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Payment Systems
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.
Payment Systems
This MASAK General Communiqué sets out the simplified customer due diligence measures that obliged parties must follow under the regulation on preventing money laundering and terrorist financing.
Laws & Regulations
This guide sets out the procedures and principles for reporting suspicious transactions for obliged parties other than the groups individually listed in the AML regulation, such as banks and insurers.
Payment System Institutions
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.
Payment Institutions & E-Money
On 7 October 2023, the CBRT amended the Communiqué on Information Systems of Payment and E-Money Institutions and Data Sharing Services of Payment Service Providers, first published on 1 December 2021. Links to the new text, a comparison table and a detailed summary of changes follow.
Laws & Regulations
Law No. 5549 introduced legal rules to prevent money laundering and terrorist financing, defined obligations, and expanded MASAK's remit to cover the fight against terrorist financing as well as money laundering.
Prepaid Cards
Prepaid cards are among the most popular cards right now, and their use keeps growing. A prepaid card is not linked to a bank account, has no credit limit like a credit card, and can be used up to the amount loaded onto it.
Payment Systems
Official Gazette No. 32332 dated 07.10.2023 published the amending Regulation and Communiqué covering digital wallets, e-money, share transfers, cloud outsourcing, remote identity verification and card system choice.
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.
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.
Laws & Regulations
A payment institution is a legal entity that provides payment services for electronic payments through the infrastructure it offers. This article covers the Turkish regulatory framework, licensing, safeguarding, supervision, penalties and taxation.
Payment Institutions & E-Money
A payment institution is a legal entity authorized under the Law to provide and execute payment services. It must be a joint stock company meeting the conditions in Article 14 of Law No. 6493. This post sets out the services listed in Article 12 and the exclusions.