RegAlertRule · CBRT · 1 Dec 2021
Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers
Payment institutions and electronic money institutions must not charge interest or benefits on payment accounts or e-money, must issue e-money without delay up to funds received, and must redeem e-money by the end of the next business day after request. They must offer account and infrastructure services to other payment service providers on similar terms, decide within one month, and cannot direct customers to controlled providers. Merchants cannot hold more than one merchant code.
1 December 2021 WEDNESDAY Official Gazette Issue : 31676
REGULATION
REGULATION ON PAYMENT SERVICES AND ELECTRONIC MONEY ISSUANCE AND PAYMENT SERVICE PROVIDERS
PART ONE
Purpose, Scope, Basis and Definitions
Purpose and scope
ARTICLE 1 – (1) The purpose of this Regulation is to regulate the procedures and principles regarding the authorization and activities of payment institutions and electronic money institutions, the provision of payment services to payment service providers, and the issuance of electronic money.
Basis
ARTICLE 2 – (1) This Regulation has been prepared based on Articles 12, 14, 14/A, 18, 19, 20, 21, 22, 23, 24, 25 and 26 of the Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions dated 20/6/2013 and numbered 6493.
Definitions
ARTICLE 3 – (1) In this Regulation;
a) Explicit consent: The explicit consent defined in subparagraph (a) of the first paragraph of Article 3 of the Personal Data Protection Law dated 24/3/2016 and numbered 6698,
b) Recipient: The real or legal person to whom the funds subject to the payment transaction are intended to reach,
c) Anonymous prepaid instrument: The prepaid instrument that is not linked to a payment account in any way and for which identity detection or verification has not been performed, (Added phrase:OG-7/10/2023-32332) remaining within the monetary limits specified in the first paragraph of Article 2.2.9 and the first paragraph of Article 2.2.11 of the General Communiqué of the Financial Crimes Investigation Board (Sequence No: 5) published in the Official Gazette dated 9/4/2008 and numbered 26842, that can be used by making a prior payment or loading, that can be issued with or without the possibility of reloading, and that allows use up to the loaded balance,
ç) Bank: Türkiye Cumhuriyet Merkez Bankası Anonim Şirketi,
d) Bank Payment Systems: Payment systems operated by the Bank,
e) Initial capital: The amount calculated by deducting the net period loss and accumulated losses, if any, from the sum of paid-in capital, share issuance premiums, reserves, retained earnings and net period profit,
f) Association: Türkiye Ödeme ve Elektronik Para Kuruluşları Birliği,
g) Framework contract: The contract between the payment service provider and the customer that sets out the procedures and principles regarding the execution of single or continuous payment transactions and, where possible, the opening of a payment account,
ğ) Direct debit: The payment service in which the payment transaction is initiated by the recipient and the payer's payment account is debited based on the consent given by the payer to their own payment service provider, to the recipient or to the recipient's payment service provider,
h) Electronic communication service: The services defined in subparagraph (j) of the first paragraph of Article 3 of the Electronic Communications Law dated 5/11/2008 and numbered 5809,
ı) Electronic communication operator: The company defined in subparagraph (z) of the first paragraph of Article 3 of Law No. 5809,
i) Electronic money: The monetary value issued in exchange for funds accepted by the electronic money issuing institution, stored electronically, used to perform the payment transactions defined in the Law, and accepted as a payment instrument by real and legal persons other than the electronic money issuing institution,
j) Electronic money issuing institution: Electronic money institutions, banks within the scope of the Banking Law dated 19/10/2005 and numbered 5411, and Posta ve Telgraf Teşkilatı Anonim Şirketi,
k) Electronic money institution: The legal person authorized to issue electronic money within the scope of the Law,
l) Bill payment: Payments made in return for services provided to meet needs such as electricity, communication, water, natural gas, and other payments deemed appropriate by the Bank,
m) Fund: Banknote, coin, book money or electronic money,
n) Conversion into fund: The conversion of electronic money into banknote, coin, book money or electronic money issued by another institution as a result of the use or redemption of electronic money,
o) Payer: The real or legal person who gives a payment order from their own payment account or without having a payment account,
ö) Sensitive customer data: Personal data and customer security information used in giving the payment order or verifying the identity of the customer and which, if obtained or altered by third parties, may enable fraud or fake transactions on behalf of the customer,
p) Trust Mark: The electronic mark given to the service provider and intermediary service provider that complies with the minimum security and service quality standards stipulated in the Communiqué on Trust Mark in Electronic Commerce published in the Official Gazette dated 6/6/2017 and numbered 30088,
r) Account information service: The service defined in subparagraph (g) of the first paragraph of Article 12 of the Law,
s) Executive duty: Duties directed at the execution of directly income-generating activities,
ş) Business: The real or legal person who agrees to sell goods and services with a payment method within the scope of payment services, within the framework of the contract concluded with the payment service provider,
t) Permanent data storage device: Any kind of tool or medium such as short message, electronic mail, internet, CD, DVD, memory card and similar that enables the information sent by the customer or sent to the customer to be recorded in a way that allows the customer to examine it for a reasonable period of time in accordance with its purpose and to be copied without modification, and that allows access to this information exactly,
u) Law: The Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions dated 20/6/2013 and numbered 6493,
ü) Card-based payment instrument: The technological device such as card, mobile phone, computer used as a payment instrument that contains the payment applications necessary to enable the payer to initiate a card-based payment transaction,
v) Card-based payment transaction: Services provided in accordance with the infrastructures and business rules of card system organizations defined in the Bank Cards and Credit Cards Law No. 5464 dated 23/2/2006, for the execution of a payment transaction through a card, information technology or electronic communication device or software, and as a result of which a bank card, credit card or prepaid instrument transaction is carried out,
y) Value-added services: Services that are not within the scope of payment services under the Law, but that facilitate, secure or increase the efficiency of the administrative and operational processes of legal persons and merchants, such as commercial receivable and payable management, accounting, invoicing, product, inventory and supply management,
such as,
z) Identity identifier: The combination of numbers, letters or symbols assigned to the customer by the payment service provider for the purpose of identifying the customer's identity and distinguishing them from other users,
aa) Personal data: The personal data defined in subparagraph (d) of the first paragraph of Article 3 of Law No. 6698,
bb) Control: The direct or indirect ownership of the majority of the capital of a legal person, without seeking the condition of owning at least fifty-one percent, or, even without owning such majority, the holding of privileged shares or the exercise of control over the majority of voting rights based on agreements made with other shareholders, or the holding of the power to appoint or dismiss the majority of the members of the board of directors required for a decision, in any manner,
cc) Institution: Payment institutions and electronic money institutions,
çç) Customer: The payment service user and the electronic money user,
dd) Customer security credentials: Personalized information given to the customer by the payment service provider or determined by the customer and agreed upon with the payment service provider for the purpose of performing authentication,
ee) Qualified shareholder: A real or legal person holding shares constituting directly or indirectly ten percent or more of the capital or voting rights of institutions, and shares that, even if below this ratio, grant the privilege to designate members to the boards of directors,
ff) Payment instrument: A card, mobile phone, password and similar personalized instrument determined between the payment service provider and its customer and used by the customer to give a payment order,
gg) Issuance of payment instrument: The payment service provided by the payment service provider to the payer for initiating and processing payment transactions by providing a payment instrument,
ğğ) Acceptance of payment instrument: Services offered by the payment service provider, including an agreement with the merchant, resulting in the transfer of funds to the merchant for the realization of the relevant payment transaction using a payment instrument,
hh) Payment order: The instruction given by the customer to the payment service provider for the purpose of executing a payment transaction,
ıı) Payment order initiation service: The service defined in subparagraph (f) of the first paragraph of Article 12 of the Law,
ii) Payment account: An account opened in the name of the customer and used in the execution of a payment transaction,
jj) Institution where the payment account is held: The payment service provider with which the payment account is held,
kk) Payment service: the services accepted as a payment service within the framework of Article 12 of the Law,
ll) Payment service user: the natural or legal person benefiting from a specific payment service in the capacity of payer, payee or both,
mm) Payment service provider: banks within the scope of Law No. 5411, electronic money institutions, payment institutions and the Post and Telegraph Organization Corporation,
nn) Payment transaction: the fund depositing, transferring or withdrawal activity carried out upon the instruction of the payer or payee,
oo) Payment institution: the legal person authorized within the scope of the Law to provide and execute payment services,
öö) Prepaid instrument: the payment instrument issued by the payment service provider, in which the customer pays funds usable for payments to the issuer of the payment instrument before spending, and which is equivalent to the amount paid
paragraph: and enables the use of funds in payment services, whether physical or having no physical existence,
pp) Reference exchange rate: the exchange rate applied by the payment service provider or obtained from a public source and used in transactions made in foreign currency,
rr) Competition-sensitive data: any quantitative data that can be associated with price, such as fees, commissions and interest,
ss) Branch: the body of the institution constituting an integral part thereof and performing all or part of its activities independently (Amended wording:RG-7/10/2023-32332),
şş) Amount of electronic money in circulation: the total amount of electronic money issued by the electronic money institution against funds received by the electronic money institution, its branches, representatives, unmanned service points or a third-party service provider acting on behalf of the electronic money institution, which has not been converted into funds by 15.00 on full business days and by 11.00 on half business days on the business day following the day of issuance,
tt) Representative: the natural or legal person acting on behalf and for the account of the institution,
uu) Consumer: the person defined in subparagraph (k) of the first paragraph of Article 3 of the Consumer Protection Law No. 6502 dated 7/11/2013,
üü) Remote communication tool: any tool or medium enabling the conclusion of contracts without physical face-to-face contact, such as letters, catalogues, telephone, fax, e-mail messages, internet, short message services,
vv) Senior management: the members of the board of directors of the institution, the general manager and deputy general managers, the heads of the internal control and risk management units, and the managers of units other than advisory units who, even if employed under other titles, hold positions equivalent to or higher than that of a deputy general manager in terms of their authority and duties,
yy) Widespread store network: legal persons carrying out retail sales throughout Türkiye under a certain brand name,
zz) (Addition:RG-7/10/2023-32332) Digital wallet: the payment instrument offered as an electronic device, online service or application, where information regarding the payment account or payment instrument identified by the customer is stored, and which enables the customer to carry out a payment transaction by using the information regarding the payment account or payment instrument identified by them,
aaa) (Addition:RG-7/10/2023-32332) Card system institution: the institutions defined in subparagraph (f) of the first paragraph of Article 3 of Law No. 5464,
bbb) (Addition:RG-7/10/2023-32332) Qualified services: services that do not fall within the scope of payment services under the Law but facilitate, secure or enhance the effectiveness of payment services provided by supporting the financial situation and financial awareness of natural persons, such as individual budget management, bill management, account verification and reminders regarding payments,
paragraph: mean.
SECOND PART Payment Services and Electronic Money
FIRST SECTION Payment Services
Payment service
ARTICLE 4 – (1) Without prejudice to the second paragraph of Article 12 of the Law, payment services under this Regulation consist of the following services: (1)
a) All transactions necessary for the operation of a payment account, including services enabling the deposit of funds into and the withdrawal of funds from a payment account.
b) Money transfer, including direct debit transactions, payment transactions made with a payment card or a similar instrument, and standing payment orders, involving the transfer of funds held in a payment account of the payment service user at the payment service provider, including one-off
paragraph: transactions.
c) Issuance or acceptance of a payment instrument.
ç) Remittance of funds.
d) A payment transaction where the approval for the execution of the payment transaction is given by the payer through an information or electronic communication device and the payment is made to the payee by an information or electronic communication operator acting solely as an intermediary between the payment service user and the supplier of goods or services.
e) Services for intermediating bill payments.
f) The payment initiation service provided in relation to a payment account held at another payment service provider at the request of the payment service user.
g) The service of presenting consolidated information relating to one or more payment accounts held by the payment service user at payment service providers on online platforms, subject to obtaining the consent of the payment service user.
ğ) Other transactions and services reaching the level determined by the Bank in terms of total size or scope of activity in the payments field.
(2) The payment services listed in the first paragraph are carried out by the Bank, banks within the scope of Law No. 5411, institutions established in Türkiye licensed by the Bank, and the Post and Telegraph Organization Corporation within the framework of the powers granted in the Postal Services Law No. 6475 dated 9/5/2013.
(3) The institution may not charge interest on the payment account it holds pursuant to the third paragraph of Article 14 of the Law, nor may it grant any benefit to the payment account holder linked to the period or amount. A payment institution may not issue a payment instrument linked to a payment account to be used as a payment method for the purchase of goods or services at a place of business.
(4) The institution may not make any service falling within the scope of the Law available for the customer's use without the customer's approval and request, without prejudice to the framework contract conditions. If the customer ceases to use any service, the provision of the service is stopped by the institution immediately fulfilling the customer's request, and the same service may not be made available again without the customer's approval or request. (Additional sentences: RG-7/10/2023-32332) In the event that the Bank decides that this is necessary for the development of the payments area, the requirement to obtain the customer's approval and request for the provision of additional payment services determined by the Bank shall not apply, provided that a framework contract already exists between the customer and the institution providing payment services to the customer in relation to another payment service. Before the additional payment service begins to be provided within this scope, the necessary information is provided within the scope of the first and second paragraphs of Article 44, and if the customer indicates that the additional payment service is not desired, the additional payment service is not provided.
(5) The services listed in subparagraph (d) of the first paragraph are performed by the institution which is controlled by and represents the information and communication or electronic communications operator acting as an intermediary. The obligations of the electronic communications operator arising from other regulations are reserved. If the conditions set forth in this paragraph are met for one of more than one electronic communications operator belonging to the same group, the institution may also provide the services listed in subparagraph (d) of the first paragraph for the other electronic communications operators belonging to the same group.
(6) The use of amounts paid by prepaid subscribers of the electronic communications operator for electronic communications services for the purchase of goods or services other than electronic communications services, or in payment services, is deemed a payment service within the scope of subparagraph (d) of the first paragraph. It is essential that this payment service is carried out in accordance with the fifth paragraph.
(7) The electronic communications operator may provide the services listed in subparagraph (d) of the first paragraph to its minor prepaid or postpaid users, provided that approval for these transactions to be carried out has been given by the legal representative of the minor. Subscribers who enter into a contract to receive electronic communications services may declare, at the time of entering into the contract or later, in writing or by calling the call center, that the user of the line is a minor, and may always change this declaration in writing. In cases where the subscriber who enters into a contract to receive electronic communications services does not declare, at the time of entering into the contract or later, that the user of the line is a person other than themselves and is a minor, for the purposes of the application of the provisions of this Regulation, it shall be deemed that the user of the line is the subscriber and is an adult.
(8) It is essential that the electronic communication services offered within the scope of a subscription contract concluded between the electronic communication operator and its prepaid or invoiced subscribers be made available for use in a manner closed to the services listed in paragraph one, subparagraph (d). The relevant electronic communication service may be opened to the services listed in paragraph one, subparagraph (d), in accordance with the obligation specified in paragraph nine of this article, with the explicit request and approval to be obtained from the subscriber.
(9) The electronic communication operator is obliged to ensure that prepaid or invoiced subscribers can make requests to have their lines opened to or closed to the services listed in paragraph one, subparagraph (d), through the call center and including written application, free of charge and by a simple method, and if possible, to enable the relevant request to be carried out in a near-instantaneous time, and to obtain and record the customer's approval regarding the said request.
(10) It is essential that the electronic communication operator fulfills the obligations set forth in paragraphs seven, eight and nine directly itself. The electronic communication operator may also fulfill these responsibilities through an organization whose control it holds and of which it is the representative, provided that approval is obtained from the Information and Communication Technologies Authority.
(11) In the execution of the services for intermediating invoice payments listed in paragraph one, subparagraph (e), it is mandatory for the organization to conclude a contract with the institutions generating the invoices regarding the collection of payments on their behalf.
(12) In the event that the organization receives external services from another payment service provider that has concluded a contract with the institutions generating the invoices regarding the collection of payments on their behalf, in relation to the execution of the services for intermediating invoice payments listed in paragraph one, subparagraph (e), paragraph eleven shall not apply. The payment service provider that has concluded a contract with the institutions generating the invoices regarding the collection of payments on their behalf is not required to separately obtain the approval of the institution generating the invoice for the business model to be established under this paragraph, provided that the necessary provision is included in the contract.
(13) In cases where the fund related to the payment service is paid to the organization by credit card, when this fund is requested to be withdrawn, it can only be withdrawn by being transferred to the same credit card account. In cases where the fund related to the payment services is paid within the scope of paragraph one, subparagraph (d), by being reflected on the invoice issued by the information technology or electronic communication operator, when this fund is requested to be withdrawn, it can only be withdrawn by being reflected on the invoice. In cases where the credit card or the line has been cancelled before the refund, the refund of the fund may also be made to a payment account opened in the name of the person who deposited the fund.
(14) Business models related to payment instruments designed to be valid at all business premises added to the places where the payment instrument can be used within the scope of the contract concluded with the institution issuing the payment instrument are not considered as transactions made in a limited network of service providers within the scope of Article 12, paragraph two, subparagraph (h) of the Law.
(15) The tracking accounts kept by the organization regarding the funds owned by the payment service providers and their representatives with which it cooperates, including those resident abroad, in relation to the services it offers within the scope of paragraph one, subparagraph (ç), are not considered as payment accounts within the scope of Article 3, paragraph one, subparagraph (ii), provided that these accounts are used only for the purpose of carrying out transactions to be realized within the framework of paragraph one, subparagraph (ç). The provisions of this paragraph shall also apply to the tracking accounts kept regarding the funds owned by the payment service providers and representatives with which cooperation is made, including those resident abroad, in relation to the services offered within the scope of paragraph one, subparagraph (e).
(16) (Added:OG-7/10/2023-32332) In order for a payment transaction to be considered as a payment initiation service, the party initiating the payment transaction must also be using a payment service provider other than the payment service provider with which its own payment account, where the payment transaction will be carried out, is held, in order to give the payment order. In payment transactions initiated by the sender through the recipient, in cases where the sender does not use a payment service provider other than the payment service provider with which its own payment account, where the fund transfer related to the payment transaction will be realized, is held, in order to give the payment order, these transactions are not accepted as a payment initiation service. Payment transactions realized solely through the storage of a payment instrument issued by another payment service provider for the purpose of loading funds to the payment account with the payment service provider providing the service and to the payment instrument issued by this payment service provider are not accepted as a payment initiation service.
Digital wallet service
ARTICLE 4/A- (Added:OG-7/10/2023-32332)
(1) Digital wallet service may be offered by payment service providers. Electronic devices, online services or applications in which only the payment account with the payment service provider providing the service and the payment instrument issued by this payment service provider can be defined and stored are not accepted as a digital wallet service.
(2) The organization providing digital wallet service must be authorized to operate within the scope of paragraph one, subparagraph (c) of Article 4, at a minimum limited to the issuance of payment instruments.
(3) Depending on the services offered to the customer using the digital wallet, the institution must also be authorized to operate within the scope of the relevant subparagraphs of the first paragraph of Article 4, in addition to the second paragraph.
(4) In the event that the digital wallet is used as a payment instrument at merchants and in such transactions the funds related to the payment transaction are transferred through the institution providing digital wallet services, the institution must be authorized to issue electronic money in accordance with the second paragraph of Article 18 of the Law. The transfer of the funds related to the payment transaction through the institution providing digital wallet services, because the institution providing digital wallet services provides the necessary payment services to the merchant for the direct use of the payment account or payment instrument defined in the digital wallet in the payment transaction to be carried out at the merchant, is not considered within the scope of this paragraph.
(5) In the event that the digital wallet is valid in such a way that the payment account at another payment service provider defined in the digital wallet or the payment instrument issued by another payment service provider is directly used in the payment transaction to be carried out at merchants, the institution must be authorized in accordance with subparagraph (f) of the first paragraph of Article 4.
(6) Services that store sensitive customer data on behalf of the merchant or payment service provider within the limits permitted by legislation, that are not directly a party to any legal transaction with the customer in any way, that do not create the impression before the customer that the payment transaction is carried out through the legal entity performing the storage, that at no point in the payment transaction is the legal entity performing the storage the owner of the funds subject to the payment transaction, and for which the rights and obligations related to the activity carried out are clearly determined in the contract made between the parties, are not considered as digital wallet services within the scope of this Regulation. Persons who store sensitive customer data on behalf of the merchant or payment service provider within the limits permitted by legislation within the scope of this paragraph cannot alone be the visible face of this service towards the customer.
(7) In the application of this article, the provisions of the second paragraph of Article 12 and the fifth paragraph of Article 18 of the Law, and the provisions of the seventh paragraph of Article 5 of this Regulation are reserved.
SECOND PART Electronic Money
Issuance of electronic money
ARTICLE 5 – (1) The institution issuing electronic money shall issue electronic money without delay up to the amount of funds it receives. Without prejudice to the seventh paragraph of Article 18, funds given to the agent of the electronic money institution for the purpose of obtaining electronic money shall be deemed to have been given to the electronic money institution.
(2) In the application of this Regulation, electronic money shall be deemed to have been issued at the moment the payment is made for the purpose of obtaining electronic money.
(3) The institution issuing electronic money must provide the customer with a receipt showing the amount of funds received in return for electronic money, on paper or in electronic form. The minimum elements that the receipt must contain are determined by the Authority and announced to the institutions.
(4) Interest cannot be accrued on funds received in return for electronic money, and no benefit depending on the duration and amount for which the electronic money is held can be provided to the customer.
(5) Except for anonymous prepaid instruments, when first issuing prepaid instruments to minors and opening electronic money accounts, it is necessary to obtain the approval of the legal representative of the minor, to record the approval obtained, and to establish the necessary procedures for these.
(6) Except for anonymous prepaid instruments, it is necessary to develop applications that will ensure that expenditures made with prepaid instruments provided to minors by the institution are monitored by the legal representative whose approval was obtained during the first issuance of the prepaid instrument and the first opening of electronic money accounts, and to make them available upon request by these persons.
(7) In order for prepaid instruments that can only be used in a specific service network to be considered outside the scope of the Law in accordance with the fifth paragraph of Article 18 of the Law, they must be usable only for purchases to be made from a specific store or store network. Prepaid instruments designed to be valid at all merchants added among the places where the prepaid instrument can be used within the scope of the contract made with the institution issuing the prepaid instrument, or issued to be compatible with card system organizations defined in Law No. 5464, are not considered outside the scope of the Law in accordance with the fifth paragraph of Article 18 of the Law.
(8) Without prejudice to the provisions of the seventh paragraph and the fifth paragraph of Article 18 of the Law, in the event that the payment instrument is used as a payment method at merchants and in such transactions the amount related to the payment transaction is transferred through the institution issuing the payment instrument, the institution issuing the payment instrument must be authorized to issue electronic money in accordance with the second paragraph of Article 18 of the Law.
(9) Intangible assets that are issued solely as a one-to-one fiat money equivalent, created virtually and distributed over digital networks, are considered electronic money, without prejudice to the provisions of the fifth paragraph of Article 18 of the Law, in the event that they are issued in return for funds accepted by the issuing institution, stored electronically, used to perform payment transactions defined in the Law, and accepted as a payment instrument by real and legal persons other than the issuing institution. How the secondary regulations issued under the Law will be applied to intangible assets to be considered as electronic money within the scope of this paragraph and other procedures and principles needed regarding such electronic money shall be determined by a Regulation to be issued by the Bank.
Redemption of electronic money
ARTICLE 6 – (1) The customer may request the reimbursement of part or all of the electronic money.
(2) The electronic money institution is obliged, without prejudice to the powers granted and obligations imposed by other laws, upon the customer's request, to carry out the transactions related to the reimbursement of funds corresponding to the electronic money without delay and in any case by the end of the next business day at the latest after receiving the request. The reimbursement shall be carried out, at the customer's preference, by converting the electronic money into banknotes, coins, book money, or electronic money issued by another institution.
(3) In the contract between the electronic money institution and the customer, the reimbursement conditions, including the fees to be paid, shall be explicitly agreed upon. In the contract, an expiration date of not less than one year may be agreed upon for the electronic money. Before the contract is signed, the customer shall be informed by the electronic money institution about the contract conditions in accordance with Articles 47 and 48.
(4) The electronic money institution may charge a fee for the reimbursement transaction, provided that it is specified in the contract, if:
a) It is requested before the termination of the contract,
b) An expiration date is agreed upon in the contract and the electronic money user requests before this date,
c) It is requested after more than one year has passed since the expiration date,
it may charge a fee proportional to the cost of this transaction.
(5) In cases where the customer is not a consumer, the reimbursement conditions may be freely determined between the parties.
(6) In cases where the funds corresponding to electronic money are paid by credit card, the reimbursement of electronic money under this article can only be made to the same credit card account. In cases where the funds corresponding to electronic money are paid within the scope of paragraph (d) of the first subsection of Article 4, by being reflected on the invoice issued by the information or electronic communication operator, the reimbursement of electronic money under this article can only be made by reflecting it on the invoice. In cases where the credit card or line has been cancelled before the reimbursement, the reimbursement of electronic money may also be made to a payment account opened in the name of the fund depositor.
PART THREE Common Provisions
Anonymous prepaid instruments
ARTICLE 7 – (1) Anonymous prepaid instruments may only be used in payment transactions where the holder of the anonymous prepaid instrument is physically present at the workplace and the anonymous prepaid instrument is physically used, and in payment transactions related to the purchase of goods or services and bill payment transactions to be made with service providers and intermediary service providers that have obtained the Trust Stamp.
(2) The institution is obliged to take the necessary measures for the implementation of the first paragraph.
Account services to be provided to other payment service providers
ARTICLE 8 – (1) In the event that the payment account services and infrastructure services related to payment services offered by a payment service provider are requested to be used by another payment service provider, it is obliged to offer these services to the requesting payment service provider under similar conditions as its other commercial customers, business partners, and other payment service providers with which it transacts, without prejudice to the obligations arising from legislation and security, operational and technical requirements. Reasonable differences that may arise for commercial reasons in the provision of these services shall not be considered as a violation of this paragraph.
(2) The services to be provided within the scope of the first paragraph shall, to the extent possible, be comprehensive enough to enable the requesting payment service provider to perform the activity it wishes to carry out under the Law without problems.
(3) The payment service provider to which an application is made within the scope of this article shall communicate its rejection or acceptance decision to the requesting payment service provider within one month at the latest. The payment service provider that rejects the application made to it within the scope of this article is obliged to present the reasons for rejecting the application to the requesting payment service provider.
(4) (Added:OG-7/10/2023-32332) In cases where the payment account services and infrastructure services related to payment services offered by a payment service provider are used by other payment service providers, including a payment service provider over which it has control, it is essential that it provides services of the same nature to the payment service provider over which it has control and to other payment service providers under the same terms and facilities and with the same fee policy.
(5) (Added:OG-7/10/2023-32332) A payment service provider that has control over another payment service provider cannot direct or force its own customers to receive services from the payment service provider over which it has control, in a way that puts the payment service provider over which it has control in an advantageous position compared to other payment service providers, in cases where the payment account services and infrastructure services related to payment services offered by it are used by other payment service providers, including a payment service provider over which it has control.
(6) (Added:OG-7/10/2023-32332) Payment service providers whose control is held by another payment service provider cannot use expressions that create the impression that they are acting on behalf of the payment service provider that has control over them in any documents, announcements, advertisements, and public statements regarding the services they will provide, except for the services offered as interface providers within the scope of paragraph (d) of the second subsection and paragraph (e) of the third subsection of Article 15.
(7) (Added:OG-7/10/2023-32332) Contrary practices that may arise due to obligations arising from legislation and reasonable security, operational and technical requirements shall not constitute a violation of the fourth, fifth and sixth paragraphs.
Workplace registry system
ARTICLE 9 – (1) In order to facilitate the processes related to payment transactions and to prevent fraud and malicious use activities in the field of payments, a merchant code specific to that merchant is given to the merchant offering goods and services with a payment method within the scope of payment services.
(2) The merchant code specified in the first paragraph is given by Interbank Card Center Inc. (Bankalararası Kart Merkezi A.Ş.).
(3) The merchant code to be given pursuant to the first paragraph is created at a minimum by matching and dedicating the merchant's address information with the Turkish Republic identity number or tax identity number, and for merchants resident abroad, by matching with the equivalents of this information in the relevant country. A merchant cannot have more than one merchant code. The payment service provider that signs a contract with the merchant is obliged to take the necessary measures to verify the accuracy of the information to be obtained pursuant to this paragraph.
(4) The payment service provider is obliged to use the merchant code created pursuant to this article in the services it will offer to enable the merchant to sell goods and services with a payment method within the scope of payment services.
(5) A system is established within Interbank Card Center Inc. where merchant codes and the information provided while obtaining the merchant code are kept and matched. The procedures and principles regarding the merchant registry system, including the information and documents to be shared for registration and query transactions to be made in the merchant registry system, are determined by the Bank and published on its website.
(6) In the event that the payment service provider terminates the services it offers to enable the merchant to sell goods and services with a payment method within the scope of payment services for commercial and/or non-technical reasons, it shall transmit this situation and the reason for the termination of the contract to the system to be established within the scope of the fifth paragraph.
(7) Interbank Card Center Inc. is obliged to establish the infrastructure that will enable the payment service provider to access the system to be established pursuant to the fifth paragraph and to query whether there is a record regarding a notification made pursuant to the sixth paragraph regarding the merchant with which it wishes to make an agreement, and if there is a record, the content of the records.
(8) Interbank Card Center Inc. is obliged to take measures to ensure the secure transmission of information to the system to be established pursuant to the fifth paragraph and to ensure the confidentiality, integrity, availability, currency and security of the transmitted information.
(9) The payment service provider is obliged to clearly inform the merchant about the information sharing and queries to be made within the scope of this article before making a framework contract regarding the services it will offer to enable the merchant to sell goods and services with a payment method within the scope of payment services, to obtain the merchant's approval on the matter, and to ensure that the necessary matters regarding obtaining the merchant's approval are included in the framework contract.
Services offered to merchants
ARTICLE 10 – (1) Before starting to provide the services it will offer to enable the merchant to sell goods and services with a payment method within the scope of payment services, the payment service provider checks whether the merchant to be provided with the service is registered in the system established pursuant to the fifth paragraph of Article 9, ensures that the merchant registers if the merchant is not registered, and if registered, checks whether there is a negative record regarding the merchant with which it wishes to make an agreement in the system, and if there is a negative record, if there is a prohibition on providing services brought by legislation regarding the merchant due to the content of the negative record, it acts in accordance with this, and if there is no such obligation, it makes the necessary evaluations within the framework of risk management by taking into consideration the content of the records. The payment service provider regularly checks at least once a year whether there is a negative record regarding the merchants it provides services to in the system established pursuant to the fifth paragraph of Article 9, and if there is a record, it takes the necessary measures according to the content of the record.
(2) (Amended: Official Gazette-7/10/2023-32332) In the event that the payment service provider uses the infrastructure provided by another payment service provider for the services it offers to enable the merchant to sell goods and services with a payment method within the scope of payment services, the merchant must notify the payment service provider whose infrastructure is used of the merchant code defined in the system established pursuant to the fifth paragraph of Article 9, along with the appropriate one of the tax identity number, Turkish Republic identity number and foreign identity number, and its name within at most ten business days. The payment service provider whose infrastructure is used cannot request any other information of the merchant from the payment service provider using the infrastructure, other than those specified in this paragraph and matters arising from other legislation and transactions realized using its infrastructure. The payment service provider whose infrastructure is used has the right to request the payment service provider not to provide services to the merchant as a result of the evaluations it will make within the framework of its risk policies. The payment service provider whose infrastructure is used cannot prevent the payment service to be offered by the payment service provider using the infrastructure to the merchant on arbitrary grounds. The rights and powers of the payment service provider whose infrastructure is used within the scope of the provisions of the relevant legislation are reserved.
(3) (Amended: Official Gazette-7/10/2023-32332) The information notified pursuant to the second paragraph can only be used for risk assessment and examination and determination works to be carried out within the framework of the relevant regulations, and in the process of putting into service the infrastructure used at the merchants to which the payment service provider using the infrastructure will provide payment services and making the necessary technical definitions before the payment service provider whose infrastructure is used, and cannot be used for purposes other than the purposes for which it was obtained, such as marketing and customer acquisition, for any reason whatsoever.
(4) The payment service provider must record and monitor the transactions within the scope of the services it offers to enable the merchant to sell goods and services with a payment method within the scope of payment services, in a way that allows them to be tracked on a merchant-specific basis.
PART THREE Institutions
CHAPTER ONE Licensed Transactions and Other Activities
Operating license
ARTICLE 11 – (1) The title of the company applying for an operating license must include statements indicating that it is a payment institution or an electronic money institution. Before the trade title containing these statements is registered in the trade registry, the notification petition and forms in ANNEX-11-A, ANNEX-11-B, ANNEX-11-C and ANNEX-11-D must be sent to the Bank to initiate the application process with the Bank. The draft articles of association shall be attached to the notification petition, and a receipt showing that the application fee of five hundred thousand Turkish Liras and the relevant legal obligations to be paid in relation thereto have been deposited into the account determined by the Bank shall be attached to the application form. (Added sentence: Official Gazette-7/10/2023-32332) If the deficiencies in the information and documents relating to this stage are not remedied within three months from the date of notification of the Bank's letter regarding the deficiency, the application shall be deemed not to have been made to the Bank. Following the application made within the scope of this paragraph, a document indicating that the application has been made shall be issued by the Bank and given to the applicant. Within six months following the notification of the document to be issued by the Bank to the applicant, an application must be made to the Bank regarding the intelligence investigation stage pursuant to the fourth paragraph. If no application is made within this period, the document issued by the Bank pursuant to this paragraph shall lose its validity. In this case, the institution wishing to obtain an operating license must apply to the Bank again. Otherwise, the Bank shall carry out the necessary procedures to remove the relevant statements from the trade title.
(2) The company applying for an operating license must have a paid-up capital free from any collusion of at least one million Turkish Liras to provide the services set out in subparagraph (e) of the first paragraph of Article 4, at least two million Turkish Liras to provide other payment services, and at least five million Turkish Liras to issue electronic money.
(3) Applications for an operating license to be made to the Bank pursuant to Articles 14 and 18 of the Law in order to engage in payment services or issue electronic money in Turkey shall consist of two stages: the intelligence investigation stage and the final approval stage. Applications for an operating license to be made to the Bank shall be delivered by hand to the Bank's head office.
(4) To the petitions regarding the intelligence investigation stage;
a) The board of directors resolution for applying for an operating license,
b) The activity program and business plan, which explain in detail the matters set out in ANNEX-1 regarding the applicant company and the activities planned to be carried out and the organizational structure established to carry out these activities, contain the answers to the questions in ANNEX-10, and are signed by the members of the company's board of directors and the general manager,
c) The company's most recent financial statements subjected to independent audit, and, if a capital increase has been carried out after the preparation of these financial statements, a report approved by independent audit institutions authorized by the Public Oversight, Accounting and Auditing Standards Authority or by Certified Public Accountants licensed under the Certified Public Accountancy and Sworn-in Certified Public Accountancy Law No. 3568 dated 1/6/1989, stating that the capital has been paid in cash and free from any collusion,
ç) A declaration each, to be prepared by the qualified shareholders and the shareholders holding control in accordance with the samples in ANNEX-2 and ANNEX-3 and signed before a notary public,
d) A copy of the Turkish Trade Registry Gazette in which the company's articles of association were published, a copy each of the form submitted to the Bank pursuant to the first paragraph and the document issued by the Bank within this scope, and an explanation regarding the registration transactions carried out after the submission of the form to the Bank,
e) An explanation of the rules and definitions to be applied in the collection of statistical data regarding realized transactions, realization performances and fraud activities,
f) (Amended: Official Gazette-7/10/2023-32332) The undertakings of the company's real person qualified shareholders and the shareholders holding control that they are not bankrupt or have not declared concordat, and that the capital in the company is met from their own resources and has been provided and deposited in cash free from any collusion, and, regarding these persons and the companies in which these persons directly hold at least thirty-three percent, the bankruptcy concordat document to be obtained from the relevant trade registry directorate and the document regarding the Findeks credit score (ANNEX-4),
g) (Amended: Official Gazette-7/10/2023-32332) The undertakings of the company and the company's legal person qualified shareholders and the legal persons holding control that their applications for restructuring through reconciliation have not been approved and no decision for postponement of bankruptcy has been rendered against them, and that the capital in the company is met from their own resources and has been provided and deposited in cash free from any collusion, and, regarding these persons and the companies in which these persons directly hold at least thirty-three percent, the bankruptcy concordat document to be obtained from the relevant trade registry directorate and the document regarding the Findeks credit score (ANNEX-5),
ğ) The undertakings of the real person qualified shareholders and the real persons holding control that they have not been convicted of the offenses specified in subparagraph (d) of the first paragraph of Article 8 of Law No. 5411, and their criminal record documents containing the archive record (ANNEX-6),
h) A letter of undertaking (ANNEX-7) from the company and the company's qualified shareholders and the real and legal persons who control it, stating that they are not qualified shareholders in or do not control banks to which Article 71 of Law No. 5411 is applied or banks that were transferred to the Savings Deposit Insurance Fund before the entry into force of Law No. 5411, together with documents to be obtained from the Savings Deposit Insurance Fund regarding these matters,
ı) A letter of undertaking (ANNEX-8) from the company and the company's qualified shareholders and the real and legal persons who control it, stating that they are not qualified shareholders in or do not control bankers subject to liquidation and factoring, financial leasing, financing and insurance, reinsurance and pension companies whose operating licenses were revoked other than voluntary liquidation, and institutions operating in money and capital markets, and that they are not among the persons responsible in the event requiring this sanction in institutions whose operating licenses were previously revoked by the Bank,
i) Detailed explanations regarding the fields of activity, investment and business areas of legal person qualified shareholders and legal persons who control them, and approved by sworn financial advisors licensed under Law No. 3568 or subjected to independent audit
balance sheets and income statements for the last three years, and for legal person partners that are financial institutions, a report prepared by one of the rating agencies, if any,
j) Lists showing the privileged shares of legal person qualified shareholders and legal persons who control them, or if there are no privileged shares, a letter of undertaking to that effect (ANNEX-5),
k) Documents to be obtained from the relevant tax offices and the Social Security Institution stating that qualified shareholders and real and legal persons who control them have no overdue tax and premium debts, together with a letter of undertaking stating that they have no overdue tax and premium debts (ANNEX-4, ANNEX-5),
l) A report to be prepared by sworn financial advisors licensed under Law No. 3568 regarding the financial situation of real person qualified shareholders and real persons who control them,
m) Copies of powers of attorney given to the person or persons authorized to represent the partners, if any, in transactions to be conducted with the Bank,
n) The information and documents specified in Article 25 of the board of directors members and the general manager,
o) Notarized copies of identity documents or passports of foreign national real persons whose documents are submitted under this paragraph, except for those whose identity and address information can be accessed electronically through the systems established within the scope of the Population Services Law dated 25/4/2006 and No. 5490,
ö) Intelligence Investigation Stage Document Control List (ANNEX-15),
shall be added. The Bank is authorized to request additional information and documents regarding the intelligence investigation stage.
(5) The reports to be prepared by sworn financial advisors licensed under Law No. 3568 pursuant to subparagraphs (c) and (l) of the fourth paragraph must be prepared in a manner supported by information and documents to be obtained in addition to the declarations of the persons concerned, and all supporting information and documents must be included in the annex of the report.
(6) After the documents in the fourth paragraph are delivered to the Bank, the Bank shall notify the relevant company that the documents have been received and that this situation is not related to the final approval stage regarding the operating license. If these documents and the information and documents obtained by the Bank are evaluated and found appropriate, the Bank may grant approval regarding the intelligence investigation stage.
(7) The result of the intelligence investigation stage, in case it is negative, shall be notified to the applicant company together with its reasons.
(8) If the intelligence investigation stage is approved by the Bank, an application to the Bank for the final approval stage shall be made within at most one hundred and twenty days after the written notification regarding the approval is made. The Bank is authorized to extend the one hundred and twenty-day period, provided that a reasonable justification is submitted by the applicant company, not to exceed sixty days.
(9) If no application is made for the final approval stage within the period determined pursuant to the eighth paragraph, the applicant company loses all its rights within the scope of the intelligence investigation stage. In this case, the company wishing to obtain an operating license must again carry out the necessary procedures for the intelligence investigation stage.
(10) To the petitions regarding the final approval stage;
a) Whether the company's capital has been paid in cash free from any kind of collusion, whether the condition regarding the amount of initial capital defined in subparagraph (e) of the first paragraph of Article 3 and the minimum equity amount required to be maintained pursuant to Article 33 is met, and appropriate service units capable of carrying out the envisaged activities, units related to complaints and objections, and internal control, risk management, accounting, information systems and reporting in accordance with this Regulation and the regulations to be made by the Bank within the scope of Article 31
the report prepared as a result of an on-site examination to be conducted by independent audit institutions included in the list of Independent Audit Institutions authorized to perform independent audit including public interest entities from the Public Oversight, Accounting and Auditing Standards (Amended phrase:OG-7/10/2023-32332) Institution on matters not directly related to information systems, and on matters related to information systems, by independent audit institutions among them included in the list of Independent Audit Institutions Authorized to Perform Information Systems Audit in Banks published by the Banking Regulation and Supervision Agency, which evaluates the existence and adequacy of the documents specified in ANNEX-20 and in which the information and documents supporting the matters in the Report are explained and shown in detail,
b) A document showing that the applicant company has fulfilled its professional liability insurance and guarantee obligations under the Law and this Regulation,
c) A document to be issued by the Interbank Card Center Inc. as a result of the controls and evaluations to be carried out within the scope of the third paragraph of Article 59, in a way to show that the necessary technical conditions have been provided within the scope of the procedures and principles determined by the Bank pursuant to the second paragraph of Article 14/A of the Law, in order to provide the payment services set out in subparagraphs (f) and (g) of the first paragraph of Article 4,
ç) A detailed report containing the location, nature, physical characteristics of the office that the Company will use in carrying out its activities, the measures taken in the office regarding the safe conduct of activities, and photographs of the office,
d) Final Approval Stage Document Checklist (ANNEX-16),
is added. The Bank is authorized to request additional information and documents regarding the final approval stage.
(11) Following the evaluation made on the information and documents regarding the final approval stage, an examination is conducted by the relevant personnel of the Bank at the institution with respect to the management structure, personnel, physical conditions of the office used, technical equipment, and document and record order.
(12) Provided that the conditions, qualifications and competencies sought under the Law are met and the information and documents are completed, if the Bank decides that the application is positive as a result of the evaluation of the services for which the application was made to be carried out and the infrastructures established for the purpose of carrying out these services, final approval may be granted to the applicant company and with the granting of the final approval, an operating license shall be deemed granted. It is clearly determined in the final approval which of the payment services listed in the first paragraph of Article 4 and the electronic money issuance activities set out in Article 18 of the Law are covered by the operating license granted by the Bank. If the Bank determines that the existing customer potential of the applicant company or of those holding control of the applicant company is of a nature that may adversely affect the development of the payments field in terms of total size and sphere of influence, it is authorized to grant the operating license in a manner valid within certain limits. Decisions regarding the granting of an operating license become valid as of the date they are published in the Official Gazette. Prior to the publication of the operating license in the Official Gazette, upon the notification to be made by the Bank, the document showing that the fee obligation for the financial activity license certificate has been fulfilled must be submitted to the Bank. If the result of the final approval stage is negative, it is notified to the applicant company together with its reasons. The amount deposited pursuant to the first paragraph shall not be refunded, including in the event that the application result is negative at any stage.
(13) If the institution granted an operating license wishes to provide services in a new field of activity after obtaining the operating license, it is obligatory to obtain the approval of the Bank. The application to be made by the institution to the Bank pursuant to this paragraph must include, as an attachment, the appropriate ones among the documents set out in subparagraphs (a), (b), (d) and (e) of the fourth paragraph and subparagraphs (a), (b) and (c) of the tenth paragraph regarding the new field of activity, and the Activity Expansion Application Document Checklist (ANNEX-17). (Added sentences:OG-7/10/2023-32332) If the deficiencies in the information and documents regarding this stage are not remedied within six months from the date of notification of the Bank's letter regarding the deficiency, the activity expansion application before the Bank shall be deemed not to have been made. If these institutions wish to make an activity expansion application again, the process regarding activity expansion starts anew.
(14) If the corporate shareholders of the Company and the shareholders holding control are a bank or financial institution established abroad, the documents specified in subparagraphs (ç), (h), (ı), (j) and (ö) of the fourth paragraph regarding the bank and financial institution, and in addition thereto;
a) Copies of decisions taken from their authorized bodies regarding operating in Turkey,
b) The consolidated independent audit report for the last year,
c) A document obtained from the competent supervisory authority stating that operating in the country where it was established or operates is not prohibited or that there is no restriction on its activities,
ç) Detailed information and documents regarding the fields of activity specified in its articles of association, organizational structure, the country where it is established and its organizational structure outside the country, its activities in international financial markets, and, if any, the report prepared by rating agencies and including the envisaged rating,
If possible, it must be sent to the Bank; otherwise, a declaration (ANNEX-12) stating that it is not possible to obtain these documents must be submitted to the Bank.
(15) If the deficiencies in the information and documents regarding the intelligence review phase and the final approval phase are not remedied within six months from the date of notification of the Bank's letter regarding the deficiency, the activity permit application becomes invalid. If these companies wish to apply for an activity permit again, the process regarding the activity permit starts anew.
(16) The institution granted an activity permit shall notify the Bank that it has started its activities within ten days from the date it starts its activities. A receipt showing that the license fee of one million Turkish Liras and the related legal obligations required to be paid have been deposited into the account determined by the Bank shall be attached to the notification to be made under this paragraph. It is mandatory that the current criminal record documents containing the archive records of the real person qualified shareholders and the real persons who hold control of the institution that has obtained an activity permit under this article be submitted to the Bank every two years.
(17) For applications made to provide solely the payment service set out in subparagraph (g) of the first paragraph of Article 4, the matters regarding capital set out in subparagraph (c) of the fourth paragraph and subparagraph (a) of the tenth paragraph shall not apply.
(18) The Bank may request additional information and documents it deems necessary for the implementation of this article, and is authorized to request the information and documents set out in this article in different scopes and contents.
(19) For the implementation of this article, the Bank may not request again those documents it deems appropriate among the documents it has previously obtained within the framework of the duties assigned to it by legislation.
(20) It is mandatory to notify the Bank without delay of changes affecting the accuracy of the documents submitted during the application or the validity of the information constituting the basis for granting the activity permit.
(21) The provisions set out in subparagraph (a) of the first paragraph of Article 16 and subparagraph (c) of the first paragraph of Article 17 of the Law shall be evaluated solely for each type of payment service covered by the activity permit granted to the institution by the Bank.
(22) At least one shareholder of the applicant Company must meet the conditions required for a qualified shareholder under this Regulation.
Share acquisitions and transfers
ARTICLE 12 – (1) The share acquisitions and transfers set out below (Added phrase:OG-7/10/2023-32332), without prejudice to the twelfth paragraph, are subject to the permission of the Bank:
a) Acquisitions of shares representing ten percent or more of the capital through direct or indirect shareholding, or share acquisitions resulting in the direct or indirect shares of a shareholder exceeding ten percent, twenty percent, thirty-three percent or fifty percent of the capital, and share transfers resulting in the shares of a shareholder falling below these rates. The establishment and termination of a usufruct right that includes voting rights shall be deemed an acquisition and transfer within the rate specified in this subparagraph.
b) Regardless of the proportional limits set out in subparagraph (a), the establishment, transfer or issuance of new privileged shares granting the privilege to determine members of the board of directors or the audit committee.
c) Share transfers resulting in a change of control of legal persons holding ten percent or more of the capital of the institution.
(2) It is mandatory to include in the applications to be made to the Bank by real and legal persons who will acquire shares under the first paragraph: an explanation regarding the source to be used in the purchase of the shares, a copy of the contract made regarding the transfer of shares, copies of decisions taken from the authorized bodies of the legal persons that will take over the shares regarding the share acquisition, and the documents listed in the fourth paragraph of Article 11, except for subparagraphs (a), (b), (c), (d), (e), (n) and (ö) of the fourth paragraph, regarding the transferees, as well as the Share Transfer Application Document Checklist (ANNEX-18).
(3) If the legal person that will take over the shares is a bank or financial institution established abroad, it is mandatory to include in the applications to be made to the Bank the documents specified in subparagraphs (ç), (h), (ı) and (j) of the fourth paragraph and in the fourteenth paragraph of Article 11, as well as the Share Transfer Application Document Checklist (ANNEX-19).
(4) If the shares of the institution are purchased from the execution office in accordance with the provisions of the Execution and Bankruptcy Law dated 9/6/1932 and numbered 2004, the provisions of the second and third paragraphs shall apply.
(5) If the shares of an institution whose shares are traded on the stock exchange are acquired by a real or legal person at the rates stipulated in the first paragraph, it is mandatory to obtain permission from the Bank in order to exercise the partnership rights, except for the financial rights attached to these shares. This paragraph shall also apply if the said rates are realized through the acquisition of shares traded on the stock exchange, including shares obtained by the institution outside the stock exchange.
(6) If shares granting the privilege to determine members of the board of directors are purchased from the stock exchange, it is mandatory to obtain permission from the Bank for the share transfer, regardless of whether there is a purpose to exercise voting rights.
(7) If the shares traded on the stock exchange of a legal person whose shares are traded on the stock exchange and which holds ten percent or more of the capital of an institution are acquired on the stock exchange at rates that will lead to a change of control, it is mandatory to obtain permission from the Bank in order to exercise the partnership rights, except for the financial rights pertaining to the shares of the relevant institution corresponding to these shares.
(8) The Board of Directors is obliged to take measures to ensure the determination of whether permission has been obtained from the Bank within the framework of the obligations stipulated in Article 25 of the Law and this article regarding the shareholders participating in the general assembly meetings.
(9) If it is determined that unauthorized shareholders exercised voting rights at the general assemblies of the institution due to the failure to obtain the necessary permissions from the Bank, the Bank shall request that the board of directors initiate the necessary proceedings for the annulment of the resolutions taken, within the framework of the relevant articles of the Turkish Commercial Code dated 13/1/2011 and numbered 6102.
(10) Without prejudice to the condition of obtaining permission within the scope of the rates and matters specified in the first paragraph, share transfers to be made among the existing qualified shareholders of the institutions, in a manner that does not change the existing privileges of the shareholders holding privileged shares, shall not be subject to the Bank's permission, provided that there is no change in the qualified shareholders as a result of these share transfers. Share transfers falling within the scope of this paragraph must be notified to the Bank within ten business days.
(11) In the event that the share acquisition and transfer transactions specified in subparagraphs (a), (b) and (c) of the first paragraph are carried out in a manner that provides the possibility of holding control, real and legal persons who will acquire or take over shares for the first time are obliged to submit the form in ANNEX-21 to the Bank within the scope of the share transfer application.
(12) (Added:OG-7/10/2023-32332) Share acquisitions and transfers realized between companies belonging to the same group, in a manner that does not cause any change in the share ratio of the ultimate shareholders of the institution directly or indirectly in the institution, shall not be subject to the Bank's permission. Share transfers falling within the scope of this paragraph must be notified to the Bank within ten business days after being learned by the institution. If the Bank decides that the said share acquisition and transfer transaction jeopardizes the condition that the institution has a transparent and open partnership structure that will not prevent the Bank's supervision, pursuant to subparagraph (f) of the second paragraph of Article 14 and subparagraph (f) of the third paragraph of Article 18 of the Law, it is authorized to request the suspension of the transaction, to ensure that transactions are established to restore the previous situation if the transaction has been completed, to grant a certain period of time for this purpose, and to apply the sanctions stipulated in the Law and this Regulation if the necessary transactions are not established within the specified period.
(13) (Added:OG-7/10/2023-32332) If the deficiencies determined by the Bank in the information and documents related to the second and third paragraphs are not remedied within six months from the date of notification of the Bank's letter regarding the deficiency, the share transfer application before the Bank shall be deemed not to have been made. If these real or legal persons wish to file a share transfer application again, the share transfer process starts anew.
Calculation of indirect shareholding
ARTICLE 13 – (1) In the implementation of this Regulation, in determining the indirect shareholding of real persons, the shares belonging to a real person and their spouse and children, and the partnerships in which they participate with unlimited liability, or the partnerships controlled by these persons or partnerships separately or jointly, shall be taken into account together. In determining the indirect shareholding of legal persons, the shares belonging to them and the shares belonging to the partnerships they control shall be calculated together.
(2) The procedures and principles to be applied in determining the indirect shareholding of a real or legal person in the capital of an institution are set out below:
a) The partnership structures of the legal entity partnerships that are shareholders in the institution or that will take over shares, and, if any, their legal entity partners, shall be determined in a chain-like manner, if necessary, until real persons are reached.
b) The rate of indirect shareholding in the institution's capital through legal persons is calculated by multiplying the participation rates. If the same person has a direct participation in legal persons at intermediate levels, the said direct participation rate is added to the rate reached up to that level before the subsequent multiplication process.
PART TWO
Operating Principles of Institutions and Transactions They Cannot Perform
Operating principles of institutions
ARTICLE 14 – (1) In order to ensure that the services offered by the institution during its activities are maintained uninterruptedly, securely, effectively and efficiently;
a) Having sufficient and qualified personnel and technical equipment,
b) Establishing the necessary information systems and technological infrastructure,
c) Fulfilling the requirements set out in the regulations to be made by the Bank within the scope of Article 31,
ç) Having sufficient infrastructure to ensure the necessary information, document and accounting recording systems and regular workflow and communication,
d) Establishing the necessary infrastructure for complaints and objections regarding its activities to be made and for these complaints and objections to be effectively evaluated and concluded,
e) Making a functional separation of duties in a manner that will enable the prevention of events such as errors, fraud, conflicts of interest, information manipulation and misuse of resources that may occur during its activities, and in the event of such events, the clear identification of those responsible, and clearly and in writing determining the authorities and responsibilities of all units, management bodies and personnel within the institution,
f) Not performing types of business and transactions that may jeopardize the smooth realization of its activities within the scope of the Law,
g) Complying with the Law on Prevention of Laundering of Proceeds of Crime dated 11/10/2006 and numbered 5549 and the relevant secondary legislation, identifying the identity information of its customers as required by the provisions of Law No. 5549 and relevant legislation, and not performing business and transactions contrary to the obligations set out in the legislation, particularly Law No. 5549 and the relevant secondary legislation,
ğ) Establishing an adequate and effective internal control system pursuant to Article 26,
h) Establishing an effective risk management system pursuant to Article 27,
ı) Exercising the necessary care and diligence when selecting the workplaces where it will provide payment services, conducting the necessary intelligence work in this context, and being able to use the central infrastructures established for this purpose to carry out these works,
i) To exercise the necessary care in the selection of the representative,
j) To comply with the obligations set out in this Regulation and other relevant legislation other than those listed in this paragraph,
is required.
(2) The institution is responsible for the acts and transactions carried out by its employees during the performance of the work assigned to them.
Activities that cannot be carried out by institutions
ARTICLE 15 – (1) The institution shall engage in activities limited to those specified in the activity license applications among the payment services set out in the first paragraph of Article 4, as deemed appropriate by the Bank. In order to provide payment services regulated in the first paragraph of Article 4 but not specified in the activity license application, it is mandatory to obtain permission from the Bank regarding the activity planned to be carried out.
(2) (Amended: Official Gazette-7/10/2023-32332) The payment institution; may not engage in any commercial activity other than the following, in addition to the provision of payment services listed in the first paragraph of Article 4:
a) The provision of activities related to the transactions set out in subparagraphs (ğ), (h), (ı), (i), (j) and (k) of the second paragraph of Article 12 of the Law.
b) Ancillary services that are related to the provision of payment services and that make the activities of payment service providers secure and facilitate them, such as card data processing, fraud and abuse prevention, which are complementary to payment services.
c) Without prejudice to the ninth paragraph, the provision of value-added services for legal persons and qualified services for natural persons.
ç) Training and consultancy services related to payment services.
d) Services to be provided as an interface provider within the scope of the Regulation on the Operating Principles of Digital Banks and Service Model Banking published in the Official Gazette dated 29/12/2021 and numbered 31704, excluding transactions related to the purchase and sale of precious metals and precious stones and foreign exchange listed in Article 2 of the Decision No. 32 on the Protection of the Value of Turkish Currency put into effect by the Council of Ministers Decision dated 7/8/1989 and numbered 89/14391, directly or indirectly.
e) Ancillary services of a nature that can increase the use of the institution's payment services, such as marketing offered to the customer for accessing the services of financial institutions whose activities are regulated and supervised by a competent authority within the framework of the relevant legislation, and redirection to the systems of the relevant financial institution, excluding transactions related to foreign exchange purchase and sale listed in Article 2 of the Decision No. 32 on the Protection of the Value of Turkish Currency, directly or indirectly.
f) Services to be provided within the scope of intermediation for activities related to the purchase and sale of processed precious metals and precious stones listed in Article 2 of the Decision No. 32 on the Protection of the Value of Turkish Currency, provided that the amount of transactions the institution will intermediate within one month is limited to a maximum of one percent of the payment volume in the previous calendar year calculated in accordance with the fourth paragraph of Article 33.
(3) (Amended: Official Gazette-7/10/2023-32332) The electronic money institution; may not engage in any commercial activity other than the following, in addition to the issuance of electronic money and the provision of payment services listed in the first paragraph of Article 4:
a) The provision of activities related to the transactions set out in subparagraphs (ğ), (h), (ı), (i), (j) and (k) of the second paragraph of Article 12 of the Law.
b) The execution of transactions related to prepaid instruments falling within the scope of the fifth paragraph of Article 18 of the Law.
c) Ancillary services that are related to the issuance of electronic money or the provision of payment services and that make the activities of payment service providers secure and facilitate them, such as card data processing, fraud and abuse prevention, which are complementary to payment services.
ç) Without prejudice to the ninth paragraph, the provision of value-added services for legal persons and qualified services for natural persons.
d) Training and consultancy services related to the issuance of electronic money or payment services.
e) Services to be provided as an interface provider within the scope of the Regulation on the Operating Principles of Digital Banks and Service Model Banking, excluding transactions related to the purchase and sale of precious metals and precious stones and foreign exchange listed in Article 2 of the Decision No. 32 on the Protection of the Value of Turkish Currency, directly or indirectly.
f) Ancillary services of a nature that can increase the use of the institution's payment services, such as marketing offered to the customer for accessing the services of financial institutions whose activities are regulated and supervised by a competent authority within the framework of the relevant legislation, and redirection to the systems of the relevant financial institution, excluding transactions related to foreign exchange purchase and sale listed in Article 2 of the Decision No. 32 on the Protection of the Value of Turkish Currency, directly or indirectly.
g) Services to be provided within the scope of intermediation for activities related to the purchase and sale of processed precious metals and precious stones listed in Article 2 of the Decision No. 32 on the Protection of the Value of Turkish Currency, provided that the amount of transactions the institution will intermediate within one month is limited to a maximum of one percent of the payment volume in the previous calendar year calculated in accordance with the fourth paragraph of Article 33.
(4) The institution may not perform foreign exchange purchase and sale transactions in relation to payment transactions where both parties to the transaction are resident in Turkey and which are used by payment service providers located in Turkey. The institution may perform foreign exchange purchase and sale transactions, provided that one of the parties to the transaction is abroad and the following conditions are met, and only if it is related to the provision of the payment service:
a) In foreign exchange purchase and sale transactions related to payment transactions carried out in connection with a payment account, the amount of the foreign exchange purchase and sale transaction shall not exceed the amount subject to the payment transaction, and in any case, the foreign currency for which the purchase and sale transaction related to the payment transaction is made shall not be in a payment account belonging to the same customer by the end of the next business day at the latest.
b) Ensuring that foreign exchange purchase and sale transactions made without being linked to any account receive sequential or nearly sequential transaction numbers with the related money transfer or remittance transaction, and that the transactions are determined to be related to each other and occur consecutively.
(5) The institution may perform foreign exchange purchase and sale transactions with respect to payment services it provides to persons not considered resident in Turkey, provided that the fourth paragraph's subparagraphs (a) and (b) are complied with, and only insofar as it relates to the provision of the payment service. The foreign exchange purchase and sale activities carried out by the institution with respect to payment services it provides for payment transactions where both parties to the transaction consist of persons resident abroad shall not be considered as a violation of the second, third and fourth paragraphs.
(6) The Bank may impose an additional own funds requirement on the institution in order for it to operate in areas that are not considered payment services within the scope of the Law pursuant to this article.
(7) The institution cannot accept deposits or participation funds, and cannot use the name of a bank or expressions that would create the impression that it operates as a bank or conducts transactions on behalf of a bank in any kind of document, announcement and advertisements or in its statements to the public.
(8) Institutions providing the payment services specified in subparagraphs (f) or (g) of the first paragraph of Article 4 may provide information services regarding real and legal persons relating to other accounts held with payment service providers that are not considered payment accounts. (Amended phrase: Official Gazette-7/10/2023-32332) This matter shall not be considered as a violation of the second and third paragraphs.
(9) (Added: Official Gazette-7/10/2023-32332) Institutions authorized to provide the payment services specified in subparagraphs (f) or (g) of the first paragraph of Article 4 may also provide value-added services and qualified services in relation to accounts held with other payment service providers in addition to accounts held with themselves. Other institutions may provide these services only in relation to accounts held with themselves.
(10) (Added: Official Gazette-7/10/2023-32332) The services provided by the institution within the scope of subparagraph (e) of the second paragraph and subparagraph (f) of the third paragraph cannot cover the entirety of the main activity of the financial institution to which it provides services. The institution cannot assume a function other than the matters regulated in the aforementioned subparagraphs during the provision of these services.
(11) (Added: Official Gazette-7/10/2023-32332) In the activities to be carried out within the scope of subparagraph (f) of the second paragraph and subparagraph (g) of the third paragraph, the institution cannot directly itself purchase and sell processed precious metals and precious stones listed in Article 2 of Decision No. 32 on the Protection of the Value of Turkish Currency. Within the scope of brokerage activities, the maximum amount that each customer may hold in their balance within one calendar year cannot exceed one thousandth of the amount determined at the rate of one percent of the institution's payment volume in the previous calendar year. Calculations are made by the institution at the beginning of each calendar year, and if the calculated limits are lower than the amounts calculated for the previous calendar year, customers with balances above the maximum limit shall not be allowed to make new purchases.
Prohibition of granting credit
ARTICLE 16 – (1) The institution cannot grant credit and cannot engage in advertising and marketing activities in a manner that would create the impression that it grants credit. Amounts whose payment is intermediated cannot be installmentized.
(2) The collection of the amount whose payment is intermediated within the scope of subparagraph (d) of the first paragraph of Article 4 by reflecting it on the invoice issued by the information technology or electronic communications operator acting as an intermediary, until the final payment date of the invoice, shall not be considered as credit. In payment services performed within the framework of the provisions of this paragraph, the institution cannot make payment to the recipient or provide a guarantee for payments to be made unless the relevant invoice amount is collected.
(3) For payment transactions carried out by the institution within the scope of subparagraph (d) of the first paragraph of Article 4 by reflecting the amount whose payment is intermediated on the invoice issued by the information technology or electronic communications operator acting as an intermediary, the institution is obliged to conduct a risk assessment regarding customers within the framework of the information obtained by making possible inquiries, particularly the customer's habit of paying past invoices, and to determine, according to the results of the risk assessment, a per-transaction upper limit and an upper limit regarding the monthly total expenditure amount for all lines the customer holds with the relevant electronic communications operator for payments to be made within the scope of the second paragraph on behalf of the customer. The upper limits to be determined pursuant to this paragraph cannot exceed (Amended phrase: Official Gazette-7/10/2023-32332) one thousand Turkish Liras per transaction, and (Amended phrase: Official Gazette-7/10/2023-32332) two thousand seven hundred fifty Turkish Liras for the monthly total expenditure for all lines the customer holds with the relevant electronic communications operator. The Bank is authorized to increase these limits up to three times.
(4) The Bank, if needed, is authorized to carry out work towards establishing an infrastructure that will enable the sharing of usage information of the upper limits determined within the scope of the third paragraph among electronic communications operators, and after the establishment of the infrastructure, to decide that the upper limits regarding the monthly total expenditure amount be determined by taking into account all lines held with electronic communications operators.
(5) In payment transactions carried out within the scope of subparagraph (d) of the first paragraph of Article 4 by reflecting the amount whose payment is intermediated on the invoice issued by the information technology or electronic communications operator acting as an intermediary, if the invoice is not paid within (Amended phrase: Official Gazette-7/10/2023-32332) thirty days from the final payment date, the institution shall immediately stop providing this service to the relevant customer, and after the payment of the invoice, may resume providing this service to the customer if there is an explicit request and approval of the subscriber. If the invoice is not paid within (Amended phrase:RG-7/10/2023-32332) sixty days from the last payment date, this service shall not be reopened to the same customer for at least one year.
(6) (Added:RG-7/10/2023-32332) Payments related to inquiries made through the Traffic Insurances Information and Monitoring Center and payments for aid and donation purposes shall not be taken into account in the calculation of the limits set forth in the third paragraph.
THIRD CHAPTER
Branch, Representative, Outsourcing and Notifications
Opening a branch
ARTICLE 17 – (1) The institution may carry out its activities by opening branches, provided that it fulfills the conditions set forth in this Regulation. An institution whose equity is not at the level specified in the first paragraph of Article 33 cannot open new branches.
(2) The address and contact information of the opened branch shall be published on the institution's website. The institution is responsible for keeping the list of its branches up to date and shall transmit the branch list to the Union in accordance with the procedures and principles determined by the Union. Up-to-date branch lists on an institution basis, together with the necessary information, shall be published by the Union on the Union's website.
(3) In order for the institution to open a branch abroad, there must be no obstacle in the legislation and practices of the country where it plans to open a branch that would prevent the Bank from obtaining the information and documents it needs within the scope of its audit and supervision activities and from conducting audits.
(4) The institution is obliged to notify the Bank within one month following the commencement of the operation of its foreign branch or the termination of its operation. If the Bank determines a situation contrary to the legislation or decides that it threatens the uninterrupted and problem-free continuation of the institution's activities, it is authorized to request the institution to close its foreign branch and not to operate in certain countries.
(5) The institution shall ensure that customers are notified that the branch provides services on behalf of and for the account of the institution.
(6) If the Bank determines that the institution's use of branches during its activities poses a risk to the problem-free continuation of the institution's activities or that the institution has problems in managing its branches, it is authorized to request the institution to terminate offering activities through the branch or branches.
Representative
ARTICLE 18 – (1) The institution may carry out payment services through a representative via electronic or physical channels. In order for the institution to carry out payment services through a representative, it must have obtained the necessary information and documents from the representative in accordance with the thirteenth paragraph, be convinced that the representative does not pose a risk to the problem-free and legislation-compliant provision of payment services, and have the representative registered in the list created electronically by the Union. The contract between the institution and the representative shall be drawn up in writing. The institution cannot, other than the use of a representative within the scope of this article, authorize third parties in any way for the purpose of providing payment services and cannot sign contracts with third parties under any other name other than a representation contract. Outsourcing within the scope of Article 21, including those received for marketing related to the services offered by the institution, shall not be evaluated within the scope of this paragraph, provided that the company from which the service is outsourced does not in any way mediate fund transfers.
(2) The institution is obliged to notify the Union to have the representative registered in the list set forth in the first paragraph within fifteen business days from the signing of the representation contract. The institution cannot provide payment services through a representative not registered in the list created by the Union.
(3) If the institution determines that the representative's provision of payment services constitutes a violation of the relevant legislation, it shall terminate the representation relationship and, in every case where the representation relationship is terminated, shall notify the Union to have the representative's records deleted from the list set forth in the first paragraph within five business days from the termination of the representation relationship. (Added sentence:RG-7/10/2023-32332) A separate list shall be created before the Union for persons whose representation relationship has been terminated, with those terminated for commercial and/or non-technical reasons being specifically indicated, and the information of persons who do not enter into a new representation relationship in any way shall remain on this list for five calendar years from the termination of the representation relationship.
(4) (Amended:RG-7/10/2023-32332) The institution's trade name, address and internet address; and the representative's MERSIS number, field of activity, address and, if any, website address, including sole proprietorships, shall be recorded in the list created by the Union, and the list kept by the Union shall be published on the Union's website in a manner accessible to the public.
(5) An institution whose equity is not at the level specified in the first paragraph of Article 33 cannot appoint a new representative.
(6) It is prohibited for the representative to provide payment services through a sub-representative to be appointed under the names of agent, dealer or similar names. Institutions may be each other's representatives, provided that the service to be offered is within the scope of their own activity permits. In cases where institutions are each other's representatives, the representatives of the institution that is the representative shall not be considered sub-representatives within the scope of this paragraph. The list of representatives shall be published on the institution's website based on the list specified in the first paragraph and created by the Union. The institution is responsible for keeping the published list up to date.
(7) The representative of the electronic money institution cannot issue electronic money.
(8) The institution is responsible for the conduct of the services provided by the representative within the scope of the representation relationship in accordance with the Law and this Regulation. The institution shall ensure that customers are notified that the representative provides services on behalf of and for the account of the institution, both in the information and documents to be provided and at the workplace, in clear and unambiguous forms of display. (Additional sentence: Official Gazette-7/10/2023-32332) In the implementation of this paragraph regarding the services offered by the institution using another institution as a representative, the information and documents to be provided shall include information regarding both the represented institution and the representative institution.
(9) The representative is responsible for the performance of payment services and for their conduct in accordance with the Law and this Regulation. This responsibility does not remove the responsibility of the institution. The institution cannot escape liability by claiming that it exercised due care in the selection of the representative.
(10) All fund transfers to be made between the institution and its representatives due to activities within the scope of this article shall be carried out through accounts opened in the name of the institution and the representative at banks within the scope of Law No. 5411. Representatives shall transmit the bank accounts they will use within the scope of this paragraph to the institution, and the institution shall record these accounts on a representative basis.
(11) Natural person representatives and the partners of the legal entity representative are required to meet the condition set forth in Article 8, first paragraph, subparagraph (d) of Law No. 5411.
(12) The institution is responsible for ensuring the uninterrupted continuation of the payment services it will carry out through the representative. The institution exercises the necessary care in the selection of the representative for the uninterrupted continuation of payment services. In this context, the commercial reputation, credibility, experience in the field, financial situation, and personnel and equipment status of the representative are also evaluated by the institution. The institution obtains the necessary information and documents when making this evaluation.
(13) The institution shall request from candidate representatives, for use in the evaluations it will make regarding candidate representatives;
a) The application form, the format and scope of which will be determined by the Union,
b) If it is a legal entity, the latest Türkiye Ticaret Gazette (Official Trade Registry Gazette) showing the partners, members or founders of the legal entity and the officers in the management of the legal entity as appropriate, and if all of this information is not contained in a single Türkiye Ticaret Gazette, the relevant issues of the Türkiye Ticaret Gazette or documents showing all of this information, together with a copy of the notarized signature declaration of the persons authorized to represent and bind the legal entity,
c) If it is a natural person, the original of the registration certificate obtained within the year of application from the chamber of commerce to which it is registered or the tradesmen's chamber to which it is affiliated, or a copy certified by the Directorate or the relevant registry office, together with a copy of the notarized signature declaration,
ç) The tax certificate and documents to be obtained from the relevant tax offices and the Social Security Institution showing that there is no matured tax debt and insurance premium debt,
d) Documents showing the physical addresses in cases where the representative activity will be carried out through physical channels, and the electronic access addresses in cases where it will be carried out through electronic channels,
e) Documents showing the identity photocopies of the partners and criminal record records containing archive records,
f) In cases where the representative activity will be carried out through physical channels, a sufficient number and quality of photographs of the business taken within the last month showing the general condition of the business, and in cases where it will be carried out through electronic channels, screenshots of the electronic environment,
g) A copy of the corporate tax return for the last period, if any, and copies of the financial statements, if possible,
ğ) Current Findeks reports belonging to the applicant and, if the applicant is a legal entity, to the controlling shareholders, if any,
h) A declaration from the candidate representatives that they have not engaged in unauthorized foreign exchange buying and selling activities in the past and will not do so for the duration of the representative relationship, pursuant to Decision No. 32 on the Protection of the Value of Turkish Currency and the relevant legislation entered into force by Council of Ministers Decision No. 89/14391 dated 7/8/1989,
and is obliged to obtain them and to ensure the renewal of those other than subparagraphs (a) and (h) every two years.
(14) The institution cannot provide payment services through representatives without fulfilling the conditions set forth in this Article. The institution regularly monitors at intervals within the framework of the fifteenth paragraph that the representatives continue to meet the representative conditions, and an appropriate monitoring mechanism is also established by the Union for the risk-based monitoring of these matters.
(15) The institution establishes a central system to check that its representatives carry out their activities in compliance with the Law and this Regulation, primarily, and with the legislation in general, and that they do not engage in any illegal activity; within the framework of this system, it regularly keeps the activities of the representatives under surveillance, closely monitors at a minimum the following matters, and immediately terminates the representative relationship if it detects any violation:
a) The performance of representative activities in compliance with the Law and this Regulation, primarily, and with the legislation in general.
b) The fulfillment of the obligations under Law No. 5549 while carrying out activities within the scope of the Law.
c) Not engaging in unauthorized foreign exchange buying and selling activities pursuant to Decision No. 32 on the Protection of the Value of Turkish Currency and the relevant legislation.
ç) Not keeping any board or similar document or device showing foreign exchange rates at the workplace under any circumstances.
d) Not keeping foreign exchange symbols at the workplace and not keeping any word, phrase or sign that would create the impression that foreign exchange buying and selling is being conducted.
(16) The institution cannot establish a representative relationship with persons who have engaged in unauthorized foreign exchange buying and selling activities pursuant to Decision No. 32 on the Protection of the Value of Turkish Currency and the relevant legislation.
(17) The institution immediately reports to the T.C. Ministry of Treasury and Finance the representatives it has determined have acted contrary to subparagraph (c) of the fifteenth paragraph.
(18) The institution ensures that the appropriate one, among the texts in the format and content of which an example is provided in Annex-13 or Annex-14, within the scope of the institution's activities, is displayed in accordance with the following conditions at the workplaces of the representatives. Notifications to be found at the workplaces of the representatives pursuant to this paragraph do not constitute a violation of subparagraph (d) of the fifteenth paragraph.
a) At the entrance of the workplace, at least in A3 size and 28 point font size.
b) At the cashier section, at least in A4 size and 18 point font size.
c) In an area within the workplace where customers can see, at least in A3 size and 28 point font size.
(19) The institution is responsible for taking the necessary measures to fulfill the obligations under Law No. 5549 and for establishing the internal control methods to be used by the representatives to prevent fraud.
(20) The documents to be submitted by the representative to the institution within the scope of this article and the other information and documents to be obtained by the institution regarding the representative are kept and made available for inspection for as long as the representation relationship continues within the institution and for at least ten years after the termination of the representation relationship.
(21) The Bank is authorized to request the institution to terminate the contractual relationship with the representative in cases where it is deemed necessary for the protection of consumer rights or where it is determined that the provision of payment services by the representative constitutes a violation of the relevant legislation.
(22) Persons operating under names such as jewelers, gold dealers, and jewellers engaged in the buying and selling of processed precious metals and precious stones listed in Article 2 of Decision No. 32 on the Protection of the Value of Turkish Money, and authorized institutions defined in paragraph (o) of the first paragraph of Article 3 of the Communiqué on Decision No. 32 on the Protection of the Value of Turkish Money (Communiqué No: 2018-32/45), published in the Official Gazette dated 30/1/2018 and numbered 30317, cannot be representatives within the scope of this article. The Bank is authorized to determine other natural or legal persons who cannot be representatives based on their field of activity.
(23) Those who only carry out the distribution and conversion into funds of electronic money are not subject to the provisions of this article.
(24) In the written contract to be made between the institution and the representative, it is essential to clearly determine all responsibilities, rights and obligations arising from the representation relationship and the applicable legislation, and the criminal liability of the parties in case of non-compliance with the applicable legislation in the fulfillment of the determined responsibilities and obligations.
(25) During the conclusion of the contract referred to in the twenty-fourth paragraph, it is necessary to explicitly inform the representative about the existence of the contract conditions and to provide the opportunity to learn their content.
(26) The matters set forth in the fifteenth paragraph are clearly included in representation contracts, and it is explicitly stated that the representative is obliged to comply with them, that the representative's failure to comply with these matters shall be considered a just cause for termination, and that the representative is responsible for compensating the damages that the institution will suffer as a result of such activities. The other minimum elements to be included in representation contracts are determined by the Union, taking the Bank's opinion into consideration. Institutions are obliged to enter into contracts with their representatives that include at least these elements and the matters in the twenty-fourth paragraph. However, special conditions may be established in representation contracts in accordance with the nature of the work.
(27) In case the institution establishes a representation relationship with a widespread store network (Amended wording: RG-7/10/2023-32332) or a payment service provider, it is sufficient to obtain the application form prepared in accordance with paragraph (a) of the thirteenth paragraph. (Added sentence: RG- 7/10/2023-32332) In case the institution establishes a representation relationship with another payment service provider, the institution acting as the representative is responsible for the application of the provisions of the eighteenth paragraph with regard to the transactions carried out within the scope of the established representation relationship.
(28) The representatives used by the Turkish Post and Telegraph Organization Corporation for its activities within the scope of the Law are also registered in the list created by the Union pursuant to the first paragraph. Posta ve Telgraf Teşkilatı Anonim Şirketi is obliged to notify the Union within fifteen business days following the conclusion of the contract with the representative, in order to have the representatives it uses for its activities within the scope of the Law registered in the list set out in the first paragraph.
(29) The conditions regarding workplaces shall also be sought, to the extent appropriate to their nature, for the representatives' online environments such as websites and mobile applications.
(30) The representation relationship that the institution will establish with real or legal persons resident abroad in relation to its activities abroad shall be subject to the provisions of this article, except for the ninth, tenth, eleventh, thirteenth, fourteenth, fifteenth, sixteenth, seventeenth, eighteenth, twenty-second and twenty-sixth paragraphs, with the exception of subparagraphs (a) and (f).
(31) The institution is obliged to notify the Bank at least thirty days before the signing of the first representation contract, separately for each country in which it wishes to establish a representation relationship with real or legal persons resident abroad, together with a report explaining in detail the justifications and benefits of opening the representation.
(32) The Bank is authorized to determine the countries in which representation relationships with real or legal persons resident abroad cannot be established.
(33) The number of real or legal person representatives of the institution resident abroad shall be included in the calculation of the additional collateral amount pursuant to the sixth paragraph of Article 36.
(34) In order for the institution to establish a representation relationship with real or legal persons resident abroad, there must be no obstacle in the regulations and practices of the country where the representation is located or operates to the institution's obtaining the information and documents it needs and to the conduct of audits at the said representations.
(35) In the event that the institution appoints a payment service provider established abroad as a representative, the representative to be appointed must not have any restriction on operating in the field of payments in the country in which it operates. For representatives established abroad, the provisions of Article 79, except for its fourth paragraph, shall apply regarding the documents to be obtained within the scope of this article.
Provision of services together with legal persons established abroad
ARTICLE 19 – (1) The institution may cooperate, in line with its purpose or activities, with legal persons established abroad that have obtained permission from the Bank pursuant to the seventh paragraph. The cooperation within the scope of this article shall be in the form of the institution providing the payment services falling within the scope of the Law to its customers resident in Turkey together with the legal person established abroad, and may only be carried out limited to payment services in which at least one of the sender or the recipient is located abroad. With respect to payment services in which both the sender and the recipient are located in Turkey, services cannot be provided within the scope of this article.
(2) The legal person established abroad with which cooperation is made within the scope of this article cannot be the sole visible face of the service vis-à-vis the customer; it cannot use its own brand and logos in any kind of document, announcement and advertisement or in its statements to the public in a manner that would create the impression that it has obtained an operating license in Turkey, and cannot establish a website targeting customers resident in Turkey.
(3) Cooperations that the institution establishes with legal persons established abroad (Repealed phrase:RG-7/10/2023-32332) regarding the services it will provide and in which, in the transactions to be carried out within this scope, no direct or indirect customer relationship arises in any way between the institution's customer resident in Turkey and the legal person established abroad are outside the scope of this article.
(4) In order for the institution to be able to provide services in cooperation with legal persons established abroad pursuant to the first paragraph, the legal person with which cooperation is to be made must be authorized by the relevant authorities of the country in which its head office is located to provide payment services or issue electronic money.
(5) With respect to the services provided within the framework of the cooperation to be made within the scope of this article, the institution that enters into cooperation with the legal person established abroad shall continue to be liable vis-à-vis customers resident in Turkey. Transactions carried out within this scope shall be included in the institution's collateral and own funds calculations within the scope of this Regulation.
(6) With respect to the services provided within the framework of the cooperation to be made within the scope of this article, it is mandatory for the obligations arising from the relevant legislation to be fulfilled by the institution.
(7) In order for cooperation to be made within the scope of this article, the legal person established abroad must have obtained permission from the Bank. To the approval application to be made pursuant to this paragraph;
a) Detailed explanations regarding the cooperation to be made and a copy of the contract showing the rights and obligations of the parties,
b) Detailed information regarding the fields of activity specified in the articles of association of the legal person established abroad with which cooperation is to be made, its organizational structure, its organizational structure in the country in which it is established and outside that country, the activities planned to be carried out in Turkey within the scope of the cooperation, the possible business models to be created regarding these activities and the services to be provided by these methods, the
contribution to be made to the payments ecosystem within the framework of these services and the benefits to be provided to customers, the qualifications of the office it will establish in Turkey and the personnel it will employ in order to carry out these activities, the relevant units to be included in the organizational structure, the structures to be established so that customers resident in Turkey can convey their problems and these problems can be resolved, and the activity program and business plan containing detailed information regarding the marketing strategy to be followed for Turkey,
c) Copies of the decisions taken from the authorized bodies of the legal person established abroad with which cooperation is to be made regarding the carrying out of activities in Turkey within the scope of this article,
ç) A copy of the permit certificate obtained in the country in which it is established regarding the provision of payment services or the issuance of electronic money for the legal person established abroad with which cooperation is to be made, or a document obtained from the competent supervisory authority stating that its operation in the country in which it was established has not been prohibited or that there is no restriction on its activities,
d) The consolidated independent audit report of the legal person established abroad with which cooperation is to be made for the last year and, if any, its report prepared by rating agencies and containing the projected rating,
e) A document obtained from the competent supervisory authority stating that the legal person established abroad with which cooperation is to be made is compliant with international regulations in the field of the prevention of money laundering and the financing of terrorism and that no criminal proceedings have been applied in this field in the country in which it was established,
must be added. The Bank shall grant permission to the legal person established abroad if, within the scope of the assessments it will make, it is convinced that the activities falling within the scope of the Law to be provided within the framework of the cooperation will contribute to the payments ecosystem and be for the benefit of customers, and it decides that the legal person established abroad is competent to carry out these activities.
(8) The Bank is authorized to request additional information and documents as a result of the assessments to be made within the scope of this article.
(9) The Bank is authorized to request the termination or restriction of the cooperations made by the institution pursuant to this article.
(10) The Bank is authorized to impose an additional own funds obligation on the institution in the event that the institution cooperates with legal persons established abroad pursuant to this article.
(11) The Bank is authorized to impose an obligation on the institution and the legal persons established abroad to maintain collateral before the Bank within the framework of the principles it will determine in the event that the institution cooperates with legal persons established abroad pursuant to this article.
(12) It is mandatory for the documents and records related to payment transactions to be carried out as a result of the cooperation to be established under this article to be stored domestically by the institution.
(13) If all transactions related to the service to be provided as a result of the cooperation to be established pass through the institution's information systems and audit trails are kept by the institution, there is no obligation for the information systems of the legal entity resident abroad with which cooperation will be made under this article to be located in Turkey.
(14) For cooperations to be made under this article by banks within the scope of Law No. 5411 and Posta ve Telgraf Teşkilatı Anonim Şirketi, the provisions of this article, except for the tenth and eleventh paragraphs, shall apply.
Holding shares in other companies
ARTICLE 20 – (1) The institution may hold shares in other companies that only issue electronic money, provide payment services listed in the first paragraph of Article 4 (Amended phrase: Official Gazette-7/10/2023-32332), or carry out the activities specified in the second, third and eighth paragraphs of Article 15, provided that this does not constitute any obstacle to fulfilling its obligations under the Law, this Regulation and the regulations to be made by the Bank within the scope of Article 31, among others.
(2) In the event of holding shares in a company pursuant to the first paragraph, selling the shares held, or terminating the activities of the company in which shares are held, this situation shall be notified to the Bank within fifteen business days at the latest, together with a report containing the justifications for the transaction that gave rise to the notification. If the Bank decides that this situation may adversely affect the institution's activities, it requests the institution to take measures to prevent this situation and grants the institution a reasonable period not exceeding ninety days for this. If the measures are not taken within the granted period, the Bank may request the institution to stop the transaction or, if the transaction has been completed, to revert to the previous situation.
(3) The provisions of this article shall apply to the institution holding shares in companies resident abroad and to other transactions.
(4) Without prejudice to the first paragraph, in order for the institution to hold shares in companies established abroad, there must be no obstacle in the legislation and practices of the relevant country to the Bank obtaining the information and documents it needs within the scope of its audit and supervision activities and to conducting audits.
(5) Without prejudice to the first paragraph, in order for the institution to hold shares in companies established abroad, it is mandatory to obtain a document from the competent supervisory authority in the relevant country stating that the said partnerships comply with international regulations in the field of prevention of money laundering and financing of terrorism.
Outsourcing
ARTICLE 21 – (1) Unless there is a provision to the contrary in this Regulation, the institution cannot subject the activity of providing payment services and issuing electronic money to outsourcing.
(2) The institution may subject to outsourcing its activities other than payment service provision and electronic money issuance, as well as information systems, marketing, advertising, corporate resource management, accounting, call center, and tracking of the institution's administrative affairs related to payment service provision and electronic money issuance activities, provided that the obligations in the Law, this Regulation and relevant sub-regulations are complied with and the scope is determined by a written contract. Outsourcing cannot be carried out in a way that results in the transfer of the senior management's powers determined by Law No. 6102, this Regulation and the institution's internal regulations. The Bank is authorized to determine the limits of outsourcing related to the matters specified in this paragraph and, when necessary, other matters that institutions may subject to outsourcing.
(3) During outsourcing, the institution is obliged to exercise due diligence in the selection of the outsourcing service provider, to clarify the obligations of the outsourcing service provider with a contract, and to effectively manage the additional risks that outsourcing will create by taking these risks into consideration.
(4) Outsourcing cannot be carried out in a way that results in the loss or change of the conditions essential for granting an operating license. The outsourcing service to be received cannot be of a nature that prevents the institution from fulfilling its legal obligations, complying with relevant regulations and being effectively audited. In the event that obligations are imposed on the institution in the relevant legislation regarding an activity subject to outsourcing, it is mandatory that the fulfillment of these obligations by the outsourcing service provider be undertaken by a contract to be signed between the parties. This situation does not remove the institution's responsibility. The institution is also responsible for the transactions of the outsourcing service provider regarding the activities subject to outsourcing. Outsourcing cannot be carried out in a way that results in or creates the impression that the activities within the scope of the Law are provided by a company that is not a payment service provider.
(5) Outsourcings and the companies from which outsourcing services are received shall be reported to the Bank by the institution in accordance with the procedures and principles to be determined by the Bank.
(6) In outsourcing, the institution takes the necessary measures for the protection of secrets and personal data, especially sensitive customer data belonging to itself and its customers.
(7) In the event that the outsourcing service provider is established abroad, there must be no legal obstacle in the legislation and practices of the country in which it operates to the Bank obtaining the information and documents it needs in a timely, complete and accurate manner and to conducting audits related to the service received from the outsourcing service provider.
(8) Outsourcing does not remove the obligation to keep all accounts and records of the institution and information related to all kinds of transactions ready for audit.
(9) Outsourcing cannot be carried out in a way that reduces the effectiveness of the institution's internal control and risk management systems and the Bank's monitoring and supervision capability.
(10) Outsourcing does not remove the institution's responsibility towards its customers.
(11) The Bank is authorized to request the institution to stop outsourcing in cases where the provisions of this article are not complied with, it is concluded that outsourcing negatively affects the institution's activities, or the outsourcing service provider obstructs the Bank's audit activities within the scope of the Law.
(12) The provisions of this article shall not apply to services received in matters such as food, transportation and cleaning, and to the procurement, maintenance and repair of all kinds of technical equipment and fixtures not directly used in the provision of activities within the scope of this Regulation that the institution owns or has the right to use, as well as training services, legal services and legal consultancy, consultancy activities, and outsourcing for personnel who, although employed within another company, will be employed temporarily or permanently in the institution in services such as food, transportation, physical security and cleaning.
Notifications
ARTICLE 22 – (1) Changes occurring at the institution's address must be notified by the institution to the Bank within five business days following the institution's actual relocation to its new address. (Amended sentence: Official Gazette-7/10/2023-32332) Title changes to be made by the institution shall be notified to the Bank within twenty business days after the completion of the institution's internal processes regarding the change.
(2) The institution shall notify the Bank within one week following the date on which the legal entity terminates for the situations specified in subparagraphs (a) and (b) of the first paragraph of Article 17 of the Law, and the date on which the period expires for the situation specified in subparagraph (c).
FOURTH CHAPTER Corporate Governance
Board of directors and corporate governance
ARTICLE 23 – (1) The institution's board of directors shall consist of at least three persons, including the general manager. The general manager is a natural member of the board of directors.
(2) Members of the board of directors are required to meet the conditions set forth in subparagraphs (a), (b), (c) and (d) of the first paragraph of Article 8 of Law No. 5411.
(3) The board of directors;
a) Is responsible for determining the institution's organizational structure and human resources policy and the duties and responsibilities of the personnel,
b) Is responsible for determining in writing the strategies and policies and implementation procedures regarding the activities of the internal control and risk management units, and for ensuring their effective implementation and maintenance,
c) Is responsible for determining in writing the policies and strategies regarding risk management for the institution in general and for each type of risk to which it may be exposed, the level of risk it may assume and the implementation procedures related thereto, and for being informed about the management of risks, ç) Is responsible for determining the policies regarding the management of information systems and for ensuring their implementation by establishing control processes to ensure their effective operation,
d) Is responsible for ensuring that customer complaints are evaluated and that responses are given to the relevant persons regarding the outcome, and for establishing a system that covers and can analyze workplace information for the detection and prevention of fraud and malicious use activities, and for ensuring that complaints are regularly reported to it in a manner that includes the matters to be determined and that the necessary measures are taken regarding the matters subject to complaint,
e) Is responsible for determining the procedures and principles regarding the protection of funds and the internal control and risk management procedures related thereto,
f) Is responsible for determining the procedures and principles regarding the identification, management, monitoring and reporting of risk, including the activities of representatives,
g) Is responsible for establishing the procedures and principles that will ensure that the representative possesses integrity, competence, reputation, financial strength and other qualifications deemed necessary,
ğ) Is responsible for establishing risk-sensitive systems and controls for the monitoring and control of the representative's activities,
h) Is responsible for establishing work flow plans covering all stages of the activities to be carried out and the necessary explanations, including the stages related to fund and information flow, the timing and connections between these stages, the role of branches or representatives in the transaction, the parties to the transaction including outsourcing service providers, the stages related to outsourcing, the reimbursement of electronic money for electronic money institutions, and the bank accounts to be used in the process,
ı) Is responsible for other works and transactions for which responsibility is assigned to the board of directors by legislation, particularly this Regulation and the regulations to be made by the Bank within the scope of Article 31.
(4) The internal control personnel regulated in the fifth paragraph of Article 26 and the risk management personnel regulated in the second paragraph of Article 27 and the member of the board of directors to whom they will report must not be the spouse of the general manager or one of the other members of the board of directors, or must not have blood or affinity kinship up to and including the third degree with the general manager or other members of the board of directors.
General manager
ARTICLE 24 – (1) The general manager of the institution must have at least seven years of professional experience in the field of business administration or finance and must have received education at the bachelor's level.
(2) The general manager is required to meet the conditions set forth in subparagraphs (a), (b), (c) and (d) of the first paragraph of Article 8 of Law No. 5411.
Notifications regarding members of the board of directors and the general manager
ARTICLE 25 – (1) The institution shall notify the Bank within twenty business days after the completion of the institution's internal processes, without waiting for processes such as registration or announcement regarding the change, of changes regarding the members of the board of directors and the general manager, such as departure or removal from office and appointment or election, and;
a) Detailed CVs to be prepared in accordance with the sample in ANNEX-9 containing their professional experience and the training they have received, and, except for those whose identity and address information can be accessed electronically through the systems established within the scope of Law No. 5490, notarized copies of identity documents or passports for foreign nationals,
b) Undertakings that they are not bankrupt or have not declared concordat (ANNEX-4 or ANNEX-5),
c) In banks to which Article 71 of Law No. 5411 is applied or in banks that were transferred to the Savings Deposit Insurance Fund before the entry into force of Law No. 5411, undertakings that they do not have a qualified share or do not hold control
undertakings (ANNEX-7) and the documents they will obtain from the Savings Deposit Insurance Fund regarding these matters,
ç) Undertakings (ANNEX-8) that they do not have a qualified share or do not hold control in bankers subjected to liquidation and factoring, financial leasing, financing and insurance, reinsurance and pension companies whose operating license was revoked other than voluntary liquidation, and institutions operating in money and capital markets, and that they are not among the persons responsible in the event requiring this sanction in institutions whose operating license was previously revoked by the Bank,
d) Undertakings that they have not been convicted of the crimes specified in subparagraph (d) of the first paragraph of Article 8 of Law No. 5411, and criminal record documents including archive records (ANNEX-6),
e) They send to the Bank a copy of the general assembly or board of directors resolution regarding their appointment or election, or the Trade Registry Gazette in which the articles of association of the company regarding those appointed by the articles of association is published.
(2) For the general manager, in addition to the documents in the first paragraph, a notarized copy of the license diploma (Added phrase: Official Gazette-7/10/2023-32332) or a higher education graduation certificate to be obtained from e-Government is sent to the Bank.
(3) In case legal persons are appointed to the board of directors membership of the institution, the documents specified in subparagraphs (a) and (d) of the first paragraph are not required for the legal person board of directors member. The documents in the first paragraph are also submitted regarding the real person representative who will use the authority on behalf of the legal person.
Internal control
ARTICLE 26 – (1) The institution is obliged to establish an adequate and effective internal control system in order to ensure that its activities are carried out effectively and efficiently in accordance with the Law and other relevant legislation, its internal regulations and practices, the integrity and reliability of accounting and reporting systems, and the timely availability of information. The internal control system also includes the controls to be established within the scope of information systems.
(2) In order to achieve the expected purpose of internal control;
a) Establishing functional segregation of duties within the institution, sharing responsibilities, clearly and in writing determining authorities and responsibilities,
b) Establishing internal control activities,
c) Establishing work flow charts showing controls and work steps on the institution's business processes,
ç) Establishing information systems in accordance with the structure and complexity level of the activities,
d) Preparing business continuity and emergency plans and testing them once a year, is required.
(3) Internal control activities;
a) Control of transactions for the execution of activities,
b) Control of communication channels and information systems and financial reporting system,
c) Control of the functioning of the process of responding to complaints,
ç) Control of compliance with the regulations within the scope of Law No. 5549 and its relevant legislation, as well as internal regulations and practices and other legislation, and the processes operated for this purpose,
d) Control of activities carried out through representatives or external service procurement, includes.
(4) Internal control activities and how they will be executed are designed taking into account the characteristics of all activities of the institution. In the design of internal control activities; it is essential to ensure that the information produced within the institution is reliable, complete, traceable, consistent and in an appropriate form and quality to meet the need.
(5) Internal control activities are carried out under the board of directors or a board of directors member without executive duty other than the general manager to be determined by the board of directors. Internal control activities are carried out through internal control personnel who are in a number compatible with the institution's activity structure and scope, have the necessary knowledge and experience, and do not have executive duties. Reporting is made to the board of directors twice a year, as of the end of June and December, by the internal control personnel regarding the internal control activities carried out. It is mandatory that the internal control personnel be a full-time employee of the institution.
Risk management
ARTICLE 27 – (1) The institution is obliged to establish an effective risk management system in order to ensure the identification, measurement, monitoring, control, reporting and management of all risks to which it may be exposed, including risks related to money laundering and financing of terrorism, compatible with the scope and structure of its activities and appropriate to changing conditions.
(2) Risk management activities are carried out under the board of directors or a board of directors member without executive duty other than the general manager to be determined by the board of directors; by risk management personnel who have the necessary knowledge and experience and do not have executive duties. (Added sentence: Official Gazette-7/10/2023-32332) It is mandatory that at least one of the risk management personnel within the institution be a full-time employee of the institution. Reporting is made to the board of directors twice a year, as of the end of June and December, by the risk management personnel regarding the risk management activities carried out.
(3) The risk management system established within the scope of the first paragraph is established in a manner to ensure that all risks that may arise from all activities carried out by the institution, connections with other institutions related to the activities carried out, payment systems participated in, external service providers, representatives and other matters related to the activities carried out and that may endanger the smooth execution of activities are identified and effectively managed.
(4) It is essential that the rules, procedures and policies related to the risk management system and the changes to be made therein are established in writing.
(5) Within the scope of risk management activities, necessary investigations, particularly on social media and online platforms, are carried out to determine whether the services offered by the organization within the framework of the Law are used in illegal activities, especially illegal betting, and necessary measures are taken to prevent such transactions.
Accounting, reporting and independent audit
ARTICLE 28 – (1) The organization is obliged to account for all its transactions in accordance with their true nature, and to prepare its financial reports in a form and content that can meet the need for information, in a clear, reliable and comparable manner, suitable for audit, analysis and interpretation, in a timely and accurate manner, within the framework of the procedures and principles determined by the Public Oversight, Accounting and Auditing Standards Authority.
(2) The independent audit of the organization's year-end financial statements shall be carried out by independent audit firms included in the list of Independent Audit Firms authorized to perform independent audits, including public interest entities, by the Public Oversight, Accounting and Auditing Standards Authority. The Bank may request the Public Oversight, Accounting and Auditing Standards Authority to suspend this authorization of certain independent audit firms, provided that it states its justification.
(3) Independent audit firms are obliged to immediately notify the Bank of any information and findings obtained during the audit indicating that the provisions of the Law and this Regulation have been violated and that such violation jeopardizes the organization's activities, as well as any information and findings that may affect the organization's compliance with the provisions set out in Part Three.
(4) If the Bank detects any non-compliance in the independent audit reports, it shall notify the Public Oversight, Accounting and Auditing Standards Authority of the information and findings related to the matter.
(5) The independent audit report on the organization's year-end financial statements must be reported to the Bank by the organization by 15 May of the following year. The Bank is authorized to grant additional time upon the request of the organization, in cases it deems necessary. The Bank is authorized to decide that the reporting to be made by the organization shall be made electronically in accordance with the method it determines. The independent audit agreement and the independent audit report prepared in relation to the independent audit to be conducted within the scope of this paragraph shall also be notified by the independent audit firm to the Public Oversight, Accounting and Auditing Standards Authority within the periods specified in the regulations of this Authority.
(6) The organization that is subject to independent audit within the scope of other special legislation to which it is subject shall be deemed to have fulfilled its obligation regarding the independent audit within the scope of this article.
(7) In order for the obligation regarding independent audit to be deemed fulfilled within the scope of this Regulation pursuant to the sixth paragraph, the reports prepared as a result of the independent audit must be shared with the Bank simultaneously with the organization and other relevant authorities.
(8) If the Bank decides that the independent audit activities carried out pursuant to the sixth paragraph are insufficient, it may request that additional independent audit activities be carried out on matters it deems necessary.
Audit and reporting to the Bank
ARTICLE 29 – (1) The Bank is tasked and authorized to implement the regulations set out in the Law, this Regulation and the relevant sub-regulations, to ensure the implementation of these regulations, and to monitor and audit the implementation.
(2) The audit carried out by the Bank includes remote supervision within the scope of the information, documents, schedules and reports submitted to the Bank, and on-site audit within the framework of the procedures and principles deemed appropriate by the Bank.
(3) The organizations that the Bank is responsible for auditing within the scope of Article 21 of the Law shall accurately transmit to the Bank all kinds of information, documents, schedules and reports requested by the Bank, in the format, method, frequency and periods deemed appropriate by the Bank. The Bank is authorized to request reporting from other payment service providers with which a payment service provider holds an account, regarding the determination of the total payment transaction volume and the amount of electronic money issuance and safeguard accounts, in the format, method, frequency and periods deemed appropriate.
(4) The Bank is authorized to request from the organizations that it is responsible for auditing within the scope of Article 21 of the Law, their shareholders and partnerships, their branches and representatives, external service providers and other real and legal persons, all information it deems relevant to the implementation of the provisions of the Law and this Regulation, even if confidential, and to examine all their books, records and documents, including their tax-related records; and those from whom information is requested are obliged to submit the requested information to the Bank in accordance with the Bank's instructions, to keep this information, books, records and documents ready for examination, to open all information processing systems in accordance with audit purposes, to ensure and maintain data security, and to present and operate for examination their records in microfiche, microfilm, magnetic tape, diskette and similar media regarding all kinds of books and documents they are obliged to keep and the information they are obliged to provide, and all systems and passwords necessary to access or make these records readable.
Business continuity plan
ARTICLE 30 – (1) The organization is obliged to establish and regularly test a business continuity plan that includes scenarios regarding emergency and unexpected situations that may adversely affect the uninterrupted execution of transactions within the scope of the Law, and matters regarding the elimination of interruptions that may occur in transactions due to the realization of these scenarios within predetermined acceptable interruption periods and without data loss other than predetermined acceptable data losses.
(2) When establishing the business continuity plan, in the event of emergencies and unexpected situations, matters that need to be done regarding issues closely related to the smooth execution of transactions within the scope of the Law, such as network and communication infrastructure, primary and backup systems, critical resources including personnel, critical operations, actions to be taken by branches and representatives, and the use of external service providers, are determined.
(3) In the event of emergencies and unexpected situations, being informed of this situation and the extent of the events as soon as possible, and the establishment of mechanisms to ensure the identification of the affected branch and representative, customers, and the extent of the damage, constitute an integral part of the business continuity plan.
(4) The business continuity plan is prepared in writing and its relevant parts are shared with branches and representatives. Branches and representatives are obliged to act in compliance with the matters included in the business continuity plan.
(5) In case an external service provider organization is used for the secondary center, secondary system, or data backup center, the organization must include these organizations in the tests related to the business continuity plan.
Management and audit of information systems
ARTICLE 31 – (1) The procedures and principles regarding the management of information systems used by organizations in carrying out their activities within the scope of the Law and their audit by authorized independent audit organizations are determined by the Bank.
(2) The Bank may, if it deems necessary, make regulations on the matters specified in the first paragraph regarding other payment service providers.
CHAPTER FIVE
Equity
Equity
ARTICLE 32 – (1) Equity is calculated by deducting the deduction items specified in the second paragraph from the sum of the balance sheet items included in this paragraph:
a) Paid-in capital.
b) Share issuance premiums.
c) Reserves defined in Law No. 6102.
ç) Net period profit/loss and prior years' profit/loss.
d) Gains reflected in equity in accordance with Turkish Accounting Standards-Turkish Financial Reporting Standards.
e) Mutual participation capital adjustment.
f) Non-controlling interests.
(2) The items specified below are considered as deduction items in the equity calculation:
a) The organization's own shares it has acquired.
b) Intangible fixed assets.
c) The total of shares in the capital of financial institutions in which more than ten percent of partnership shares are held (Repealed phrase:RG- 7/10/2023-32332).
ç) In cases where the capital amount held in financial institutions in which ten percent or less of partnership shares are held (Repealed phrase:RG- 7/10/2023-32332) exceeds ten percent of the organization's equity calculated without deducting the items specified in subparagraphs (a), (b), (c), and (d), the capital amount held in the said banks and financial institutions.
d) Partnership shares in insurance, reinsurance, and pension companies.
e) (Added:RG-7/10/2023-32332) The amount of collateral established within the scope of Article 36.
(3) The elements specified below are not evaluated within the scope of subparagraphs (ç) and (d) of the first paragraph:
a) In case assets not monitored at fair value are subject to cash flow variability hedging, gains reflected in equity in accordance with Turkish Accounting Standards-Turkish Financial Reporting Standards related to them.
b) Unrealized gains arising as a result of changes in the fair value of liabilities due to changes in the organization's creditworthiness.
c) The dividend amount decided to be distributed at the general assembly.
(4) In case the amount calculated by deducting the amounts specified in subparagraphs (a) and (b) of the second paragraph from the sum of the items specified in subparagraphs (a), (b), (c), (ç), (e), and (f) of the first paragraph is less than the amount specified in subparagraph (d) of the first paragraph, the difference is not taken into account in the equity calculation.
(5) (Repealed:RG-7/10/2023-32332)
(6) The elements used in the equity calculation of financial institutions included in the same capital group as the organization cannot be included in the organization's equity calculation.
(7) (Repealed:RG-7/10/2023-32332)
(8) The organization cannot lend to shareholders, senior management, and their blood or affinity relatives up to the third degree, and companies or subsidiaries controlled by or affiliated with them, nor can it engage in covert transactions with them at prices, fees, and charges that are clearly different from comparable ones in a way that reduces the organization's profit or assets, nor can it carry out collusive transactions. In case such transactions have been made, these amounts are not included in the organization's equity calculation.
Minimum equity obligation and professional liability insurance
ARTICLE 33 – (1) The equity of the organization is calculated as of the end of June and December in accordance with the procedures and principles specified in Article 32. The calculated equity cannot be less than three million Turkish Liras for payment institutions exclusively performing the payment service specified in subparagraph (e) of the first paragraph of Article 4 and the minimum equity amount calculated according to the third paragraph; five million Turkish Liras for other payment institutions, excluding those exclusively offering the payment service specified in subparagraph (g) of the first paragraph of Article 4, and the minimum equity amount calculated according to the third paragraph; and for electronic money institutions, thirteen million Turkish Liras and the minimum equity amount calculated according to the sixth paragraph. The amounts of three million Turkish Liras, five million Turkish Liras, and thirteen million Turkish Liras specified in this paragraph are re-evaluated by the Bank every year in January, taking into account the annual changes in the price indices published by the Turkish Statistical Institute.
(2) The Bank is authorized to increase, up to fifty percent, the minimum equity amount of an institution calculated in accordance with the third and sixth paragraphs, based on the risk assessment to be carried out, without prejudice to the provisions regarding the minimum paid-in capital amount specified in subparagraph (ç) of the second paragraph of Article 14 of the Law for the activities carried out for a payment institution, and in subparagraph (ç) of the third paragraph of Article 18 of the Law for an electronic money institution.
(3) The minimum equity amount, except for institutions providing the payment service set out exclusively in subparagraph (g) of the first paragraph of Article 4, consists of the sum of the amounts specified below for institutions whose payment volume is less than one hundred fifty million Turkish Liras, twice the sum of the amounts specified below for institutions whose payment volume is between one hundred fifty million Turkish Liras and five hundred million Turkish Liras, and three times the sum of the amounts specified below for institutions whose payment volume is more than five hundred million Turkish Liras:
a) Four percent (4%) of the first fifty million Turkish Liras of payment volume (tranche between 0-50 million Turkish Liras).
b) Two and a half percent (2,5%) of the next fifty million Turkish Liras of payment volume (tranche between 50-100 million Turkish Liras).
c) One percent (1%) of the next fifty million Turkish Liras of payment volume (tranche between 100-150 million Turkish Liras).
ç) Five per thousand (0,5%) of the next three hundred fifty million Turkish Liras of payment volume (tranche between 150-500 million Turkish Liras).
d) Two and a half per thousand (0,25%) of the remaining amount of payment volume (above 500 million Turkish Liras).
(4) In the application of the third paragraph, payment volume is found by dividing the amount of payment transactions carried out by the institution within the last twelve months preceding the calculation period and for the realization of which it initiated the payment order in accordance with subparagraph (f) of the first paragraph of Article 4, by the number of months. If twelve months have not passed since obtaining the operating license, the number of months elapsed until the calculation period is taken into account.
(5) The Bank is authorized to differentiate the minimum equity amount on the basis of the activities listed in the first paragraph of Article 4.
(6) An electronic money institution is obliged to maintain equity equal to two percent of its average electronic money liability. An electronic money institution that also carries out the payment services listed in the first paragraph of Article 4 shall maintain, in addition to the amount calculated according to this paragraph, a minimum equity in the amount calculated according to the third paragraph.
(7) In the application of the sixth paragraph, average electronic money liability is the average of the electronic money institution's financial liabilities regarding electronic money issued at the end of each day over the last six-month period. The average electronic money liability is calculated on the first business day of the month that is the calculation period and is accepted as the value for that month.
(8) If the equity falls below the limits specified in the first paragraph, it is mandatory to inform the Bank within 15 days from becoming aware of the situation and, in any case, within sixty days from the end of June and December. If the breach of the first paragraph is not remedied within the period to be granted by the Bank, the Bank is authorized to take action within the framework of the eighth paragraph of Article 21 of the Law. (Additional sentence:RG-7/10/2023-32332) The regular and continuous reporting made to the Bank within the scope of the third paragraph of Article 29 does not ensure that the obligation to provide information within the scope of this paragraph has been fulfilled.
(9) An institution providing the payment service set out exclusively in subparagraph (g) of the first paragraph of Article 4 is obliged to take out professional liability insurance in the amount of at least one million Turkish Liras against damages it may cause due to its professional activities (Additional phrase:RG-7/10/2023-32332) or to maintain collateral worth one million Turkish Liras in accordance with the fourth paragraph of Article 36. The professional liability insurance required to be taken out and the collateral amount required to be maintained under this paragraph shall be increased by five hundred thousand Turkish Liras for each new one hundred thousand customers after the first one hundred thousand customers.
(10) The Bank is authorized to increase the amount set out in the ninth paragraph up to fifty percent.
PART SIX
Protection of Funds and Collateral
Protection of payment funds
ARTICLE 34 – (1) Payment funds consist of the total of funds held by the institution, its branches, its representatives or a third-party service provider acting on behalf of the institution on behalf of the customer, received from the customer or from another payment service provider on behalf of a customer for the execution of a payment transaction, but not yet paid to the payee or the payee's payment service provider. Funds whose payee is not certain at the time of acceptance and funds received from legal persons resident abroad with which cooperation is made within the scope of Article 19 are also qualified as payment funds.
(2) The institution tracks payment funds separately from other funds and may use them only for the purpose of executing the payment transaction. (Additional sentences:RG-7/10/2023-32332) Payment funds cannot be shown as collateral by the institution. All kinds of administrative and judicial requests, such as precautionary measures, attachment and the like, regarding the rights and receivables of payment service users with the institution shall be fulfilled exclusively by the institution. Requests reaching the banks where the protection (Additional phrase:RG-19/3/2026-33201) and interest-bearing account is held shall, in the event that the bank has information regarding the ultimate ownership of the payment funds on the basis of the institution's customers, be fulfilled limited to the relevant payment fund and the bank shall inform the relevant institution without delay.
(3) On the business day following the day of receipt, as of (Amended phrase:RG-19/3/2026-33201) 16.30 on full business days and (Amended phrase:RG-19/3/2026-33201) 12.00 on half business days, the amount of unpaid payment funds shall be deposited into protection accounts to be opened in the name of the institution at a bank within the scope of Law No. 5411 and to be used solely for the purpose of protecting these funds. This account is defined as a payment funds protection account with the relevant bank, and this nature of the account is explicitly stated in the contract to be made with the bank. The overnight investment of payment funds at the bank where the protection account is held does not constitute a violation of the second paragraph and this paragraph.
(4) Payment funds are held in payment funds protection accounts opened in the currency in which they were received. In cases where opening an account in the relevant foreign currency is not possible or requires an unreasonable cost, payment funds may be converted into another currency and held in the payment funds protection account.
(5) The institution maintains records related to the funds in the payment funds protection accounts in a manner that ensures the tracking of payment funds on a customer basis.
(6) The institution is obliged to compare its own records related to the funds in the payment funds protection accounts with the account statements to be obtained from the bank on a daily basis and to ensure the confirmation of the records belonging to the previous business day on each business day. Except for discrepancies arising from timing differences, it is mandatory to retain the record of any correction transaction made regarding the provision of confirmation. In the event of a significant discrepancy between the records, the institution immediately informs the Bank.
(7) In cases where confirmation transactions are carried out electronically, the statements related to the transaction are stored physically or securely in electronic form by the institution.
(8) In cases where confirmation transactions cannot be carried out within the framework of the procedures and principles specified in the sixth and seventh paragraphs, the institution immediately informs the Bank.
(9) The balances of payment funds and the funds in the payment funds protection accounts are reported to the Bank within the framework of the procedures and principles to be determined by the Bank.
Protection of funds collected in exchange for electronic money
ARTICLE 35 – (1) The funds related to the amount of electronic money in circulation, subject to the second paragraph, are transferred to an account opened with a bank within the scope of Law No. 5411, solely for the purpose of protecting these funds, as soon as possible, at the latest by the end of the business day on which they acquire the quality of the amount of electronic money in circulation. This account is defined as an electronic money protection account with the relevant bank, and this nature of the account is explicitly stated in the contract to be made with the bank.
(2) The funds received through a payment instrument for the issuance of electronic money and the cash amounts received through unmanned service points as defined in the regulations to be made by the Bank within the scope of Article 31, when they pass to the account of the electronic money institution or otherwise become available for the use of the electronic money institution, are transferred to the electronic money protection account, limited to the portion related to the electronic money issued in return for these funds and still in circulation. The period for transferring to the electronic money protection account cannot exceed five business days from the issuance of the electronic money.
(3) (Amended: Official Gazette-19/3/2026-33201) The end-of-day balance of the electronic money protection account is calculated as of 16:30 on full business days and 12:00 on half business days. The overnight investment of the electronic money protection account at the bank where it is held does not constitute a violation of the second and fourth paragraphs. The end-of-day balance is determined based on the institution's records and bank account movements in a manner consistent with the amount of electronic money in circulation.
(4) (Amended: Official Gazette-19/3/2026-33201) The electronic money institution tracks the funds received in return for the issuance of electronic money separately from all other funds and cannot use them for purposes other than those specified in the first paragraph, and maintains records related to these funds in a manner that ensures the tracking of funds on a customer basis, except for those related to anonymous prepaid instruments. The funds received in return for the issuance of electronic money cannot be shown as collateral by the institution. All kinds of administrative and judicial requests such as precautionary measures, garnishment, and similar regarding the rights and receivables of payment service users with the institution are fulfilled exclusively by the institution. Requests received by the banks where the account holding the funds received in return for the issuance of electronic money and the investment account are held, on the other hand, are fulfilled, limited to the relevant fund, if the bank has information regarding the ultimate ownership of these funds on the basis of the institution's customers, and the bank informs the relevant institution without delay.
(5) The funds received for payment services other than payment services carried out with electronic money are protected within the framework of the procedures and principles specified in Article 34.
(6) The sixth, seventh, eighth, and ninth paragraphs of Article 34 apply to the confirmation transactions of electronic money institutions and their reporting to the Bank.
(7) In the event that the electronic money issued in return for the amount in the electronic money protection account is converted into a fund, the exit of the fund from the electronic money protection account is made at the moment the amount based on the fund is to be paid to the counterparty, and if this is not possible, at the latest on the next business day.
(8) The funds accepted for the issuance of electronic money and the service fees collected under the names of commission, fee, and similar related to the process of issuing electronic money are collected separately, and the service fees collected are not reflected in the electronic money protection account.
(9) The funds received for the issuance of electronic money are held in electronic money protection accounts opened in the currency in which they were received. In cases where opening an account in the relevant foreign currency is not possible or requires an unreasonable cost, the funds received for the issuance of electronic money may be converted into another currency and held in the electronic money protection account.
Blocking of protection accounts and collaterals
ARTICLE 36 – (1) In the cases specified in the third paragraph of Article 22 of the Law, payment funds protection accounts and electronic money protection accounts are blocked by the relevant bank in order to compensate the rights of fund owners and to ensure the fulfillment of the institution's obligations arising from the Law.
(2) The institution is obliged to hold collateral with the Bank pursuant to this article. Except for payment institutions that exclusively perform the payment service specified in subparagraph (g) of the first paragraph of Article 4, the minimum collateral amount that the institution must hold with the Bank pursuant to this article is two million Turkish Liras for payment institutions that exclusively perform the payment service specified in subparagraph (e) of the first paragraph of Article 4, three million Turkish Liras for other payment institutions, and five million Turkish Liras for electronic money institutions.
(3) Except for payment institutions that exclusively perform the payment service specified in subparagraph (g) of the first paragraph of Article 4, the base collateral amount that institutions must hold with the Bank consists of the sum of the collateral amount determined in accordance with the subparagraphs below and the collateral amount they must hold within the scope of the sixth paragraph:
a) In the event that the number of customers is less than fifty thousand, the minimum collateral amount they must hold pursuant to the second paragraph.
b) In the event that the number of customers is between fifty thousand and five hundred thousand, twice the minimum collateral amount they must hold pursuant to the second paragraph.
c) In the event that the number of customers is between five hundred thousand and five million, three times the minimum collateral amount they must hold pursuant to the second paragraph.
ç) In the event that the number of customers is more than five million, four times the minimum collateral amount they must hold pursuant to the second paragraph.
(4) Payment institutions that exclusively perform the payment service specified in subparagraph (g) of the first paragraph of Article 4 are obliged to hold base collateral with the Bank equal to the sum of the amount determined pursuant to the ninth paragraph of Article 33 and the amount they must hold within the scope of the sixth paragraph of this article.
(5) The base collateral amount that payment institutions performing only the payment services specified in subparagraphs (e) and (g) of the first paragraph of Article 4 must hold consists of the sum of the collateral amounts they must hold within the scope of the third, fourth and sixth paragraphs of this article due to the aforementioned activities.
(6) The institution is obliged to hold additional collateral in the amount of five hundred thousand Turkish Liras for every thousand representatives it will use while performing its activities.
(7) (Amended: Official Gazette-7/10/2023-32332) The Bank, while determining the total collateral amount that the institution must hold with the Bank pursuant to this article, takes into account the following criteria:
a) No administrative fine having been imposed within the scope of the Law.
b) The share of complaint and objection applications concluded against the institution in the Union arbitration committees within the scope of Article 74 in the total applications related to the institution not being above ten percent.
(8) (Amended: Official Gazette-7/10/2023-32332) The Bank, within January of each year, determines the total collateral amount that the institution must hold with the Bank pursuant to this article in the relevant calendar year, based on the base collateral amount calculated pursuant to the third, fourth or fifth paragraphs, taking into account the criteria specified within the scope of the seventh paragraph for the previous calendar year. The collateral amount to be determined pursuant to this article is valid for one calendar year. The collateral amount that the institution must hold with the Bank is increased by twenty-five percent if the criteria specified in subparagraphs (a) and (b) of the seventh paragraph are not met individually, and by one hundred percent if they are not met together.
(9) The consideration of the non-compliances regarding the criteria in the seventh paragraph in the calculations to be made pursuant to the eighth paragraph does not prevent the imposition of sanctions by the Bank within the scope of the Law and relevant secondary legislation regarding these non-compliances.
(10) The institution may request the return of the collateral with the Bank only after fulfilling the required collateral amount with another asset specified in this Regulation as acceptable as collateral, as long as its operating license continues.
(11) In cases where the institution's operating license expires pursuant to Article 17 of the Law, the collaterals are subject to general provisions.
(12) In the event that the institution's operating license is revoked pursuant to the Law, if the institution is not liquidated, the collaterals;
a) The complete submission to the Bank of the institution's declaration, together with supporting information and documents, that the obligations within the scope of the Law have been fulfilled and that it has no financial obligation towards the institutions within the scope of this Regulation, the Bank, its customers or its representatives,
b) The institution's title and field of activity having been changed in a way that will not fall within the scope of the Law or a decision of termination having been made,
c) As a result of the audit to be conducted by the Bank, reaching the conclusion that there is no audit, complaint, dispute or any conflict that has been referred to the judiciary that would prevent the release of the collaterals, are released within a reasonable time, with the conditions.
(13) Pursuant to the twelfth paragraph, in the event of the existence of an audit, complaint, dispute or conflict referred to the judiciary determined in the evaluations to be made as a result of the Bank's audit and of a nature that would prevent the release of the collaterals, the Bank may decide that the collateral continues to be held partially or completely until the conflict is concluded.
(14) In the event that the institution's operating license is temporarily suspended, the collaterals continue to be held with the Bank and are not returned during this period.
(15) The collaterals to be held pursuant to this article may be held as cash or government domestic debt securities or lease certificates issued by the Undersecretariat of Treasury Asset Leasing Company. In the event that the collaterals are held as government domestic debt securities or lease certificates issued by the Undersecretariat of Treasury Asset Leasing Company and their market value depreciates by at least ten percent, the institution is obliged to complete the collateral to the amount it must hold pursuant to this article within ten business days and notify the Bank of the situation.
(16) In the implementation of this article, the number of customers is calculated by adding the monthly average in the last calendar year of the number of customers who have a payment account with the institution as of the last business day of each month and who have carried out a payment transaction within the last month or whose account has had a balance of at least one hundred Turkish Liras, and the monthly average in the last calendar year of the number of anonymous prepaid instruments issued by the institution as of the last business day of each month whose balance has exceeded one hundred Turkish Liras at any moment within the last month. In the implementation of this paragraph, customers that are businesses are included in the calculation by multiplying by ten.
Earning of payment funds and funds collected in return for electronic money ARTICLE 36/A- (Added:RG-19/3/2026-33201)
(1) Balances in payment and electronic money protection accounts; excluding those in payment funds opened in foreign currency and electronic money protection accounts opened in foreign currency, may be earned in an earning account opened with the banks where the protection accounts are held.
(2) The principal and net earning amount, after the deduction of the commission related to the earning service offered by banks within the scope of Law No. 5411 and other legal deductions, are transferred to the relevant protection accounts on the next business day. The commission rate and calculation method related to the earning service are clearly regulated in the contract. The principal of the evaluated funds and the net earning amounts are monitored separately. The funds accumulated in the account where the earning amounts are monitored may be freely used by the institution.
(3) During the earning period, the institution cannot use these funds for any purpose. The institution is obliged to keep a sufficient amount of funds in order to carry out payments related to the activities within the scope of the Law that it must pay immediately during the earning of payment funds and funds collected in return for electronic money, and to use this fund in such payments. The institution, after the principal and net earning amount are transferred to the protection accounts pursuant to the second paragraph, takes into its own accounts the amount corresponding to the payments it has made pursuant to this paragraph, without any interest, fee or commission-like benefit amount, by the end of the day.
(4) In the event that the institution's operating license is temporarily suspended, the payment funds held in protection accounts and the funds collected in return for electronic money within the scope of this article cannot be earned during this period.
(5) In overnight earning transactions to be carried out within the scope of this article, the protection of the principal is essential. In the said earning transactions, only low-risk and liquid assets may be used.
PART FOUR One-Off Payment Transactions, Framework Contract and Rights and Obligations of the Parties
CHAPTER ONE One-Off Payment Transactions
One-off payment
ARTICLE 37 – (1) A payment transaction carried out on a one-off basis and not within the scope of a framework contract is a one-off payment transaction.
(2) One-off payment transactions are carried out by issuing a contract, receipt or similar documents related to the transaction, one copy of which is given to the customer, the other copy or electronic image of which is kept with the payment service provider and which includes the customer's approval. In one-off payment transactions, a copy of the text containing the customer's approval is given to the customer on paper or via a permanent data storage device, depending on the customer's preference.
(3) In the event that a payment instrument given within the scope of a framework contract is used in one-off payment transactions, the payment service provider is not obliged to provide the customer with the information given or to be given on the basis of a framework contract made with another payment service provider.
(4) In the transactions to be made pursuant to the second paragraph, in the event that a permanent data storage device is used, the security and privacy of the data contained in the permanent data storage device are ensured in accordance with the regulations to be issued by the Bank pursuant to Article 31.
(5) The payment service provider is obliged to take the necessary technological and operational measures to ensure that one-off payment transactions carried out by means of remote communication are at a level of security and reliability similar to that of one-off payment transactions carried out in the simultaneous physical presence of the parties and involve a minimum level of risk. (Added sentences:RG- 7/10/2023-32332) The payment service provider decides to which customers and for which types of services it will offer the opportunity to carry out one-off payment transactions by means of remote communication, based on the results of the risk assessment it will carry out by taking into consideration matters such as the type, nature of the payment transactions to be made, the magnitude of the financial and non-financial effects it will create, if any, the maximum transaction amount and the reliability of the customer. The payment service provider is authorized to decide, based on the results obtained in the risk assessment to be carried out, that the payment transaction be carried out in the simultaneous physical presence of the parties.
(6) The payment service provider may obtain the information and documents it must procure from the customer in relation to the one-off payment transaction to be carried out by means of remote communication, through methods such as mail, fax, electronic mail and online video interview, a central structure deemed appropriate by the Bank or other innovative methods suitable for the technology of the day. Within the scope of the one-off payment transaction to be carried out by means of remote communication in a way that allows the customer's (Repealed phrase:RG-7/10/2023-32332) verification, it is essential that the information and documents procured from the customer be readable and verifiable.
(7) The payment service provider checks the accuracy and authenticity of the information and documents procured from the customer within the scope of the one-off payment transaction to be carried out by means of remote communication, in accordance with the relevant legislation, using methods suitable for the technology of the day and the legislation, and may serve the customer only after the accuracy of the transmitted information and documents is confirmed.
(8) In the event that the information and documents that must be obtained from the customer in relation to a one-time payment transaction to be carried out via a remote communication tool are obtained through a central structure deemed appropriate by the Bank, the Bank is authorized to decide, by obtaining the opinion of the relevant Institutions, that there is no need to perform the controls required under the seventh paragraph regarding the documents obtained within the scope of this paragraph.
(9) In the event that the customer is disabled, the payment service provider is obliged to take the necessary measures to ensure that the one-time payment transaction can be carried out via a remote communication tool.
(10) In order for a one-time payment transaction to be carried out via a remote communication tool, the customer must have a request and, before the transaction is carried out, the customer's approval regarding the carrying out of this transaction via a remote communication tool must be obtained. The payment service provider cannot carry out any action aimed at carrying out a one-time payment transaction via a remote communication tool unless there is a request from the customer.
(11) The payment service provider shall subject its employees to regular training, not less than once a year, on checking the accuracy and authenticity of the information and documents obtained from the customer and the matters specified by the customer in relation to a one-time payment transaction to be carried out via a remote communication tool. In the event that the processes related to this matter are updated, it shall be ensured that the employees receive the necessary training after each update. The trainings to be provided under this paragraph shall be designed by taking into consideration the risks related to phishing, social engineering, actions carried out under pressure by the coercion of another party, and similar fraud methods.
(12) In one-time payment transactions to be carried out via a remote communication tool, the obligations of the payment service provider arising from other regulations to which it is subject are reserved.
(13) The Bank may impose restrictions on one-time payment transactions to be carried out via a remote communication tool. The payment service provider may also impose restrictions on one-time payment transactions to be carried out via a remote communication tool.
Information before a one-time payment transaction
ARTICLE 38 – (1) Before a one-time payment transaction relationship is established, the payment service provider shall inform the customer about the terms of the one-time payment transaction specified in Article 39.
(2) The publication of the terms of the one-time payment transaction specified in Article 39 on the payment service provider's website shall substitute for the pre-transaction information. In the event that the payment service provider offers a service for carrying out a one-time payment transaction via a remote communication tool, it is obliged to publish the matters set out in Article 39 on its website.
(3) The maximum completion time of the payment transaction, the total fee and charges to be paid, and the breakdown of the fees shall be announced in a manner clearly visible at the workplace where the payment service is provided.
(4) The information to be provided within the scope of this article shall be provided in accordance with the regulations to be issued by the Bank pursuant to Article 31.
Terms of a one-time payment transaction
ARTICLE 39 – (1) In the contract, receipt, or similar documents to be issued for a one-time payment transaction;
a) The information that must be provided by the customer for the payment to be carried out correctly or the identity identifier necessary to access this information,
b) The maximum completion time of the payment transaction,
c) The total fee and charges to be paid and the breakdown of the fees, ç) If any, the exchange rate or reference exchange rate to be applied in the payment transaction, information regarding these shall be included.
(2) Before the payment order is initiated, the payment order initiation service provider shall present to the sender, clearly and comprehensively, the title, central address, and all other contact information, including electronic mail, of the payment order initiation service provider.
(3) Where applicable, the relevant matters set out in Article 43 shall also be presented to the customer in an easy and accessible manner.
Obligation to provide information in one-time payments
ARTICLE 40 – (1) Following the receipt of the payment order, the payment service provider of the sender shall immediately present to the sender the relevant ones of the following information:
a) The reference information specific to the payment transaction and information regarding the recipient.
b) The amount of the payment transaction in the currency specified in the payment order.
c) The breakdown of the total fee and charges to be paid by the sender.
ç) In the event that an exchange rate different from the exchange rate specified in subparagraph (ç) of the first paragraph of Article 39 is used, the exchange rate information used in the payment transaction and the amount of the payment transaction calculated using this exchange rate.
d) Information regarding the date on which the payment order is received or the payment is to be carried out.
e) Where possible, information regarding the maximum completion time of the payment transaction.
(2) In the event that the payment order is initiated through a payment order initiation service provider, the payment order initiation service provider shall, immediately after the payment order is initiated, present to the sender and, where possible, to the recipient, in addition to the matters specified in Article 39, the following information:
a) Information regarding the confirmation given by the institution where the sender's payment account is held that the payment order has been successfully initiated.
b) The reference number related to the payment transaction and other information transmitted with the payment transaction that will enable the sender and the recipient to identify the payment transaction and, where possible, the recipient to identify the sender.
c) The amount of the payment transaction.
ç) Where applicable, the fees to be paid to the payment order initiation service provider and, if any, the breakdown of the fees.
(3) In the event that the payment order is initiated through a payment order initiation service provider, the reference number related to the payment transaction shall be transmitted to the institution where the sender's payment account is held.
(4) Following the execution of the payment transaction, the payment service provider of the recipient shall present to the recipient without delay the relevant ones of the following information:
a) The reference number for the payment transaction and information regarding the payer.
b) The amount of the payment transaction in the currency of the funds made available to the payee.
c) A breakdown of the total fees and charges payable by the payee.
ç) The exchange rate applied, if any, and the amount of the payment transaction.
d) Information regarding the date on which the amount of the payment transaction is made available for the payee's use.
PART TWO Framework Contract
Framework contract
ARTICLE 41 – (1) Continuous periodic payment relationships between the payment service provider and the customer shall be governed by a written contract prepared with letters of at least twelve points. In contracts established by means of a remote communication instrument, the written form requirement shall not apply. A separate identity identifier shall be assigned to each customer with whom a framework contract is concluded. The same identity identifier may not be assigned to another customer unless ten years have passed since the termination of the contract.
(2) A copy of the framework contract shall be provided to the customer on paper or by means of a durable data storage medium following the conclusion of the contract and, upon the customer's request, during the term of the contract, or shall be made available to the customer's access.
(3) The payment service provider is obliged to take the necessary technological and operational measures to ensure that a framework contract established by means of a remote communication instrument is as secure and reliable as a framework contract established with the simultaneous physical presence of the parties and contains a minimum level of risk.
(4) The payment service provider may obtain the information and documents that it is required to obtain from the customer in relation to a framework contract to be established by means of a remote communication instrument through methods such as mail, fax, electronic mail and online video interview, a central structure deemed appropriate by the Bank, or other innovative methods suited to current technology. Within the scope of the framework contract to be established by means of a remote communication instrument in a manner that allows the customer to be verified (Added phrase:RG-4/9/2026-33360) by biometric methods or with identity documents having electronic identity verification capability (Repealed phrase:RG- 7/10/2023-32332), it is essential that the information and documents obtained (Repealed phrase:RG-7/10/2023-32332) are readable and verifiable.
(5) The payment service provider shall check the accuracy and authenticity of the information and documents obtained from the customer within the scope of a framework contract to be established by means of a remote communication instrument, in accordance with the relevant legislation, using methods suited to current technology and legislation, and may begin providing services to the customer only after the accuracy of the transmitted information and documents has been confirmed.
(6) In the event that the information and documents required to be obtained from the customer in relation to a framework contract to be established by means of a remote communication instrument are obtained through a central structure deemed appropriate by the Bank, the Bank is authorized to decide, after obtaining the opinion of the relevant Institutions, that the checks required under the fifth paragraph in respect of the documents obtained within the scope of this paragraph need not be performed.
(7) The payment service provider shall decide to which customers and in relation to which types of services it will offer framework contracts to be established by means of a remote communication instrument, based on the results of the risk assessment it will conduct by taking into consideration matters such as the type, nature, and, if any, the magnitude of the financial and non-financial effects that may arise within the scope of the contract, the maximum transaction amount, and the reliability of the customer. The payment service provider is authorized to decide, based on the results obtained in the risk assessment to be conducted, that the framework contract with the customer be established with the simultaneous physical presence of the parties.
(8) The Bank may impose restrictions on the payment services to be provided by the payment service provider within the scope of a framework contract concluded by means of a remote communication instrument. The payment service provider may also impose restrictions on the payment services it will provide within the scope of a framework contract concluded by means of a remote communication instrument.
(9) The payment service provider is obliged to take the necessary measures to ensure that a framework contract concluded by means of a remote communication instrument can be carried out in a sound manner in the event that the customer is disabled.
(10) In order for a framework contract to be concluded by means of a remote communication instrument, the customer must have a request and, before the framework contract is concluded, the customer's approval regarding the conclusion of the contract by means of a remote communication instrument must be obtained. The payment service provider may not carry out any transaction for the conclusion of a framework contract by means of a remote communication instrument unless there is a request from the customer.
(11) The payment service provider shall subject its employees to regular training, not less than once a year, on checking the accuracy and authenticity of the information and documents obtained from the customer within the scope of a framework contract to be established by means of a remote communication instrument and of the matters specified by the customer. In the event that the processes related to this matter are updated, it shall be ensured that the employees receive the necessary training after each update. The trainings to be provided under this paragraph shall be designed by taking into consideration the risks related to phishing, social engineering, actions carried out under pressure by another party's coercion, and similar fraud methods.
(12) In framework contracts to be established by means of a remote communication instrument, the obligations of the payment service provider arising from other regulations to which it is subject are reserved.
Pre-contractual information
ARTICLE 42 – (1) Before a framework contract relationship is established, the payment service provider shall inform the customer about the contract terms specified in Article 43.
(2) The provision of the draft contract or its publication on the payment service provider's website shall substitute for pre-contractual information. In the event that the payment service provider carries out a payment transaction within the scope of a framework contract to be established by means of a remote communication instrument, it is obliged to publish the matters set out in Article 43 on its website. The publication on the website of the matters set out in subparagraph (ğ) of the first paragraph of Article 43 in accordance with this paragraph shall not constitute a breach of subparagraph (ç) of the fifteenth paragraph of Article 18.
(3) The disclosure to be made within the scope of this article shall be made by the Bank in accordance with the regulations to be issued pursuant to Article 31.
Contract terms
ARTICLE 43 – (1) In the framework contract;
a) The title of the payment service provider, its head office address and, if any, the address of the branch or agent where the payment service is provided, including e-mail address and contact information,
b) The scope of the payment service to be provided and the currency in which the payment will be executed,
c) The information that the customer must provide to initiate or execute the payment transaction or the identity identifier necessary to access this information,
ç) Information on the method provided for in Article 52 regarding the giving of consent for the initiation or execution of the payment transaction and the withdrawal of this consent,
d) The time of receipt of the payment order as provided for in Article 58 and, if any, the latest time within the day determined by the payment service provider at which the payment order will be accepted,
e) The maximum completion time of the payment transaction,
f) The explanation as to whether a spending limit has been provided for the relevant payment instrument in accordance with Article 53,
g) The breakdown of the fees to be paid by the customer to the payment service provider,
ğ) Information on the exchange rate or reference exchange rate to be applied in relation to the payment service or the method of calculating the reference exchange rate,
h) If agreed, that changes in the applicable reference exchange rate will be immediately effective,
ı) The communication means agreed between the parties to be used for the transmission of information and notifications within the scope of this Regulation, including the technical specifications that the customer's device must have,
i) The explanation regarding the method and frequency of transmission of the information and notifications to be made to the customer within the scope of this Regulation,
j) The explanation regarding the customer's right to access the information and conditions in the contract,
k) The explanations regarding the measures the customer must take to keep the payment instrument secure in payment transactions linked to a payment instrument and the procedure to be followed in informing the payment service provider in case of loss, theft or unauthorized use of the payment instrument,
l) If agreed, the conditions for the payment service provider to exercise its right to block the payment instrument in accordance with Article 53,
m) The explanation regarding the liability of the payer for unauthorized payment transactions, including the amount information, in accordance with Article 54,
n) The period within which the customer must notify the payment service provider of an incorrect or unauthorized payment transaction in accordance with Article 54 and the form of notification, and the liability of the payment service provider for unauthorized payment transactions in accordance with Article 54,
o) Information regarding the obligation of the payment service provider to execute payment transactions in accordance with Article 70 and its liability in case payment transactions are not executed at all or not executed properly,
ö) The conditions of the refund to be made in accordance with Article 56,
p) If agreed, that the customer shall be deemed to have accepted any change to the contract terms in accordance with Article 44 if the customer does not notify that it does not accept the change before the specified effective date of the change,
r) The duration of the contract,
s) The termination and cancellation conditions of the contract,
ş) The competent authorities for the resolution of disputes between the parties.
(2) In the framework contract established using a means of distance communication, in addition to the matters in the first paragraph;
a) What the means of distance communication used is,
b) The rights and obligations of the parties regarding the use of the means of distance communication and in case of any deficiency or malfunction during its use,
c) How and for how long the information, documents and records obtained within the scope of the means of distance communication will be stored,
ç) The rights and obligations of the customer and the payment service provider regarding the information, documents and records in subparagraph (c).
Contract amendments
ARTICLE 44 – (1) The payment service provider shall notify the customer of any amendment to the framework contract at least thirty days before the date the amendment enters into force.
(2) The notification to be made in accordance with the first paragraph shall include the scope and effective date of the amendment, that the customer has the right to terminate the framework contract until this date without paying any fee, and that if no objection is made within the period provided for in the first paragraph, the amendment shall be deemed accepted.
(3) In cases where a reference exchange rate is applied, the parties may agree that changes in the reference exchange rate shall be applied immediately without notification. Even if not agreed by the parties, changes in the reference exchange rate in favor of the customer shall be applied immediately without notification.
(4) Changes in the exchange rate used in the payment transaction shall be calculated and applied in the same way for each customer.
Termination of the contract
ARTICLE 45 – (1) If no notice period for termination is agreed between the parties, the customer may terminate the contract at any time. The notice period to be agreed cannot exceed one month.
(2) Provided that it is agreed in the contract, in case of termination of the contract, a termination fee may be requested from the customer, limited to the costs borne by the payment service provider regarding the said contract and the services envisaged to be provided within the scope of the contract and which can be directly associated with the customer. For contracts of more than one year or of indefinite duration, no fee may be requested for termination to be carried out after one year.
(3) If agreed in the contract, the payment service provider may terminate a contract of indefinite duration by giving at least one month's notice. In cases where the payment service provider is required to terminate the contract within the framework of its obligations arising from other legislation, the provisions of this paragraph shall not apply.
(4) If the payment service fee has been paid in advance, the excess amount paid shall be refunded to the customer in the event of termination.
(5) The payment service provider shall provide the necessary infrastructure to enable the customer to request termination of the contract, and after receiving the termination request, provided that the customer has fulfilled its obligations under the contract, shall fulfill the requirements of the termination process as soon as possible.
Obligation to provide information in single payment transactions within the scope of the framework contract
ARTICLE 46 – (1) In the event that a single payment transaction is initiated by the payer within the scope of the framework contract, upon the payer's request, the payer's payment service provider shall be obliged to provide the payer with information regarding the maximum completion time of the payment transaction and the breakdown of the total fees and charges to be paid for that payment transaction.
(2) The payer's payment service provider, immediately after the payer's payment account is debited, or if the payment account is not used, immediately after the payment order is received;
a) The reference number of the payment transaction and information regarding the payee,
b) The amount of the payment transaction in the currency in which the payer's payment account is debited or in the currency specified in the payment order,
c) The breakdown of the total fees and charges to be paid by the payer for the payment transaction,
ç) If any, information on the exchange rate applied in the payment transaction and the amount of the payment transaction calculated using this exchange rate,
d) Information regarding the date on which the payment order was received or the payer's account was debited,
shall provide to the payer without delay.
(3) After the execution of the payment transaction, the payee's payment service provider;
a) The information that must be provided by the payee for the payment transaction to be executed or the identity identifier that enables access to this information,
b) The amount of the payment transaction in the currency in which the payee's payment account is credited,
c) The breakdown of the total fees and charges to be paid,
ç) The exchange rate or reference exchange rate applied to the payment transaction,
d) Information regarding the date on which the payment amount was made available to the payee,
shall provide to the payee without delay.
(4) Without prejudice to the provisions of the second and third paragraphs, the framework contract must include a provision stating that the payer and the payee respectively have the right to request that the information within the scope of the second and third paragraphs be provided at least once a month, free of charge, by the methods to be determined and at regular intervals to be agreed, in a manner that allows the information to be stored and used without modification.
(5) The payee's and payer's payment service providers are obliged to take all possible measures to provide additional information regarding the customer, such as trade name and brand, to the counterparty in order to ensure that their own customers can be accurately identified by the customer on the other side of the transaction.
(6) In the event that the payment order is initiated through a payment order initiation service provider, the payment order initiation service provider shall, immediately after the payment order is initiated, provide the payer, and where necessary and possible, the payee, with information regarding the confirmation given by the institution where the payer's payment account is held that the payment order has been successfully initiated.
PART THREE Information and Fees
Method of information
ARTICLE 47 – (1) The payment service provider must fulfill the information obligations set out in Part Four in a minimum font size of twelve points, in an understandable language, in a clear, plain and readable manner, on paper or via a permanent data storage device, according to the customer's request.
(2) In contracts concluded through remote communication means, the information specified in the first paragraph shall be provided immediately after the execution of the payment transaction, in a manner suitable for the remote communication means used.
(3) The burden of proof regarding the fulfillment of the information obligations in Part Four belongs to the payment service provider.
Obligation to inform about consumer rights
ARTICLE 48 – (1) The payment service provider is obliged to prepare an electronic or physical information form containing the rights of consumers regarding transactions within the scope of the Law, using a clear and easily understandable language, designed in a manner that can be read comfortably.
(2) The information form specified in the first paragraph includes, in addition to the rights of consumers regarding transactions within the scope of the Law, information on alternative access channels and innovative payment methods they can use to carry out these transactions, security and protection measures related to these transactions, the requirement that fees be fair and transparent, and alternative methods regarding complaint and application rights.
(3) The payment service provider shall carry out all possible efforts to enable disabled persons to benefit from the information forms or to access the matters contained in the information forms through different methods.
Charging fees for information
ARTICLE 49 – (1) The payment service provider cannot demand any fee, expense, commission or other benefits under any name from the customer for the information it is required to provide within the framework of this Regulation.
(2) Provided that it is stipulated in the contract, if the customer requests additional information, more frequent information, or the transmission of information by methods different from those envisaged in the framework contract, the payment service provider may demand a fee, expense or commission from the customer at most equal to the cost of this transaction.
(3) Fees may be charged up to the costs incurred for notifications and transactions that are required to be made in a specific manner pursuant to other relevant legislation.
Fee, expense, commission or other benefits
ARTICLE 50 – (1) The Bank is authorized to determine the nature and maximum amount or rates of fees, expenses, commissions and other benefits received under any name by one of the parties to the transaction in relation to a specific type of transaction within the scope of payment services and electronic money issuance, and to partially or fully liberalize them.
(2) The payment service provider may request from the customer a reasonable fee, expense, commission or benefit under other names proportionate to its cost in the cases specified in the fifth paragraph of Article 64 and the second paragraph of Article 69, provided that it is stipulated in the contract.
(3) The sender and the recipient shall pay the fees, expenses, commissions or benefits requested under other names determined by their own payment service provider for the payment transaction. In the event that the payment transaction requires the conversion of one currency into another currency, payment may also be made to the payment service provider of the counterparty if stipulated in the contract.
(4) In addition to the notification obligations in the framework contract, the payment service provider must provide the customer with a statement, according to the customer's preference, either in printed form or through a permanent data storage device, and in both cases free of charge, showing the total cost and usage amount for all service items offered for the customer to benefit from the payment service, including separately the breakdowns such as monthly and annual fees charged, discounts, deductions, transaction fees, account maintenance fees, commissions, loyalty points.
Information about additional fees and discounts
ARTICLE 51 – (1) The recipient shall notify the sender before the payment transaction of the request for a benefit under the name of an additional fee, expense, commission or other names or the offer of a discount for the use of a payment instrument.
(2) In the event that a fee, expense, commission or benefit under other names is requested by the payment service provider or a third party for the use of a payment instrument, this situation shall be notified to the customer before the payment transaction. In the services listed in subparagraph (d) of the first paragraph of Article 4, the electronic communications operator cannot request, due to the use of the lines of its prepaid or invoiced subscribers, additional fees, expenses, commissions or benefits under other names by the payment service provider it represents, other than those specified in the notification made to the customer in advance within the scope of this paragraph.
(3) The sender is obliged to make the payment regarding the fees, expenses, commissions or benefits under other names in the first and second paragraphs only if it has been fully informed before the initiation of the payment transaction.
(4) The Bank, provided that the provisions of Law No. 5464 are reserved, is authorized to prohibit the request for a benefit under the name of an additional fee, expense, commission or other names or the offer of a discount for the use of a payment instrument if it decides that it negatively affects the development of the payments field.
DÖRDÜNCÜ BÖLÜM
Approval of Payment Transactions and Rights and Obligations of the Parties
Approval of the payment transaction and withdrawal of approval
ARTICLE 52 – (1) The sender gives the approval regarding the payment transaction or a series of payment transactions in accordance with the method and procedure agreed with the payment service provider. The approval regarding the payment transaction may also be given through the recipient or the payment order initiation service provider.
(2) The payment transaction is considered authorized by the sender upon the approval given for the execution of the payment transaction.
(3) The approval regarding the payment transaction is given in accordance with the agreed method, before the transaction takes place or, if agreed between the parties, after the transaction takes place. A payment transaction that has not been approved in accordance with the agreed method is considered unauthorized.
(4) The sender may revoke the approval before the periods specified in Article 64, using the method agreed with the payment service provider. In the event that the approval given for more than one payment transaction is revoked, future-dated payments are considered unauthorized.
Rights and obligations regarding the payment instrument
ARTICLE 53 – (1) For payment transactions to be carried out with a payment instrument, a spending limit may be agreed upon between the payment service provider and the customer.
(2) In cases that give rise to suspicion of fraudulent or unauthorized use of the payment instrument, the payment service provider shall block the payment instrument from use and, except in the case of provisions in other laws preventing the provision of information and the existence of objective reasons threatening security, shall inform the sender about the reason for blocking it from use in accordance with Article 47.
(3) When the reason for blocking the payment instrument from use ceases to exist, the payment service provider shall unblock the payment instrument from use, provided that the sender's approval is obtained, or provide the sender with a new payment instrument.
(4) The customer is obliged to take the necessary measures to protect the customer security information related to the payment instrument and to use the payment instrument in accordance with the terms of issuance and use. In the event that the payment instrument is lost, stolen, or the customer becomes aware of any transaction that occurred outside their will, the customer shall immediately notify the payment service provider or an entity designated by the payment service provider. The customer is obliged to take the necessary security measures from the moment they receive the payment instrument or have the opportunity to use and dispose of the payment instrument.
(5) The payment service provider issuing the payment instrument shall;
a) take the necessary measures to prevent persons other than the customer from accessing the customer security information related to the payment instrument,
b) not send an unsolicited payment instrument to the customer, except for the renewal of the payment instrument,
c) take the necessary measures to enable notification to be made in accordance with the fourth paragraph and to enable a request to be made for the payment instrument to be unblocked, and provide the customer, upon request, with evidence that the notification was made within the period required to be retained under the legislation,
ç) Preventing all kinds of use of the payment instrument as of the notification made pursuant to the fourth paragraph,
d) Providing the customer with the option to ensure that the notification made pursuant to the fourth paragraph is free of charge,
is obliged.
(6) The payment service provider issuing the payment instrument may, as a result of a notification made within the scope of the fourth paragraph, if necessary, charge only a renewal fee that can be directly associated with the payment instrument.
(7) The payment service provider is responsible for the secure and problem-free delivery of the payment instrument or the customer security information related to the payment instrument to the customer.
(8) The institution with which the payment account is held may block the access of the account information service provider or the payment initiation service provider to the payment account on objective and provable grounds such as fraudulent or unauthorized access to the payment account by these institutions or an attempt to initiate a payment transaction fraudulently or without authorization. In this case, except for provisions in other laws preventing the provision of information and in the presence of objective reasons threatening security, the institution with which the payment account is held informs the customer, together with the reasons, that access to the payment account has been blocked, in accordance with the method previously agreed upon. This notification is made before the access is blocked if possible, or immediately after it is blocked if not possible. The institution with which the payment account is held reopens the payment account to access when the situation causing the blocking of access ceases to exist.
(9) In the event that the situation specified in the eighth paragraph arises, the institution with which the payment account is held notifies the Bank without delay of the situation arising from the account information service provider or the payment initiation service provider. The notification includes the details of the situation, the reasons for the blocking of access and the measures taken or the transactions carried out. The Bank evaluates the situation upon the notification and takes the appropriate measures it deems necessary.
(10) (Added:RG-7/10/2023-32332)(2) In cases where the payment service provider issuing the payment instrument issues payment instruments compatible with more than one card system institution and the customer requests that the payment instrument be issued in a manner defined to a specific card system institution, it issues the payment instrument in a manner compatible with the card system institution requested by the customer, and before and after the issuance of the payment instrument, it cannot engage in different practices towards the customer based on the card system institution in a way that makes the process of issuing a payment instrument compatible with the card system institution chosen by the customer more difficult for the customer.
(11) (Added:RG-7/10/2023-32332)(2) The payment service provider carrying out card-based payment instrument acceptance is obliged to ensure that the devices, hardware and software it uses in its acceptance activities are compatible with the card systems established by systemically important payment system operators authorized to carry out card system institution activities, and that payment instruments issued in compliance with these infrastructures can be used at the merchants they serve.
(12) (Added:RG-7/10/2023-32332)(2) The merchant is obliged to provide the necessary support to the work to be carried out by the payment service provider pursuant to the eleventh paragraph. The Bank is authorized to request the payment service provider to stop the payment infrastructure services it provides to the merchant that does not make an effort without presenting a reasonable justification regarding taking the necessary measures within the scope of this paragraph.
Notification and rectification rights and obligations of the parties in unauthorized or incorrectly executed transactions
ARTICLE 54 – (1) The customer may request the rectification of the transaction by notifying the payment service provider without delay as of the moment they learn of the payment transaction they did not authorize or that was executed incorrectly. The rectification request is made in any case within thirteen months from the execution of the payment transaction. In the event that all the information specified in this Regulation regarding the payment transaction has not been provided to the customer by the payment service provider, the customer may request rectification at any time without being bound by this period. It is essential that the notifications within the scope of this paragraph be made in writing or by means of a remote communication tool and that the records related to the notifications be kept by the institution.
(2) In the event that the customer claims that they did not authorize an executed payment transaction or that the transaction was not executed correctly, the burden of proof that this transaction was approved by the customer, was recorded correctly, was posted to the accounts and was not affected by a technical failure or problem experienced in the services it provides belongs to the payment service provider. In the event that the payment transaction is carried out through the payment initiation service provider, the burden of proof that this transaction was approved by the customer, was recorded correctly, was posted to the accounts and was not affected by a technical failure or problem experienced in the services under its responsibility belongs, to the extent of its control area, to the payment initiation service provider.
(3) The rectification request made within the scope of the first paragraph is fulfilled by the payment service provider as soon as possible. In the event that there is strong suspicion that the matters set out in the fifth paragraph have occurred regarding an unauthorized or incorrectly executed payment transaction, the payment service provider has the right to conduct an investigation, limited to a reasonable period, before making a rectification regarding the transaction. In the event that it is proven that the payment transaction was carried out by the customer without authorization or incorrectly, the payment service provider of the sender is obliged to immediately refund the amount related to this payment transaction to the sender or to restore the debited payment account to its previous state.
(4) In the event that a lost or stolen payment instrument is used or the payment instrument is used by others due to the customer's security credentials not being properly safeguarded, the payer is liable for the portion of the loss arising from unauthorized payment transactions that occur within the twenty-four hours before the notification made pursuant to the fourth paragraph of Article 53, up to two hundred and fifty Turkish Liras. The payer cannot be held liable for unauthorized payment transactions that occur after the notification made pursuant to the fourth paragraph of Article 53. In the event that the loss arising as a result of the payment instrument being used by others is caused by an employee, agent, or an organization from which the payment service provider receives external services, the payer cannot be held liable for any payment transaction or loss arising from a payment transaction under this paragraph.
(5) In the event that the payer fraudulently uses the payment instrument or intentionally or with gross negligence fails to fulfill its obligations under Article 53, the payer is liable for the entire loss arising from the unauthorized payment transaction.
(6) In cases where the payment service provider has not taken the necessary measures to enable the notification under the fourth paragraph of Article 53, or despite the payer making the notification, the payment service provider cannot freeze the payment account or cannot close the payment instrument to use, the payer cannot be held liable for the loss arising from the use of the payment instrument.
(7) In the event that a payment order initiation service provider intermediates the payment transaction, the customer may request correction from the institution where the payment account is held pursuant to the first paragraph, without prejudice to this article and Article 70.
(8) In the case where the payment transaction is initiated by a payment order initiation service provider, the institution where the payment account is held is obliged to immediately refund the amount related to the unauthorized payment transaction to the payer and to restore the payment account to the state it would have been in had the unauthorized payment transaction not occurred. In the event that the unauthorized payment transaction arises from any fault of the payment order initiation service provider or an error in the infrastructure and services for which it is responsible, the payment order initiation service provider is obliged to pay to the institution where the payment account is held the total cost items it has incurred due to the refund made to the payer, including the loss arising from the unauthorized payment transaction.
(9) Without prejudice to the fifth paragraph, the payer cannot be held liable for losses arising from the use of a lost or stolen payment instrument by others or due to the customer's security credentials not being properly safeguarded, in cases where the payment service provider does not mandate the necessary authentications in accordance with the regulations to be made by the Bank under Article 31. In cases where the payee or the payee's payment service provider prevents the use of the necessary authentications in accordance with the regulations to be made by the Bank under Article 31, the party preventing the use of the necessary authentications is obliged to compensate the loss of the payer's payment service provider arising from the use of a lost or stolen payment instrument by others or due to the customer's security credentials not being properly safeguarded.
Card-based payment transactions where the transaction amount is not known in advance
ARTICLE 55 – (1) In card-based payment transactions initiated by or through the payee, in cases where the amount related to the transaction is not fully known at the time the payer authorizes the payment transaction, the payer's payment service provider may block the funds in the payment account, in cases where the payer authorizes the exact amount to be blocked.
(2) The payer's payment service provider shall release the blocked funds in the payer's payment account without delay immediately after receiving information regarding the full amount of the payment transaction, and at the latest as soon as the payment order arrives.
Refund in payment transactions initiated by or through the payee
ARTICLE 56 – (1) In a payment transaction authorized by the payee or initiated through the payee, if the amount related to the payment transaction is not fully specified at the time of authorization and the actual payment transaction amount exceeds the amount anticipated by taking into account the spending history, contract terms, and other relevant matters, the payer may request a refund of the actual payment transaction amount. A refund cannot be requested after the goods received have been consumed or the service has been received. The payment service provider may request the payer to provide factual evidence regarding their claim. The refund request must be made within two months from the date the payment transaction was executed.
(2) In a payment transaction made by direct debit, it may be stipulated in the contract that the payer may request a refund even in cases where the conditions for refund specified in the first paragraph are not met.
(3) Provided that the payment transaction is executed in accordance with the reference exchange rate stipulated in the contract, the payer cannot base the claim that the conditions in the first paragraph are met on reasons arising from the exchange rate.
(4) In cases where the authorization for the payment transaction is given directly to the payment service provider or the payer is notified at least one month before the date the payment is to be executed, it may be stipulated in the contract that the payer has no right to request any refund for the payment transaction.
(5) The payment service provider shall, within ten business days from the date of receiving the payer's refund request, either accept it and make the refund in full or reject it with its justifications and notify the legal remedies to which the payer may apply. This provision shall not apply in the situations specified in the third paragraph.
Approval regarding the availability of funds
ARTICLE 57 – (1) The institution with which the payment account is held shall, upon the request of the payment service provider issuing the card-based payment instrument, confirm as soon as possible whether the amount necessary for the execution of the card-based payment transaction is available in the payment account, provided that the following conditions are fulfilled:
a) The payer's payment account is accessible online at the time of the confirmation request.
b) The payer has given consent to the institution with which the payment account is held to respond to future requests from a specific payment service provider to confirm whether the amount relating to a specific card-based payment transaction is available in the account.
c) The consent referred to in subparagraph (b) has been given before the first confirmation request.
(2) The payment service provider may request the confirmation regarding the amount relating to the payment transaction under the first paragraph where all of the following conditions are fulfilled:
a) The payer has explicitly given consent to the payment service provider to be able to request confirmation regarding the amount relating to the payment transaction under the first paragraph.
b) The payer has initiated the card-based payment transaction relating to that amount using a card-based payment instrument issued by the payment service provider.
c) The payment service provider authenticates itself with the institution with which the payment account is held before each confirmation request and communicates securely with the institution with which the payment account is held in accordance with the regulations to be made by the Bank under Article 31.
(3) The confirmation process specified in the first paragraph consists only of a 'yes' or 'no' answer and does not include a statement or status of the account balance. This answer cannot be stored or used for any purpose other than the execution of the card-based payment transaction.
(4) Due to the confirmation process specified in the first paragraph, the institution with which the payment account is held cannot block the funds in the payer's payment account.
(5) The payer may request from the institution with which the payment account is held to be informed of the name of the payment service provider party to the confirmation process and the answer provided regarding the confirmation request.
(6) This article does not apply to payment transactions initiated with card-based payment instruments loaded with electronic money.
PART FIVE Payment
CHAPTER ONE
Payment Order and Payment Amount
Receipt of the payment order
ARTICLE 58 – (1) The moment the payment order reaches the payer's payment service provider is considered the moment the payment order is received. If the payment order reaches the payer's payment service provider outside a business day, the payment order is deemed received on the following first business day. The payment service provider may also execute payment orders received outside a business day on the same day. The payer's payment account cannot be debited before the payment order reaches it.
(2) The payment service provider may set a time by which the payment order is to be received at the latest within a business day. A payment order received after the specified time is deemed received on the next business day.
(3) If it is agreed that the payment is to be executed on a specific day, at the end of a specific period, or on the day the payer leaves the funds relating to the payment at the disposal of the payment service provider, the day agreed for the payment is considered the time of receipt of the payment order. If the agreed day is not a business day for the payer's payment service provider, the payment order is deemed received on the following first business day.
Principles regarding payment initiation service and account information service
ARTICLE 59 – (1) The procedures and principles regarding the execution of transactions related to the payment services set out in subparagraphs (f) or (g) of the first paragraph of Article 4, as well as the technical and operational requirements to be complied with by the parties, are determined by the Bank. The procedures and principles regarding the status of competition-sensitive data in data sharing to be carried out under the second paragraph of Article 14/A of the Law are determined in the regulations to be made by the Bank under this paragraph, after obtaining the opinion of the Competition Authority.
(2) The payment service provider that will offer the payment services set out in subparagraphs (f) or (g) of the first paragraph of Article 4, the payment service provider with which the payment account is held, other relevant parties, if any, and the connection to be established between the parties for the provision of these services must comply with all the requirements determined by the Bank under the first paragraph.
(3) Whether the technical and operational requirements determined by the Bank under the first paragraph are complied with is determined as a result of the technical control and evaluation process to be carried out by Interbank Card Center A.Ş.
(4) Persons who successfully complete the technical control and evaluation process carried out under the third paragraph are registered by Interbank Card Center A.Ş. and announced publicly on its website. Payment service providers that successfully complete the technical control and evaluation process carried out under the third paragraph and are registered by Interbank Card Center A.Ş. are considered authorized payment service providers for offering the payment services set out in subparagraphs (f) or (g) of the first paragraph of Article 4 to institutions, after the necessary permissions are granted by the Bank.
(5) (Amended first sentence: Official Gazette-28/3/2025-32855) Payment service providers that hold payment accounts that may be related to the payment services set out in subparagraphs (f) or (g) of the first paragraph of Article 4 and that provide their customers with direct online access to the payment accounts held with them must, within the framework of the principles determined by the Bank under the first paragraph, connect to Interbank Card Center A.Ş. and provide the necessary infrastructure to all other authorized payment service providers requesting it, in order to be able to offer the payment services set out in subparagraphs (f) or (g) of the first paragraph of Article 4 with respect to the payment accounts held with them. Payment service providers that hold a payment account with them shall take the necessary measures to prevent persons other than payment service providers authorized to offer the payment services set out in subparagraphs (f) or (g) of the first paragraph of Article 4 from accessing payment accounts for the purpose of offering these services without authorization.
(6) Interbank Card Center Inc. shall retain the audit trails relating to the transactions carried out pursuant to the fifth paragraph for five years, and these records shall be valid in disputes that arise between the parties relating to the payment services set out in subparagraphs (f) or (g) of the first paragraph of Article 4.
(7) The fees, expenses, commissions and other benefits that the payment service provider with which the payment account is held will receive from authorized payment service providers relating to the payment services set out in subparagraphs (f) or (g) of the first paragraph of Article 12 of the Law must be at a reasonable level directly and solely proportional to the costs that can be associated with this business. The Bank is authorized to determine the nature and maximum amounts or rates of the fees, expenses, commissions and other benefits that may be received pursuant to this paragraph, or to decide that no fee, expense, commission or other benefit shall be received pursuant to this paragraph.
(8) Current accounts, transaction accounts, credit card accounts, electronic money accounts held with payment service providers, and accounts opened in the name of the customer through which funds can be transferred to other persons independently of any other account and in which temporary movements are monitored, other than these, shall be considered payment accounts within the scope of this article. The Bank is authorized to decide that other types of accounts, which fall outside these accounts but are used in the payment services offered by payment service providers, and which are suitable, shall also be considered payment accounts.
(9) (Added:OG-28/3/2025-32855) The obligations required to be fulfilled pursuant to the fifth paragraph of this article shall apply to payment service providers that are participants in the Instant and Continuous Transfer of Funds System and, among institutions that are not participants in this System, those ranking among the top ten in terms of payment volume, to be calculated separately each year.
(10) (Added:OG-28/3/2025-32855) In the calculation to be made for institutions that are not participants in the Instant and Continuous Transfer of Funds System within the scope of the ninth paragraph of this article, the transactions carried out in the previous calendar year shall be taken into account each year. Institutions ranking among the top ten in terms of payment volume in the previous calendar year according to this calculation shall fulfill the obligations they are required to fulfill pursuant to the fifth paragraph of this article by the end of the current year. Those that rank among the top ten institutions and do not provide their customers with direct online access for the payment accounts held with them shall, if they provide online access by the end of the current year, fulfill the obligations they are required to fulfill pursuant to the fifth paragraph of this article within 6 months from the date they provide online access.
(11) (Added:OG-28/3/2025-32855) Payment service providers that are not participants in the Instant and Continuous Transfer of Funds System shall, if they become participants, fulfill the obligations they are required to fulfill within the scope of the fifth paragraph of this article within 6 months from this date.
Rules on access to the payment account during the provision of the payment initiation service
ARTICLE 60 – (1) The payer may choose to use the payment initiation service in cases where the payment account is accessible online.
(2) In cases where the payer gives consent for the execution of a payment pursuant to Article 52, the institution with which the payment account is held shall fulfill the following matters so that the payer can benefit from the payment initiation service:
a) It communicates securely with payment initiation service providers in accordance with the regulations to be made by the Bank within the scope of Articles 31 and 59.
b) After receiving the payment order from the payment initiation service provider, as soon as possible, it makes available to the payment initiation service provider all information relating to the payment initiation transaction and
all data relating to the execution of the payment transaction to which it has access.
c) It treats the payment order transmitted through the services of the payment initiation service provider in the same way as payment orders transmitted directly by the payer, without any discrimination, except for those based on objective reasons such as time, priority or fee.
(3) The payment initiation service provider shall fulfill the following matters:
a) It can never hold the payer's funds relating to the payment initiation service with itself.
b) It ensures that the customer's sensitive customer data cannot be accessed by parties other than those that create and use this data, and that this data is transmitted through secure and efficient channels.
c) It ensures that other information obtained regarding the customer during the payment initiation service is transmitted only to the payee, provided that the customer's consent exists.
ç) In each payment initiation transaction, it identifies itself to the institution with which the payer's payment account is held, and communicates securely with the payer, the payee and the institution with which the payment account is held in accordance with the regulations to be made by the Bank within the scope of Articles 31 and 59.
d) It cannot store the customer's sensitive customer data. Provided that the necessary security measures are taken and the payer's explicit consent exists, the name of the payment account holder, the number of the payment account, the number of the payment instrument and other matters that the Bank decides to be evaluated within this scope shall not be considered sensitive customer data within the scope of this subparagraph.
e) It cannot request data from the customer other than the data necessary for the provision of the payment initiation service.
f) As long as approval is given by the sender, it may access, use and store the relevant data in accordance with the regulations regarding information security and confidentiality for the purpose of providing the payment order initiation service; it may not access, use and store any data for purposes other than the provision of the payment order initiation service.
g) It cannot change the recipient, amount or any other feature of the payment transaction.
(4) For the provision of the payment order initiation service, provided that the relevant provisions contained in the Law, this Regulation, the regulations to be made by the Bank within the scope of Articles 31 and 59 and the decisions taken by the Bank on this matter are complied with and the structure established by Interbank Card Center A.Ş. in accordance with the fifth paragraph of Article 59 is used, the condition of having made a subject-specific agreement between the payment order initiation service provider and the institution where the payment account is held, excluding matters relating to fees, expenses, commissions and other benefits, shall not be sought.
Rules for access to and use of payment account information during the provision of the account information service
ARTICLE 61 – (1) The customer may choose to use the account information service in cases where the payment account is accessible online.
(2) The account information service provider fulfills the following:
a) It may only provide services for which the customer has given approval.
b) It ensures that the customer's sensitive customer data cannot be accessed by parties other than those who create and use this data and that this data is transmitted through secure and efficient channels.
c) In each session to be established, it identifies itself to the institution where the payment account is held, and communicates securely with the customer and the institution where the payment account is held in accordance with the regulations to be made by the Bank within the scope of Articles 31 and 59. ç) It may only access information belonging to the designated payment accounts and related payment transactions.
d) It cannot request sensitive customer data relating to payment accounts. Provided that the necessary security measures are taken and the customer's explicit consent is obtained, the name of the payment account holder, the number of the payment account, the number of the payment instrument and other matters decided by the Bank to be evaluated within this scope shall not be considered as sensitive customer data within the scope of this subparagraph.
e) As long as approval is given by the customer, it may access, use and store the relevant data in accordance with the regulations regarding information security and confidentiality for the purpose of providing the account information service; it may not access, use and store any data for purposes other than the provision of the account information service.
(3) With regard to payment accounts, the institution where the payment account is held fulfills the following:
a) It communicates securely with the account information service provider in accordance with the regulations to be made by the Bank within the scope of Articles 31 and 59.
b) It treats the information request transmitted through the services of the account information service provider without any discrimination, except for those based on objective reasons such as time, priority or fee.
(4) For the provision of the account information service, provided that the relevant provisions contained in the Law, this Regulation, the regulations to be made by the Bank within the scope of Articles 31 and 59 and the decisions taken by the Bank on this matter are complied with and the structure established by Interbank Card Center A.Ş. in accordance with the fifth paragraph of Article 59 is used, the condition of having made a subject-specific agreement between the account information service provider and the institution where the payment account is held, excluding matters relating to fees, expenses, commissions and other benefits, shall not be sought.
(5) Provided that the account information service provider takes the necessary security measures, fulfills its obligations arising from other relevant legislation, if any, and the customer's approval is obtained, its access to, use and storage of data relating to accounts held with payment service providers and not qualified as payment accounts within the scope of the services it will provide pursuant to subparagraph (c) of the second paragraph, subparagraph (ç) of the third paragraph, the eighth paragraph (Added phrase:RG-7/10/2023-32332) and the ninth paragraph of Article 15 shall not constitute a violation of subparagraphs (ç) and (e) of the second paragraph.
Protection of data
ARTICLE 62 – (1) The payment service provider may access, use and store data relating to the performance of the payment service activity only within the scope of the powers and responsibilities conferred upon it by law, provided that it clearly informs the relevant customer. Access to, use and storage of this data for reasons not directly related to the performance of the payment service activity is only possible with the customer's approval. In cases where the data accessed for reasons not directly related to the performance of the payment service activity includes personal data, the explicit consent of the customer must be obtained.
(2) (Amended:RG-7/10/2023-32332) The use by institutions providing the payment services specified in subparagraphs (f) or (g) of the first paragraph of Article 4 of data obtained within the scope of these services for the services they provide within the scope of the second, third, eighth and ninth paragraphs of Article 15 shall not be considered contrary to the provisions contained in Articles 60 and 61, provided that the customer's approval has been obtained.
(3) In cases where sensitive customer data relating to payment instruments issued by payment service providers is stored at or under the responsibility of business premises located within the country, it is mandatory that this data be kept and stored within the country.
(4) Payment service providers offering the payment services specified in subparagraphs (f) or (g) of the first paragraph of Article 4 may not share or transfer data obtained within the scope of these services with third parties domestically or abroad, even if the payment service provider obtains the customer's consent, without a request or instruction from the customer.
(5) In personal data processing activities related to transactions falling within the scope of the Law, the provisions contained in Law No. 6698 and the regulations made pursuant to Law No. 6698 shall be applied with priority, and compliance with the procedures and principles determined within the scope of these provisions is mandatory.
Rejection of the payment order
ARTICLE 63 – (1) Provided that the conditions stipulated in the contract are fulfilled by the sender, regardless of whether the payment transaction was initiated by the sender or the recipient, the sender's payment service provider may not refuse to initiate or execute the payment order unless the execution of the payment transaction constitutes a violation of Law No. 5549 and other relevant legislation, unless there is a provision to the contrary in this Regulation, or unless there is a justified reason.
(2) If the payment service provider refuses to initiate or execute a payment order, it shall notify the customer of the reason for refusal and, if any, how the errors causing the refusal can be corrected, in accordance with the previously agreed method, as soon as possible and in any case no later than the end of the business day following receipt of the payment order, except in cases where there are provisions in other laws preventing the provision of information and objective reasons threatening security.
(3) In the application of Articles 67 and 70, a payment order refused by the payment service provider within the scope of this article shall be deemed never to have been received.
Irrevocability of the payment order
ARTICLE 64 – (1) After the payment order is received by the sender's payment service provider, it cannot be revoked by the sender unless otherwise agreed between the parties.
(2) In cases where the payment transaction is initiated by the recipient, through the recipient, or by a payment initiation service provider, the sender cannot revoke the payment order after transmitting the payment order to the relevant payment service provider or after giving approval to the relevant payment service provider for the execution of the payment transaction in accordance with the previously determined method.
(3) In a payment transaction made by direct debit, the sender may revoke the payment order at the latest until the end of the business day preceding the day agreed for debiting the funds to the account.
(4) In payments within the scope of the third paragraph of Article 58, the customer may revoke the payment order at the latest until the end of the business day preceding the day agreed for the execution of the payment transaction.
(5) After the periods specified in this article have passed, the revocation of the payment order depends on the agreement of the parties. In the cases specified in the second and third paragraphs, the recipient's approval is required for the sender to revoke the transaction after the period has passed. If stipulated in the contract, the payment service provider may charge a fee limited to the costs it has incurred for the revocation of the payment order.
Amounts sent and received
ARTICLE 65 – (1) The sender's payment service provider may not make any deduction from the amount transferred within the scope of the payment transaction. If the balance remaining in the payment account after the transferred amount is less than the transaction fee to be collected from the sender, the sender's payment service provider is authorized to reject the transaction.
(2) The recipient and the recipient's payment service provider may agree that the fees to be collected be deducted from the payment transaction amount. In this case, the full amount of the payment transaction and the fees shall be stated separately in the notification to be made to the recipient.
(3) Without prejudice to the provisions of the second paragraph, in payment transactions initiated by the sender, the sender's payment service provider, and in payment transactions initiated by the recipient or through the recipient, the recipient's payment service provider shall be responsible for ensuring that the full amount of the payment transaction reaches the recipient.
Currency to be used in payments
ARTICLE 66 – (1) Payments where one of the parties to the transaction is abroad shall be executed using the currency agreed upon by the parties, provided that it complies with the regulations set forth in Decision No. 32 on the Protection of the Value of Turkish Currency, put into effect by the Council of Ministers Decision dated 7/8/1989 and numbered 89/14391.
(2) Without prejudice to the provisions of the fourth paragraph of Article 15, in cases where a foreign exchange purchase and sale service is offered before the initiation of the payment transaction through an ATM or POS device or by the recipient in relation to the payment transaction, the party offering this service shall provide the sender with information regarding the fees and the exchange rate used. If the sender carries out the transaction, the sender shall be deemed to have accepted the payment service, including the foreign exchange purchase and sale service, in light of this information.
(3) The institution may execute payment transactions where both parties to the transaction are resident in Turkey and use payment service providers located in Turkey only in Turkish Lira.
(4) It is essential that the institution does not open foreign currency payment accounts for persons resident in Turkey, that foreign currency is not deposited into payment accounts to be opened, and that foreign currency is not held in these accounts. Where it has been agreed that the payment shall be made in foreign currency pursuant to the first paragraph because one of the parties to the transaction is located abroad, this is possible provided that, without prejudice to the obligations arising from the legislation, the foreign currency deposited into the payment account is, in the case of foreign currency deposited for sending from within the country to abroad, not held in a payment account of the same customer by the end of the following business day at the latest, and, in the case of foreign currency sent from abroad to within the country, not held in a payment account of the same customer within one month at the latest. The Bank is authorised to extend this period, for certain specific types of transactions exhibiting particular characteristics, to a period not exceeding one month, where the institution decides that additional time is needed within the scope of risk management activities concerning the payment transaction. In the application of this paragraph, the provisions of the fourth paragraph of Article 15 are reserved.
Payments made to a payment account
ARTICLE 67 – (1) The payment service provider of the payer shall send the amount of the payment transaction to the account of the payment service provider of the payee immediately on the date the payment order is received and in any event no later than by the end of the following business day. In transactions initiated by written contract, this period may be extended by one business day. Where a longer period is agreed for the execution of the payment, this period shall not exceed four business days from the date the payment order is received. Where a date after the date the payment order was given is agreed for the execution of the payment, the payment service provider of the payer shall send the amount of the payment transaction to the account of the payment service provider of the payee on that date.
(2) Where the payment service provider of the payer or the payment service provider of the payee is located abroad, a period different from the periods specified in the first paragraph may be agreed between the parties.
(3) Where a date after the date the payment order was given is agreed for the execution of the payment, the payment amount may not be debited from the payer's payment account before that date.
(4) The payment service provider of the payee shall make the amount available for use by transferring it to the payee's payment account by the end of the business day on which the amount of the payment transaction is credited to its account.
(5) In a payment transaction initiated by or through the payee, the payment service provider of the payee shall transmit the payment order to the payment service provider of the payer within the period agreed with the payee.
(6) Where the customer is a consumer, cash deposited into the payment account in the currency of the account shall be made available for use by the payment service provider on the date it is received. Where the customer is not a consumer, the deposited funds shall be made available for use no later than the business day following their receipt.
Absence of a payment account with the payment service provider of the payee
ARTICLE 68 – (1) In cases where the payee does not have an account with the payment service provider of the payee, the payment service provider receiving the funds on behalf of the payee shall make these funds available for use by the payee immediately and in any event no later than by the end of the following business day.
SECTION II Problematic Payments
Incorrect identifiers
ARTICLE 69 – (1) Payment transactions made in accordance with the identifier specified by the payer shall be deemed to have been correctly executed. Even if the customer has provided additional information to the identifier, the payment service provider is responsible only for the execution of the payment transaction with the identifier alone.
(2) Where the identifier specified by the customer is incorrect, the payment service provider may not be held responsible for the non-execution or incorrect execution of the payment transaction. The payment service provider of the payer shall take the necessary steps to recover the funds subject to the incorrect payment transaction. Where agreed in the contract, the payment service provider may charge the payment service user a reasonable fee, proportionate to the costs it has incurred, for the recovery of the funds.
(3) The payment service provider of the payee shall make the necessary effort in cooperation with the payment service provider of the payer for the recovery of the funds subject to the incorrect payment transaction.
(4) In cases where the funds subject to the incorrect payment transaction cannot be recovered, upon written request, the payment service provider of the payer shall provide the payer with all information and documents in its possession relating to the matter that the payer may use when resorting to legal remedies in order to obtain the relevant funds.
Liability of payment service providers in cases of non-execution or incorrect execution of the transaction
ARTICLE 70 – (1) In payment transactions where the payment order is given by the payer, the payment service provider of the payer is liable to the payer for the correct execution of the payment transaction. Where the payment service provider of the payer proves that the payment service provider of the payee has received the payment amount in accordance with the first paragraph of Article 67, the payment service provider of the payee becomes liable for the correct execution of the payment transaction.
(2) In cases where the payment service provider of the payer is liable pursuant to the first paragraph, it shall without delay refund to the payer the part of the payment transaction that has not been executed or has been incorrectly executed and, where the amount has been debited from the payment account, restore the payment account to its former state. The date of the transaction on the payer's payment account relating to the payment transaction cannot be later than the date the amount relating to the payment transaction left the payer's payment account.
(3) In cases where the payment service provider of the payee is liable pursuant to the first paragraph, the payment service provider of the payee shall make the amount of the payment transaction available for use by the payee by immediately transferring it to the payee's account. The date of the transaction on the payee's payment account relating to the payment transaction cannot be later than the date it would have to be under the assumption that the payment transaction was correctly executed.
(4) In payment transactions where the payment order is given by the sender and which are not executed or are executed incorrectly, the sender's payment service provider, irrespective of whether it is liable under this Article, shall, upon request, carry out the necessary work to determine the reasons for the non-execution or incorrect execution of the transaction and shall inform the sender of the results it has reached. No fee may be charged to the sender for this operation.
(5) In payment transactions where the payment order is given by the payee or through the payee, the payee's payment service provider is liable to the payee for the payment order being correctly transmitted to the sender's payment service provider in accordance with the fifth paragraph of Article 67. In the event that the payment transaction has not been executed or has been executed incorrectly pursuant to this Article, the payee's payment service provider shall re-transmit the payment order relating to the payment transaction to the sender's payment service provider without delay.
(6) In payment transactions where the payment order is given by the payee or through the payee, the payee's payment service provider is liable to the payee for the execution of the payment transaction in accordance with the fourth paragraph of Article 67. In the event of late transmission of the payment order, the amount relating to the payment transaction must be transferred to the payee's payment account in such a way that it does not occur after the date on which it would have to occur under the assumption that the payment transaction had been executed correctly. The payee's payment service provider shall immediately transfer the amount of the payment transaction to the payee's account following its transfer to its own accounts and make it available for use. The date of the entry in the payee's payment account relating to the payment transaction cannot be later than the date on which it would have to occur under the assumption that the payment transaction had been executed correctly.
(7) In payment transactions where the payment order is given by the payee or through the payee, if the payee's payment service provider proves that it has correctly transmitted the payment order to the sender's payment service provider, the sender's payment service provider shall be liable for the correct execution of the payment transaction. The sender's payment service provider shall refund to the sender without delay the part of the payment transaction that has not been executed or has been executed incorrectly and shall restore the payment account to its previous state. The date of the entry in the sender's payment account relating to the payment transaction cannot be later than the date on which the amount relating to the payment transaction left the sender's payment account.
(8) In a payment transaction where the payment order is given by the payee or through the payee and which is not executed or is executed incorrectly, the payee's payment service provider, irrespective of whether it is liable under this Article, shall, upon request, carry out the necessary work to determine the reasons for the non-execution or incorrect execution of the payment transaction and shall inform the payee of the results it has reached. No fee may be charged to the sender for this operation.
(9) The payment service provider is liable to its own customer for compensating the interest and fees paid by the customer as a result of the payment transaction not being executed or being executed incorrectly for reasons arising from any fault of the payment service provider or from an error in the infrastructure and services for which it is responsible.
Liability in case of non-execution, incorrect or late execution of the payment in payment order initiation services
ARTICLE 71 – (1) In the event that the payer initiates the payment transaction through a payment order initiation service provider, the institution with which the payment account is held shall, without prejudice to Article 54 and the first and second paragraphs of Article 69, refund to the payer the part of the payment transaction that was not executed or was executed incorrectly without delay and, if the amount has been deducted from the payment account, restore the payment account to its previous state. In such transactions, the burden of proving that the payment order was received by the institution with which the payment account is held in accordance with Article 58, that the transaction was authorized by the customer, that it was recorded correctly, that it was posted to the accounts, and that it was not affected by a technical failure or problem experienced in the services under its responsibility, belongs to the payment order initiation service provider to the extent of its control area.
(2) The payment order initiation service provider is obliged to pay to the institution with which the payment account is held the total amount of the cost items it has incurred due to the refund made to the payer, including the damage arising from these transactions, in the event that the unexecuted or incorrectly executed payment transactions are caused by any fault of its own or an error in the infrastructure and services for which it is responsible.
THIRD PART
Exemptions and Complaints and Objections
Non-consumer customers
ARTICLE 72 – (1) In payment transactions where the customer is not a consumer, it may be agreed in the contract between the parties that the first paragraph (g) of Article 43, the first and fourth paragraphs of Article 44, the third paragraph of Article 52, the second, fourth and sixth paragraphs of Article 54, and Articles 56, 64 and 70 shall not be applied or shall be applied differently. A period different from the period set out in the first paragraph of Article 54 regarding the notification of an unauthorized or incorrectly executed payment transaction and in Article 67 (Amended phrase:OG-7/10/2023-32332) regarding payments made to the payment account may be determined between the parties.
Low-value payment transactions and low-value payment instruments and electronic money
ARTICLE 73 – (1) In payment transactions not exceeding one thousand Turkish Liras (Amended phrase:OG-7/10/2023-32332) under the framework contract or in payment instruments with a spending limit of two thousand seven hundred and fifty Turkish Liras (Amended phrase:OG-7/10/2023-32332) or less or whose amount of funds contained at any time does not exceed two thousand seven hundred and fifty Turkish Liras (Amended phrase:OG-7/10/2023-32332), regarding information obligations;
a) The payment service provider shall provide the payer only with information on the essential characteristics of the payment service, including the method of use of the payment instrument, liability, fees to be paid and other important information, and, where necessary, on where the other conditions listed in Article 43 can be accessed,
b) The payment service provider may not propose changes to the framework contract,
c) The payment service provider is obliged to provide, after the execution of the payment service, the reference number of the transaction, the amount of the payment transaction, or in cases where more than one transaction of the same type is made, the total amount of the transactions and information on the fees to be paid for these transactions, in order for the customer to identify the payment transaction; in payment instruments where the customer is not identifiable or in cases where it is technically impossible for the payment service provider to provide this information, this information shall not be provided; however, in any case, it shall be obliged to provide information on the amount of funds in the payment instrument,
may be agreed.
(2) According to the framework agreement, in payment transactions not exceeding (Amended phrase:OG-7/10/2023-32332) one thousand Turkish Liras or (Amended phrase:OG-7/10/2023-32332) in relation to payment instruments with an expenditure limit of two thousand seven hundred fifty Turkish Liras or less or the amount of funds they contain at any time not exceeding (Amended phrase:OG-7/10/2023-32332) two thousand seven hundred fifty Turkish Liras;
a) In the event that the payment instrument cannot be blocked from use or subsequent uses cannot be prevented, the fourth paragraph of Article 53, subparagraphs (c) and (ç) of the fifth paragraph of Article 53, and the fifth and sixth paragraphs of Article 54 shall not apply,
b) In payment instruments where the customer is not identifiable or for other reasons arising from the characteristics of the payment instrument, in the event that the payment service provider cannot prove that the payment transaction was authorized, the second, third, fourth, fifth and sixth paragraphs of Article 54 shall not apply,
c) In cases where the failure to execute the payment order is clearly understood from the circumstances, the payment service provider shall not be required to notify the customer of the rejection of the payment order,
ç) The payer cannot revoke the payment order after transmitting the payment order or giving approval for the execution of the payment transaction,
d) Execution periods different from those set out in Articles 67 and 68 shall apply,
may be agreed upon.
(3) (Amended phrase:OG-7/10/2023-32332) In payment transactions not exceeding (Amended phrase:OG-7/10/2023-32332) one thousand Turkish Liras or (Amended phrase:OG-7/10/2023-32332) in relation to payment instruments with an expenditure limit of two thousand seven hundred fifty Turkish Liras or less or the amount of funds they contain at any time not exceeding (Amended phrase:OG-7/10/2023-32332) two thousand seven hundred fifty Turkish Liras, it is not mandatory to conclude a contract within the scope of the first paragraph of Article 41. The provisions of the first and second paragraphs, other than those relating to the framework agreement, shall also apply to these payment instruments.
(4) The Bank is authorized to increase the amounts specified in this article up to five times or to reduce them down to one fifth.
Complaints and objections
ARTICLE 74 – (1) Payment service providers must respond to complaints and objections made by their customers regarding the payment service within twenty days from the date of application, in a provable and reasoned manner, using the customer's method of application. Payment service providers are obliged to take measures to ensure that customers' complaints and objections easily reach the relevant units.
(2) The individual customer may apply to the arbitration committees established within the Union for the evaluation and resolution of disputes that may arise from the implementation of this Regulation between the individual customer and the institution, without prejudice to the application rights granted by the provisions of the Law on the Protection of Consumers dated 7/11/2013 and numbered 6502 and other laws.
(3) The institution shall inform its customers in the framework agreement, on its website, at branch and representative offices and in similar areas about their right to apply to the Union arbitration committees, the necessary contact information and the scope of the application.
PART SIX Final Provisions
CHAPTER ONE Miscellaneous and Final Provisions
Working committees
ARTICLE 75 – (1) The Bank, in accordance with the seventh paragraph of Article 12 of the Law, in the event that it identifies situations and practices that may adversely affect the development of the payments field, is authorized to establish working committees with the participation of relevant institutions and organizations as members, which will carry out work for a specific period or indefinitely and produce outputs on the determined subject.
(2) The Bank shall determine the meeting and working principles of the working committee to be established pursuant to the first paragraph together with the institutions and organizations that will be members of the committee. In the meeting and working principles, the reason for the need for the working committee, the subject and scope of the work, the members, whether the establishment of the working committee is for a specific period or indefinite, if for a specific period the working period, the decision-making procedure, the draft plan and objectives and other necessary matters shall be specified.
(3) The chairmanship and secretariat of the working committee to be established pursuant to the first paragraph shall be carried out by the Bank and the Bank shall fulfill the following duties in this context:
a) To communicate with the members and obtain information regarding the member representatives.
b) To determine the agenda, place and time of the meetings, taking into account the views of the committee chairman and the members, and to inform the members.
c) To prepare the meeting minutes and share them with the members.
ç) To coordinate the preparation of the target outputs specified in the meeting and working principles.
d) To carry out the coordination of technical sub-committees.
(4) The working committee may meet regularly as well as, when necessary, upon the invitation of the Bank, without requiring the participation of all representatives.
(5) In terms of the activities of the working committee, the representatives are the contact persons of the relevant members and ensure coordination in the work to be carried out by the members.
(6) In the event of a change in the representatives, the members shall notify the Bank of this situation as soon as possible.
(7) Technical sub-committees may be established under the working committee if needed for the purpose of carrying out the work effectively.
(8) The working committee, while carrying out its work, may invite relevant parties and experts who are not members of the committee to the work.
Emergency contact officer
ARTICLE 76 – (1) The payment service provider shall designate emergency contact officers so that the Bank can contact the payment service provider in emergencies regarding transactions within the scope of the Law.
(2) Pursuant to the first paragraph, at least one primary and one backup emergency contact officer shall be designated.
(3) The emergency contact officers to be designated pursuant to this article must be selected from persons who have sufficient knowledge, experience and authority regarding the activities and transactions of the payment service provider.
(4) The identity and contact information and titles of the emergency contact officers designated pursuant to this article shall be notified to the Bank.
(5) The Bank may request the payment service provider to designate additional emergency contact officers or to change the existing emergency contact officers.
(6) The payment service provider shall notify the Bank of changes regarding emergency contact officers without delay.
Force majeure
ARTICLE 77 – (1) The payment service provider cannot be held liable within the scope of the fourth part of the fourth chapter and the first and second chapters of the fifth part in extraordinary circumstances not arising from its own negligence and fault, in case of force majeure, or when obligations stipulated by other laws require it.
Cooperation with competent authorities
ARTICLE 78 – (1) The fulfillment of the requests of authorities authorized to supervise under foreign country laws and equivalent to the Bank, regarding the supervision of payment institutions and electronic money institutions operating in their own countries at their partnerships in Türkiye and their information requests, as well as requests concerning the information of the institutions' branches or partnerships abroad within the scope of consolidation, is subject to the Bank's permission, taking into account the principle of reciprocity.
(2) Additional procedures and principles regarding cooperation to be carried out with domestic and foreign competent authorities on supervision, information sharing and other matters may be determined by the Bank by obtaining the opinion of the relevant parties.
Documents to be obtained from abroad
ARTICLE 79 – (1) In relation to the applications to be made to the Bank within the scope of this Regulation, documents deemed necessary and possible to be obtained in accordance with the relevant country's legislation shall be requested from foreign nationals.
(2) In the event that the documents requested from foreign nationals cannot be obtained due to the absence of an authority or system where records are kept in the country where these persons reside, it is mandatory that this situation be evidenced to the Bank with a document to be obtained from the competent authorities of the relevant country.
(3) In the event that the documents requested from foreign nationals cannot be obtained due to the absence of an authority or system where records are kept in the country where these persons reside, and this situation cannot be evidenced to the Bank with a document to be obtained from the competent authorities of the relevant country, it is mandatory that a written declaration be made by the relevant natural or legal persons stating that such evidencing cannot be made.
(4) Regarding the applications contained in this Regulation, it is mandatory that the documents to be obtained from abroad be approved by the competent authorities of the relevant country and by the consulate of Türkiye in that country or in accordance with the provisions of the Convention Abolishing the Requirement of Legalisation for Foreign Public Documents dated 20/6/1984 and numbered 3028 adopted by the Law on the Convention Abolishing the Requirement of Legalisation for Foreign Public Documents prepared within the framework of the Hague Conference on Private International Law, and that notarized translations of the documents be attached to the application.
Request for additional information and documents
ARTICLE 80 – (1) In the applications to be made to the Bank within the scope of this Regulation, the Bank may request additional information and documents it deems necessary. The time elapsed until the additional information and documents requested by the Bank reach the Bank shall not be taken into account in the calculation of the six-month period set forth in the fourth paragraph of Article 15 of the Law. The Bank may take action based on information and documents obtained differently.
(2) The Bank is authorized to request the information and documents that must be included in the applications to be made to the Bank within the scope of this Regulation in different scopes and contents.
Obligation of warning regarding the use of account and identity information by other persons
ARTICLE 81 – (1) Payment service providers are obliged to ensure that necessary measures are taken at their branches, representatives and similar affiliated units in order to remind persons acting in their own name but on behalf of others within the scope of Article 15 of Law No. 5549 of their responsibilities, and in this context, to ensure that the necessary announcements are posted within the workplace in a manner clearly visible and easily readable by customers.
(2) Regarding the services offered online, it is mandatory that the warning in the first paragraph be made on the institution's website, on the main page, in a manner clearly visible and easily readable.
(3) The conditions regarding workplaces shall also be sought, to the extent appropriate to their nature, in terms of online environments such as the websites and mobile applications of branches, representatives and similar affiliated units.
Obligation of notification of those outside the scope
ARTICLE 82 – (1) Service providers performing any one or both of the activities specified in subparagraph (h) of the second paragraph of Article 12 of the Law, and service providers performing the activities specified in subparagraph (b), are obliged to submit to the Bank every year in January a report containing the definition of the service provided, detailed workflows and models, transaction volumes, average, minimum and maximum transaction amounts, customer and member merchant network, the number, type and geographical region distribution of the workplaces where they are valid, and other information and documents that may be requested by the Bank, also stating under which conditions set forth in subparagraphs (b) and (h) of the second paragraph of Article 12 of the Law the activity carried out is performed, if the amount of transactions they have carried out within this scope in the last twelve months exceeds fifty million Turkish Liras.
(2) Within the framework of the notification to be made under the first paragraph, if it is concluded that the activity being carried out has reached a dimension that may affect the smooth development of the payments field and confidence in this field, the Bank may decide that the said activity be considered a payment service within the scope of the Law.
Posta ve Telgraf Teşkilatı Anonim Şirketi, banks and the institution in the nature of a system operator in which the Bank is a shareholder (Amended heading:RG-31/12/2025-33124)
ARTICLE 83 – (1) Posta ve Telgraf Teşkilatı Anonim Şirketi is subject to the provisions of this Regulation regarding the payment services it provides and electronic money issuance, except for the fourth paragraph of Article 4, the first, fourth and sixth paragraphs of Article 17, the tenth and eleventh paragraphs of Article 19, the second paragraph of Article 22, the second and third paragraphs of Article 74, (Amended phrase:RG- 7/10/2023-32332) Article 18 except for its twenty-eighth paragraph, Articles 11, 12, 15, 20, 21, 23, 24, 25, 28 and 66, and except for the fifth and sixth sections of the third part.
(2) Banks within the scope of Law No. 5411 are subject to the fourth, eleventh, twelfth and thirteenth paragraphs of Article 4, the fifth, sixth and seventh paragraphs of Article 5, Article 14 except for its first paragraph subparagraph (i), Article 19 except for its tenth and eleventh paragraphs, the first paragraph of Article 22, Articles 6, 7, 8, 9, 10, 29 and 31, the fourth part except for the second paragraph of Article 38, the fifth part except for Article 66 and the second and third paragraphs of Article 74, and the sixth part except for the first paragraph of Article 78, regarding the payment services they provide and electronic money issuance.
(3) In matters concerning transactions to be carried out or contracts to be concluded by means of remote communication, which are set out in Law No. 5411 and the regulations made pursuant to Law No. 5411, the provisions of this Regulation relating to the same matters shall not apply.
(4) In matters concerning bank and credit cards which are set out in Law No. 5464 and the relevant secondary legislation, the provisions of this Regulation relating to the same matters shall not apply.
(5) The provisions of this Regulation shall not apply to İstanbul Takas ve Saklama Bankası A.Ş., which operates as a payment and securities settlement system operator pursuant to the Law.
(6) (Added:RG-31/12/2025-33124) A system operator entity in which the Bank is a shareholder is subject to the provisions of this Regulation regarding the payment services it provides and electronic money issuance, except for the title requirement specified in the first paragraph of Article 11, the second and third paragraphs of Article 15, and Articles 12 and 20.
Repealed regulation
ARTICLE 84 – (1) The Regulation on Payment Services and Electronic Money Issuance and Payment Institutions and Electronic Money Institutions published in the Official Gazette dated 27/6/2014 and numbered 29043 has been repealed.
Transitional provisions
PROVISIONAL ARTICLE 1 – (1) Institutions operating as of the date this Regulation enters into force are obliged to comply with the provisions introduced by this Regulation and not previously included in the Regulation on Payment Services and Electronic Money Issuance and Payment Institutions and Electronic Money Institutions repealed pursuant to Article 84 of this Regulation, (Amended phrase:RG-27/6/2023-32234) by 30/9/2023. (Added sentence:RG-25/11/2022-32024) However, institutions within the scope of this paragraph must comply with the provisions set out in the fourth and fifth paragraphs of Article 15 and Article 66 of this Regulation by 1/12/2022.
(2) Pursuant to the twenty-sixth paragraph of Article 18 of this Regulation, with respect to the signing and implementation of framework representation contracts whose minimum elements are to be determined by the Union, (Repealed phrase:RG-25/11/2022-32024) a one-year period begins as of the date the framework contract is published by the Union after obtaining the Bank's favorable opinion. Representation contracts signed before this Regulation enters into force shall remain in force as long as they meet the minimum elements to be determined.
(3) As of the date this Regulation enters into force, no new representation contract may be concluded with the persons specified in the twenty-second paragraph of Article 18 of this Regulation. Representation contracts concluded before this Regulation enters into force with the persons specified in the twenty-second paragraph of Article 18 of this Regulation shall remain valid until the expiration date of the contract, but may not be renewed on the expiration date and shall in any case be terminated by 31/12/2022 at the latest.
(4) As of the date this Regulation enters into force, mobile phone subscriptions that are open to payment services, except those opened in accordance with the methods specified in the ninth paragraph of Article 4 of this Regulation, shall be made closed to the services listed in subparagraph (d) of the first paragraph of Article 4 of this Regulation if approval in accordance with the ninth paragraph of Article 4 is not obtained within six months from the entry into force date of this Regulation.
(5) Services that are in use as of the date this Regulation enters into force but that will not be considered within the scope of the fifth paragraph of Article 18 of the Law pursuant to the seventh paragraph of Article 5 of this Regulation, and legal entities providing these services, are obliged to comply with the provisions of this Regulation, except for Articles 34 and 35 of this Regulation, (Amended phrase:RG-27/6/2023-32234) by 30/9/2023, and with the provisions set out in Articles 34 and 35 of this Regulation as soon as possible.
(6) As of the date this Regulation enters into force, if a cooperation has been established between an institution and a legal person resident abroad in a manner that falls within the scope of Article 19 of this Regulation, the institution resident abroad must apply to the Bank for permission within six months from the publication date of this Regulation within the framework of the seventh paragraph of Article 19 of this Regulation. Otherwise, the institution is obliged to terminate the cooperation with the legal person resident abroad.
(7) As of the date this Regulation enters into force, the Institution, in the event that it holds shares in companies that are not compliant with the provisions set forth in the first paragraph of Article 20 of this Regulation, is obliged to take the necessary measures to become compliant with the provisions set forth in Article 20 of this Regulation by 31/12/2022 at the latest.
(8) Persons who, prior to the effective date of this Regulation, issue intangible assets that may be considered electronic money within the scope of the ninth paragraph of Article 5 of this Regulation and who may be included in the electronic money institution category within the scope of the Law but do not hold an operating license, must apply to the Bank and obtain the necessary permits within one year from the publication date of the relevant Regulation, in accordance with the ninth paragraph of Article 5 of this Regulation, as determined by the Bank.
(9) Payment service providers that hold payment accounts with them as of the date this Regulation enters into force and that are among the top ten participants by total number with respect to account-to-account payment transactions carried out in the Bank's Payment Systems during 2020 shall fulfill the obligations required under the fifth paragraph of Article 59 of this Regulation by 30/9/2023 (Amended wording: Official Gazette-27/6/2023-32234). The Bank is authorized to extend this period twice, each time not exceeding six months. (Amended third and fourth sentences: Official Gazette-28/3/2025-32855) Payment service providers that hold payment accounts with them as of the date this provision enters into force and that are participants in the Instant and Continuous Transfer of Funds System shall fulfill the obligations required under the fifth paragraph of Article 59 of this Regulation by 31/12/2025. As of the date this provision enters into force, among institutions that hold payment accounts with them, that are not participants in the Instant and Continuous Transfer of Funds System, and that provide their customers with direct online access to the payment accounts held with them, those ranked in the top ten by payment volume for the 2024 calendar year shall fulfill the obligations required under the fifth paragraph of Article 59 of this Regulation by 31/12/2025, and those that will be among the top ten in subsequent years shall fulfill them by the end of the year in which they are included. (Added sentences: Official Gazette-7/10/2023-32332) For payment service providers that hold payment accounts with them, those that have applied to the Bank for an operating license pursuant to the third paragraph of Article Provisional 3 of the Law and whose operating license evaluation process is ongoing, as well as Institutions that have received permission from the Bank to offer the payment services specified in subparagraphs (f) and (g) of the first paragraph of Article 4 of this Regulation, providing the services they offer related to data sharing services whose technical requirements have been determined under the first paragraph of Article 59 of this Regulation by using non-standard services shall not be considered a violation of this paragraph until 30/6/2024.
(10) Data sharing service services whose technical requirements have not yet been determined under the first paragraph of Article 59 of this Regulation shall continue to be provided using non-standard services until the requirements are determined. After the technical and operational requirements are determined by the Bank, compliance shall be achieved for these services within one year at the latest, and the services shall begin to be carried out in accordance with the said requirements. The Bank is authorized to extend this period by not exceeding six months.
(11) Data sharing service services whose technical requirements have been determined under the first paragraph of Article 59 of this Regulation may continue to be provided using non-standard services until 30/9/2023 (Amended wording: Official Gazette-27/6/2023-32234). The Bank is authorized to extend this period by not exceeding six months. (Added sentence: Official Gazette-7/10/2023-32332) In the application of this paragraph, the exceptions set forth in the following subparagraphs are reserved:
a) (Added: Official Gazette-7/10/2023-32332) Those that have applied to the Bank for an operating license pursuant to the third paragraph of Article Provisional 3 of the Law and whose operating license evaluation process is ongoing may provide data sharing service services whose technical requirements have been determined under the first paragraph of Article 59 of this Regulation by using non-standard services until 30/6/2024. The Bank is authorized to extend this period by not exceeding six months.
b) (Added: Official Gazette-7/10/2023-32332) Banks within the scope of Law No. 5411 and institutions that have received permission from the Bank to offer the payment services specified in subparagraphs (f) and (g) of the first paragraph of Article 4 of this Regulation may provide data sharing service services whose technical requirements have been determined under the first paragraph of Article 59 of this Regulation by using non-standard services until 30/6/2024, with respect to payment accounts held with payment service providers that are not among the top ten participants by total number with respect to account-to-account payment transactions carried out in the Bank's Payment Systems during 2020. The Bank is authorized to extend this period by not exceeding six months.
(12) Among the operating license applications to be made to the Bank within the scope of the third paragraph of Article Provisional 3 of the Law, for those that are in the technical control and evaluation process of Interbank Card Center A.Ş., if the process cannot be completed due to reasons originating from Interbank Card Center A.Ş., a conditional operating license shall be granted within two years from the date this Regulation enters into force, without being subject to the provision of subparagraph (c) of the tenth paragraph of Article 11 of this Regulation; the operating license of those that fail to fulfill all requirements at the end of the technical control and evaluation process of Interbank Card Center A.Ş. shall be revoked by the Bank; the operating license of those that succeed shall become final after the submission of the required document to the Bank in accordance with subparagraph (c) of the tenth paragraph of Article 11 of this Regulation.
(13) Companies falling within the scope of the third paragraph of Article Provisional 3 of the Law are obliged to comply with the provisions set out in the second and third paragraphs of Article 15 of this Regulation within one year after obtaining the necessary permissions by applying to the Bank.
(14) Interbank Card Center Inc. shall establish the merchant record system set out in Article 9 of this Regulation by 30/6/2022 at the latest. The Bank is authorized to extend this period by no more than six months.
(15) Applications for operating licenses made before the date of entry into force of this Regulation shall, in principle, be processed in two stages in accordance with the third paragraph of Article 11 of this Regulation. The Bank may conclude the two stages set out in Article 11 of this Regulation in a single instance for those applications that have fulfilled all requirements.
(16) Persons who applied for an operating license before the date of entry into force of this Regulation must complete the missing information and documents required at the intelligence investigation stage by 30/6/2022 at the latest and submit them to the Bank. If the said information and documents are not submitted by this date, the applications shall be rejected by the Bank.
(17) For those who applied for an operating license before the date of entry into force of this Regulation, only Article 11 of this Regulation, the provisions regarding equity and collateral obligations, and the provisions regarding the protection of payment funds and the protection of funds collected in return for electronic money shall apply. For other matters concerning the applications of these persons, the provisions of the Regulation on Payment Services and Electronic Money Issuance and Payment Institutions and Electronic Money Institutions repealed by Article 84 of this Regulation and the provisions of the Communiqué on the Management and Supervision of Information Systems of Payment Institutions and Electronic Money Institutions published in the Official Gazette dated 27/6/2014 and numbered 29043, which has been repealed, shall apply. Persons granted an operating license under this paragraph are obliged to comply with the provisions of this Regulation that are not applied and the provisions set out in the regulations to be made by the Bank in accordance with the first paragraph of Article 31 of this Regulation by (Amended phrase:OG-27/6/2023-32234) 30/9/2023 at the latest.
(18) For those who fall within the scope of the fifth paragraph and applied for an operating license before the date of entry into force of this Regulation, only Article 11 of this Regulation, the provisions regarding equity and collateral obligations, and the provisions regarding the protection of payment funds and the protection of funds collected in return for electronic money shall apply. For other matters concerning the applications of these persons, the provisions of the Regulation on Payment Services and Electronic Money Issuance and Payment Institutions and Electronic Money Institutions repealed by Article 84 of this Regulation and the provisions of the Communiqué on the Management and Supervision of Information Systems of Payment Institutions and Electronic Money Institutions published in the Official Gazette dated 27/6/2014 and numbered 29043, which has been repealed, shall apply. Persons granted an operating license under this paragraph are obliged to comply with the provisions of this Regulation that are not applied and the provisions set out in the regulations to be made by the Bank in accordance with the first paragraph of Article 31 of this Regulation by (Amended phrase:OG- 27/6/2023-32234) 30/9/2023 at the latest. The provisions of this paragraph shall also apply in cases where the activities to be evaluated within the scope of the fifth paragraph are offered by another legal entity within the same group and these activities are to be transferred to persons who have applied for an operating license.
(19) (Added:OG-7/10/2023-32332) (Amended:OG-28/3/2025-32855) Persons who were providing digital wallet services before the effective date of Article 4/A of this Regulation and who may be included in the category of payment institution or electronic money institution established under the Law but do not have an operating license must obtain the necessary permissions by applying to the Bank by 31/12/2025. Among the institutions, those providing digital wallet services must comply with Article 4/A of this Regulation by 31/12/2025.
(20) (Added:OG-7/10/2023-32332) The Union shall determine the minimum elements that the receipt to be given to the customer by the electronic money institution must contain in accordance with the third paragraph of Article 5 of this Regulation by 31/12/2023 at the latest.
Entry into Force
ARTICLE 85 – (1) This Regulation enters into force on the date of its publication.
Execution
ARTICLE 86 – (1) The provisions of this Regulation shall be executed by the President of the Central Bank of the Republic of Turkey.
_____________ (1) For the amounts set out in subparagraph (e) and subparagraph (g) of the first paragraph of this article, see the Communiqué on the Redetermination of Minimum Equity Amounts of Payment and Electronic Money Institutions published in the Official Gazette dated 30/1/2025 and numbered 32798.
(2) This amendment enters into force on 30/6/2025.
Click for its annexes.
| Official Gazette in which the Regulation was Published | ||
|---|---|---|
| Date | Number | |
| 1/12/2021 | 31676 | |
| Official Gazettes in which the Regulations Amending the Regulation were Published | ||
| Date | Number | |
| 1. | 25/11/2022 | 32024 |
| 2. | 28/2/2023 | 32118 |
| 3. | 29/4/2023 | 32175 |
| 4. | 27/6/2023 | 32234 |
| 5. | 7/10/2023 | 32332 |
| 6. | 28/9/2024 | 32676 |
| 7. | 30/1/2025 | 32798 |
| 8. | 28/3/2025 | 32855 |
| 9. | 31/12/2025 | 33124 |
| 10. | 19/3/2026 | 33201 |
| 11. | 4/9/2026 | 33360 |
Note from RegAlert. AI assistants can read this document in full, and search 70,000+ more, through the RegAlert MCP connector (https://mcp.regalert.today/mcp). Free with an account. How to connect ChatGPT, Claude or Cursor.
- Obligation 688
- Permission 142
- Definition / condition 278
- background, boilerplate
Lineage: No known changes
RegAlert holds no document that amends or replaces this one. This is not a check that it is in force: confirm with the regulator.
The links and the sentences they come from (1)
- Issued under
- Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions2013 · CBRT
“This Regulation has been prepared based on Articles 12, 14, 14/A, 18, 19, 20, 21, 22, 23, 24, 25 and 26 of the Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions dated 20/6/2013 and numbere…”
Mentions (1): 1 document this one mentions without changing it
- Common references
- Bankacılık Kanunu, Kanun No. 5411, 19 Ekim 2005 tarihli (Banking Law No. 5411 of 19 October 2005)2005 · TR-LAW · cited by 25 CBRT documents
“Electronic money issuing institution: Electronic money institutions, banks within the scope of the Banking Law dated 19/10/2005 and numbered 5411”
Similar documents from other regulators
CBLPayment Systems (Issuers of Electronic Payment Instruments) Regulations 2017Lesotho
CBKRegulation on the authorization, granting preliminary approvals and governance of payment institutions and electronic money institutions and for the registration of account information service providersKosovo · 2026-07-03
FMAE-Money Act 2010Austria · 2026-04-24
SAMAImplementing Regulations of the Payments and Payment Services LawSaudi Arabia · 2023-06-13
BOZNational Payment Systems Directives on Electronic Money Issuance 2018Zambia · 2018-05-22
More like this from CBRT
CBRT published 3 documents in the last 30 days. We email you each new one the day it's published.
Source: Central Bank of Republic of Turkey — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
In RegAlert: added