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Laws & Regulations
Payment and electronic money institutions must set up internal control and risk management units, each with at least one dedicated employee. The same person cannot carry out both functions.
Merchant & POS
Mail order transactions are preferred by cardholders because they only block the card limit by the installment amount, creating a sales opportunity for merchants. But is the remaining balance guaranteed?
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 Institutions & E-Money
No. As of the license application date, the internal control and risk management units must already be set up, with their staff, job descriptions, powers and responsibilities defined.
Credit Card
KKB was established, under banking law, to enable the exchange of all kinds of information and documents among at least five banks, and it also shares credit information about customers. The Credit Bureau of Turkey also serves deposit banks, participation banks, financial institutions, and more.
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 Systems
One of the most notable recent developments in card payments is that contactless limits are no longer fixed and can be managed dynamically per customer. Mastercard and Visa are taking different but complementary approaches, and ISO 8583 may need to evolve with them.
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 Systems
Every payment transaction completes in seconds, yet dozens of controls run behind the scenes. This post covers the precautions for authorization and clearing, the critical role of reversals, and the financial loss scenarios most often seen in the field.
Fraud
In payment systems, fraud means using someone else's credit or debit card to carry out a transaction at a merchant or ATM, gaining unfair profit and causing loss to the real cardholder, the merchant, or the bank. Fraudsters…
Payment Systems
Contactless payment has greatly improved the user experience, yet its fixed transaction limit is a common complaint. Can this limit be managed dynamically per customer? This post covers the current situation, technical and regulatory requirements and the outlook.
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.