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Laws & Regulations
The purpose of this regulation is to set the procedures and principles for overseeing payment and securities settlement systems, including information requests, information systems, self-assessment and independent audits.
Laws & Regulations
Payment systems are the instruments, processes and rules that enable the transfer of funds or securities between participants. This post explains the conditions a structure must meet to qualify as a payment system and the Turkish regulations that govern them.
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.
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.
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.
Payment Systems
As part of the first-phase work of the Digital Turkish Lira Project led by the Central Bank of the Republic of Turkey (CBRT), the first payments on the Digital Turkish Lira Network were successfully carried out. The CBRT will continue its closed-loop pilot tests in the first quarter of 2023.
Payment Institutions & E-Money
Under Law No. 6493, payment institutions and e-money institutions may operate only with BRSA permission. This post explains the BRSA circular on the format of the independent audit report required with operating permit applications under Article 8 of the Regulation, and where to find it.
Payment Systems
Takasbank (Istanbul Settlement and Custody Bank) exists to increase the competitiveness of Turkey's markets by providing clearing and custody services, financial services, and other economic activities under the relevant legislation.
Laws & Regulations
It is data published by the BRSA, compiled from information periodically collected through the BRSA Data Transfer System (BVTS) from banks and other institutions under its supervision.
Laws & Regulations
No. Bitcoin is not issued by any public or private institution and has no guaranteed backing, so it is not considered electronic money under Law No. 6493 and cannot be supervised under that Law.
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.