banking Authority (EBA) is an EU regulatory body headquartered in Paris. It runs stress tests on European banks to increase transparency and identify weaknesses in their capital structures. It was established on 1 January 2011.
Payment Institutions & E-Money
The Central Bank (CBRT) approved the Crowdfunding System Activity of the Central Registry Agency (MKK) as one of its other activities. Here is the Official Gazette decision and what Article 17 of the regulation says.
Credit Card
The BRSA reduced the maximum number of credit card installments for foreign spending on airlines, travel agencies and accommodation from 6 months to 3 months.