{"id":29202,"date":"2025-07-12T19:14:46","date_gmt":"2025-07-12T16:14:46","guid":{"rendered":"https:\/\/www.bicakhukuk.com\/?p=29202"},"modified":"2025-07-12T19:23:18","modified_gmt":"2025-07-12T16:23:18","slug":"sanctions-liabilities-in-turkeys-electronic-payment-law","status":"publish","type":"post","link":"https:\/\/www.bicakhukuk.com\/en\/sanctions-liabilities-in-turkeys-electronic-payment-law\/","title":{"rendered":"Sanctions and Liabilities in Turkey\u2019s Electronic Payment"},"content":{"rendered":"<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Sanctions and Liabilities in Turkey\u2019s Payment Systems have become increasingly important as Turkey\u2019s digital payments and fintech industry continues to expand, making regulatory enforcement essential for ensuring financial integrity and consumer trust. Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions lays the legal groundwork for these activities. Among its most consequential parts, Section Seven (Articles 27 to 40) establishes a comprehensive regime of sanctions, investigations, criminal liability, and procedural rules applicable to payment service providers, electronic money institutions (EMIs), and system operators. <\/span><!--more--><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">This article provides an in-depth legal analysis of each article under Section Seven, examining the structure and function of the enforcement provisions, the types of liabilities imposed on individuals and institutions, and the mechanisms for judicial review and regulatory supervision. Drawing on the regulatory experience of B\u0131\u00e7ak Law Firm, this guide aims to support businesses in understanding their obligations and legal risks, while also informing legal practitioners and scholars of the evolving enforcement framework in Turkey\u2019s fintech ecosystem.<\/span><\/p>\n<h3><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Overview of Section Seven and Its Enforcement Philosophy<\/span><\/h3>\n<p data-start=\"161\" data-end=\"548\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\"><a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/de4fb4cc-19c4-47fe-a9cb-9ef0397a8923\/1.+LAW.pdf?MOD=AJPERES\" target=\"_blank\" rel=\"noopener\">Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions<\/a>, enacted in 2013 and significantly amended in 2019 by Law No. 7192, forms the cornerstone of Turkey\u2019s legal and regulatory framework governing non-bank financial institutions involved in digital payments, electronic money issuance, and the operation of payment systems.<\/span><\/p>\n<p data-start=\"550\" data-end=\"1004\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The law aligns with European Union norms, particularly the <a href=\"https:\/\/eur-lex.europa.eu\/eli\/dir\/2015\/2366\/oj\/eng\" target=\"_blank\" rel=\"noopener\">EU\u2019s Revised Payment Services Directive (PSD2)<\/a>, and grants the <a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/en\/tcmb+en\" target=\"_blank\" rel=\"noopener\">Central Bank of the Republic of Turkey (CBRT)<\/a> extensive regulatory, licensing, supervisory, and enforcement authority. It aims to ensure the safety, efficiency, transparency, and resilience of payment services and infrastructure while protecting the rights of consumers and fostering innovation in the fintech ecosystem.<\/span><\/p>\n<p data-start=\"1006\" data-end=\"1303\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Section Seven (Articles 27 to 40) of the law sets out the enforcement mechanisms available when market participants fail to comply with the obligations imposed by the law, its secondary legislation, and CBRT-issued decisions. This section encompasses a broad range of sanctions, including:<\/span><\/p>\n<ul>\n<li data-start=\"1307\" data-end=\"1385\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Administrative fines imposed by the CBRT Executive Committee (Article 27),<\/span><\/li>\n<li data-start=\"1388\" data-end=\"1471\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Criminal penalties for unauthorized operations and misconduct (Articles 28\u201336),<\/span><\/li>\n<li data-start=\"1474\" data-end=\"1534\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Procedural safeguards and defense rights (Article 27\/3),<\/span><\/li>\n<li data-start=\"1537\" data-end=\"1584\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Public prosecution procedures (Article 37),<\/span><\/li>\n<li data-start=\"1587\" data-end=\"1648\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Emergency and reputational measures (Articles 33\u201334), and<\/span><\/li>\n<li data-start=\"1651\" data-end=\"1741\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Provisions for transition and coordination with other financial laws (Articles 38\u201340).<\/span><\/li>\n<\/ul>\n<p data-start=\"1743\" data-end=\"2250\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The philosophy underpinning this section is one of graduated enforcement: the CBRT is empowered to act proportionately depending on the severity of the breach, the degree of intent or negligence, and the financial or reputational harm caused. Minor infractions may result in rectification orders or moderate fines, while serious violations &#8211; such as unlicensed activity, data breaches, or embezzlement &#8211; trigger severe sanctions including imprisonment, multi-year business bans, and public exposure.<\/span><\/p>\n<p data-start=\"2252\" data-end=\"2523\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Additionally, this section introduces personal criminal liability for individuals acting on behalf of institutions, such as board members, executives, and employees, especially where internal governance and compliance mechanisms fail or are deliberately circumvented.<\/span><\/p>\n<p data-start=\"2525\" data-end=\"2933\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The section also reflects principles of procedural fairness and transparency. Institutions have the right to be notified of allegations, present their defense, and challenge CBRT sanctions in administrative courts. Where necessary, the CBRT may also refer cases to the public prosecutor or take interim protective measures, including suspension of operations or blocking access to unauthorized platforms.<\/span><\/p>\n<p data-start=\"2935\" data-end=\"3203\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">In summary, Section Seven represents the enforcement arm of <a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/de4fb4cc-19c4-47fe-a9cb-9ef0397a8923\/1.+LAW.pdf?MOD=AJPERES\" target=\"_blank\" rel=\"noopener\">Law No. 6493<\/a>, acting both as a deterrent against malpractice and as a corrective mechanism for maintaining systemic trust and operational discipline in Turkey\u2019s dynamic electronic payments sector.<\/span><\/p>\n<h3><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Administrative Sanctions for Regulatory Violations (Art. 27)<\/span><\/h3>\n<p data-start=\"128\" data-end=\"564\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Article 27 of <a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/de4fb4cc-19c4-47fe-a9cb-9ef0397a8923\/1.+LAW.pdf?MOD=AJPERES\" target=\"_blank\" rel=\"noopener\">Law No. 6493<\/a> constitutes the foundational provision for the administrative enforcement of regulatory obligations applicable to system operators, payment service providers, and electronic money institutions. It empowers the Executive Committee of the Central Bank of the Republic of Turkey (CBRT) to impose monetary fines and outlines the procedures and legal remedies concerning such sanctions.<\/span><\/p>\n<h4 data-start=\"566\" data-end=\"609\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Scope of Sanctionable Conduct<\/span><\/h4>\n<p data-start=\"611\" data-end=\"695\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Under Article 27(1), administrative fines are imposed on legal persons that violate:<\/span><\/p>\n<ul>\n<li data-start=\"699\" data-end=\"732\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Provisions of <a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/de4fb4cc-19c4-47fe-a9cb-9ef0397a8923\/1.+LAW.pdf?MOD=AJPERES\" target=\"_blank\" rel=\"noopener\">Law No. 6493<\/a>,<\/span><\/li>\n<li data-start=\"735\" data-end=\"794\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Regulations and decisions issued pursuant to the law,<\/span><\/li>\n<li data-start=\"797\" data-end=\"869\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Rules not subject to separate criminal sanctions under this section.<\/span><\/li>\n<\/ul>\n<p data-start=\"871\" data-end=\"1190\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Thus, the article applies broadly to a range of infractions, including failure to meet operational requirements, deficient reporting practices, non-compliance with CBRT instructions, or improper use of client funds &#8211; unless such violations are already penalized by criminal provisions in Articles 28 &#8211; 36.<\/span><\/p>\n<h4 data-start=\"1192\" data-end=\"1243\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Penalty Structure and Proportionality<\/span><\/h4>\n<p data-start=\"1245\" data-end=\"1292\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The law introduces a graduated fine system:<\/span><\/p>\n<ul>\n<li data-start=\"1296\" data-end=\"1364\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The base fine ranges from 40,000 to 900,000 Turkish Liras,<\/span><\/li>\n<li data-start=\"1367\" data-end=\"1498\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">If unlawful benefit is gained or damage is caused, the fine must be at least twice the amount of such gain or damage,<\/span><\/li>\n<li data-start=\"1501\" data-end=\"1624\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">If the violation is committed more than once before the fine is imposed, a single fine is issued but doubled,<\/span><\/li>\n<li data-start=\"1627\" data-end=\"1756\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">If the repeated violation results in gain or loss, the fine must be at least three times the amount of the benefit or damage.<\/span><\/li>\n<\/ul>\n<p data-start=\"1758\" data-end=\"1934\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">This formula reflects a risk- and consequence-based sanctioning model, which is intended to deter misconduct proportionate to the magnitude and frequency of the breach.<\/span><\/p>\n<h4 data-start=\"1936\" data-end=\"1996\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Procedural Safeguards and the Right to Defense<\/span><\/h4>\n<p data-start=\"1998\" data-end=\"2056\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Before any fine is finalized, Article 27(3) mandates that:<\/span><\/p>\n<ul>\n<li data-start=\"2060\" data-end=\"2163\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The relevant institution must be notified of the alleged violation and invited to submit a defense,<\/span><\/li>\n<li data-start=\"2166\" data-end=\"2292\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">If no defense is received within one month, the institution is deemed to have waived its right to contest the charges.<\/span><\/li>\n<\/ul>\n<p data-start=\"2294\" data-end=\"2439\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Article 27(2) requires that any fine decision be reasoned and communicated in writing, ensuring transparency and procedural fairness.<\/span><\/p>\n<p data-start=\"2441\" data-end=\"2754\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Our experience shows that institutions frequently overlook this defense opportunity, often leading to preventable penalties. We advise clients to immediately respond to CBRT inquiries with detailed factual and legal rebuttals, supported by internal documentation and compliance records.<\/span><\/p>\n<h4 data-start=\"2756\" data-end=\"2804\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Payment Obligation and Enforcement<\/span><\/h4>\n<p data-start=\"2806\" data-end=\"3008\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Under Article 27(4), imposed fines must be paid within one month of notification. Failure to pay may result in forced collection measures under Turkey\u2019s general administrative enforcement rules.<\/span><\/p>\n<p data-start=\"3010\" data-end=\"3147\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The CBRT generally does not allow installment plans or postponements unless a separate regulation or policy decision permits such relief.<\/span><\/p>\n<h4 data-start=\"3149\" data-end=\"3197\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Judicial Review and Legal Remedies<\/span><\/h4>\n<p data-start=\"3199\" data-end=\"3426\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Article 27(5), added by the 2019 amendment (Law No. 7192), explicitly confirms that CBRT-imposed administrative fines may be challenged before the competent administrative court, generally within 60 days of receipt.<\/span><\/p>\n<p data-start=\"3428\" data-end=\"3447\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The courts examine:<\/span><\/p>\n<ul>\n<li data-start=\"3451\" data-end=\"3500\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Whether there was a legal basis for the fine,<\/span><\/li>\n<li data-start=\"3503\" data-end=\"3571\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Whether the fine was proportionate and correctly calculated,<\/span><\/li>\n<li data-start=\"3574\" data-end=\"3663\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Whether due process was respected (e.g., opportunity to defend, proper notification).<\/span><\/li>\n<\/ul>\n<p data-start=\"3665\" data-end=\"3925\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">In successful cases, courts may annul the fine entirely or order its recalculation. B\u0131\u00e7ak represents clients throughout this process &#8211; from preliminary responses and settlement attempts to full-scale litigation and judicial appeal.<\/span><\/p>\n<h3><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Criminal Liability for Operating Without a License (Art. 28)<\/span><\/h3>\n<p data-start=\"119\" data-end=\"558\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Article 28 of <a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/de4fb4cc-19c4-47fe-a9cb-9ef0397a8923\/1.+LAW.pdf?MOD=AJPERES\" target=\"_blank\" rel=\"noopener\">Law No. 6493<\/a> addresses the criminal consequences of operating in the payment services or electronic money sector without obtaining a license from the CBRT. This article represents a critical element of regulatory enforcement, aiming to prevent informal or unauthorized financial intermediation that could endanger consumer funds and destabilize the payment system.<\/span><\/p>\n<h4 data-start=\"560\" data-end=\"619\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Unauthorized Operations as a Criminal Offense<\/span><\/h4>\n<p data-start=\"621\" data-end=\"721\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Under Article 28(1), natural persons and responsible officers of legal entities that act as:<\/span><\/p>\n<ul>\n<li data-start=\"725\" data-end=\"748\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">System operators,<\/span><\/li>\n<li data-start=\"751\" data-end=\"781\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Payment institutions, or<\/span><\/li>\n<li data-start=\"784\" data-end=\"819\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Electronic money institutions<\/span><\/li>\n<\/ul>\n<p data-start=\"821\" data-end=\"890\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">without obtaining the necessary license from the CBRT are subject to:<\/span><\/p>\n<ul>\n<li data-start=\"894\" data-end=\"941\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Imprisonment from one to three years, and<\/span><\/li>\n<li data-start=\"944\" data-end=\"988\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">A judicial fine of up to 5,000 days.<\/span><\/li>\n<\/ul>\n<p data-start=\"990\" data-end=\"1258\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">This provision targets both de facto and de jure operations &#8211; meaning that conducting payment services or issuing electronic money without registration or beyond the licensed scope constitutes a punishable offense, regardless of whether consumer harm has occurred.<\/span><\/p>\n<h4 data-start=\"1260\" data-end=\"1333\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Misuse of Institutional Titles and Public Misrepresentation<\/span><\/h4>\n<p data-start=\"1335\" data-end=\"1389\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Article 28(2) extends criminal liability to those who:<\/span><\/p>\n<ul>\n<li data-start=\"1393\" data-end=\"1515\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Use names, phrases, or marketing materials in business titles, documents, notices, advertisements, or public statements,<\/span><\/li>\n<li data-start=\"1518\" data-end=\"1660\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">That create the impression that they are licensed operators (e.g., by referring to themselves as a &#8220;payment company&#8221; or &#8220;e-money issuer&#8221;),<\/span><\/li>\n<\/ul>\n<p data-start=\"1662\" data-end=\"1706\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">even when no actual service is provided. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">This protects the public from being misled by entities that illegitimately suggest they are under CBRT oversight. Courts have interpreted this broadly, applying the provision even to digital platforms and websites that display unauthorized logos or claims of licensing.<\/span><\/p>\n<h4 data-start=\"1987\" data-end=\"2049\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Closure of Business Premises and Repeat Offenses<\/span><\/h4>\n<p data-start=\"2051\" data-end=\"2100\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Article 28(3) grants the courts the authority to:<\/span><\/p>\n<ul>\n<li data-start=\"2104\" data-end=\"2167\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Close the business premises where these violations occur,<\/span><\/li>\n<li data-start=\"2170\" data-end=\"2210\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">For a period of two to six months,<\/span><\/li>\n<li data-start=\"2213\" data-end=\"2286\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">And in cases of recidivism, permanently shut down the operations.<\/span><\/li>\n<\/ul>\n<p data-start=\"2288\" data-end=\"2474\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">This measure reflects the legislature\u2019s intent to exclude bad-faith actors from the regulated market entirely, especially those who persistently attempt to evade regulatory controls. W<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">e have assisted clients in navigating investigations under this article, especially in cases involving foreign-owned fintech startups, where the boundaries between software development and payment intermediation may be unclear. Legal structuring, proper classification of services, and early dialogue with the CBRT can prevent misinterpretation and criminal exposure.<\/span><\/p>\n<h4 data-start=\"2885\" data-end=\"2942\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Continued Activity After License Revocation<\/span><\/h4>\n<p data-start=\"2944\" data-end=\"3107\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Article 28(4) clarifies that these criminal sanctions also apply when a previously licensed entity continues to operate after the CBRT has revoked its license. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">In such cases, even former licensees are considered to be acting unlawfully, and their executives or board members may face both criminal prosecution and further administrative sanctions. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">This reinforces the importance of voluntarily suspending all regulated activity immediately upon license withdrawal and seeking legal counsel on how to settle existing obligations with clients, employees, and partners.<\/span><\/p>\n<h3><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Preventing Supervision and Failure to Provide Information (Art. 29)<\/span><\/h3>\n<p data-start=\"126\" data-end=\"573\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Article 29 of <a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/de4fb4cc-19c4-47fe-a9cb-9ef0397a8923\/1.+LAW.pdf?MOD=AJPERES\" target=\"_blank\" rel=\"noopener\">Law No. 6493<\/a> introduces criminal penalties for obstructing the supervisory authority of the Central Bank of the Republic of Turkey (CBRT) and for withholding information or documents requested during audits, inspections, or investigations. These provisions are central to regulatory enforcement integrity, as they ensure that the CBRT can carry out its oversight functions effectively and without obstruction.<\/span><\/p>\n<h4 data-start=\"575\" data-end=\"630\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Obstruction of Supervision (Article 29\/1)<\/span><\/h4>\n<p data-start=\"632\" data-end=\"782\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Under Article 29(1), any person who prevents the CBRT from fulfilling its supervisory and oversight duties under the law may be punished with:<\/span><\/p>\n<ul>\n<li data-start=\"786\" data-end=\"826\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Imprisonment from one to three years<\/span><\/li>\n<\/ul>\n<p data-start=\"828\" data-end=\"842\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">This includes:<\/span><\/p>\n<ul>\n<li data-start=\"846\" data-end=\"902\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Physical obstruction of on-site inspections or audits,<\/span><\/li>\n<li data-start=\"905\" data-end=\"965\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Refusal to grant access to company premises or IT systems,<\/span><\/li>\n<li data-start=\"968\" data-end=\"1010\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Tampering with evidence or audit trails,<\/span><\/li>\n<li data-start=\"1013\" data-end=\"1073\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Instructing employees to mislead or obstruct CBRT personnel.<\/span><\/li>\n<\/ul>\n<p data-start=\"1075\" data-end=\"1285\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Importantly, the provision is not limited to executives \u2014 any individual, whether internal staff or third-party contractors, may be held criminally liable if they intentionally hinder the Bank&#8217;s activities.<\/span><\/p>\n<h4 data-start=\"1287\" data-end=\"1360\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Failure to Provide Information and Documents (Article 29\/2)<\/span><\/h4>\n<p data-start=\"1362\" data-end=\"1526\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Under Article 29(2), a separate offense is created for non-disclosure of information requested by the CBRT during supervisory activities. The sanctions include:<\/span><\/p>\n<ul>\n<li data-start=\"1530\" data-end=\"1583\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Imprisonment from three months to one year, and<\/span><\/li>\n<li data-start=\"1586\" data-end=\"1629\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">A judicial fine of up to 1,500 days<\/span><\/li>\n<\/ul>\n<p data-start=\"1631\" data-end=\"1668\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">This clause is commonly invoked when:<\/span><\/p>\n<ul>\n<li data-start=\"1672\" data-end=\"1751\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Institutions ignore written requests for reports, records, or audit data,<\/span><\/li>\n<li data-start=\"1754\" data-end=\"1806\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Responses are incomplete, evasive, or delayed,<\/span><\/li>\n<li data-start=\"1809\" data-end=\"1887\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Third-party processors or service providers under contract fail to comply.<\/span><\/li>\n<\/ul>\n<p data-start=\"1889\" data-end=\"2212\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Given the CBRT\u2019s reliance on timely and accurate data to detect risks in real time, this offense is considered serious even in the absence of underlying fraud. Failure to cooperate may escalate into further sanctions, such as administrative fines, license suspension, or criminal referrals under Article 37.<\/span><\/p>\n<h4 data-start=\"2214\" data-end=\"2269\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Compliance Strategies and Practical Risks<\/span><\/h4>\n<p data-start=\"2271\" data-end=\"2518\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">In practice, some institutions &#8211; especially new market entrants or foreign-backed fintechs &#8211; underestimate the breadth of the CBRT\u2019s authority to demand information. Under <a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/de4fb4cc-19c4-47fe-a9cb-9ef0397a8923\/1.+LAW.pdf?MOD=AJPERES\" target=\"_blank\" rel=\"noopener\">Law No. 6493<\/a> and related regulations, institutions are required to:<\/span><\/p>\n<ul>\n<li data-start=\"2522\" data-end=\"2571\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Maintain up-to-date and accessible records,<\/span><\/li>\n<li data-start=\"2574\" data-end=\"2629\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Respond fully and promptly to all CBRT inquiries,<\/span><\/li>\n<li data-start=\"2632\" data-end=\"2677\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Cooperate with onsite inspection teams,<\/span><\/li>\n<li data-start=\"2680\" data-end=\"2742\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Provide auditable logs from internal systems upon request.<\/span><\/li>\n<\/ul>\n<p data-start=\"2744\" data-end=\"2871\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Failure to do so may be interpreted not only as negligence, but as deliberate obstruction, triggering Article 29 sanctions.<\/span><\/p>\n<h3><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">False Statements (Art. 30)<\/span><\/h3>\n<p data-start=\"94\" data-end=\"486\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Article 30 of <a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/de4fb4cc-19c4-47fe-a9cb-9ef0397a8923\/1.+LAW.pdf?MOD=AJPERES\" target=\"_blank\" rel=\"noopener\">Law No. 6493<\/a> addresses the offense of making false statements in documents submitted to authorities within the framework of the electronic payments and settlement systems sector. This provision establishes criminal liability to protect the accuracy, reliability, and transparency of data that forms the basis of regulatory oversight and judicial proceedings.<\/span><\/p>\n<h4 data-start=\"488\" data-end=\"522\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Scope of the Offense<\/span><\/h4>\n<p data-start=\"524\" data-end=\"631\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">According to Article 30, any person who signs a false statement in documents submitted or published by:<\/span><\/p>\n<ul>\n<li data-start=\"635\" data-end=\"658\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">System operators,<\/span><\/li>\n<li data-start=\"661\" data-end=\"691\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Payment institutions, or<\/span><\/li>\n<li data-start=\"694\" data-end=\"730\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Electronic money institutions,<\/span><\/li>\n<\/ul>\n<p data-start=\"732\" data-end=\"752\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">shall be subject to:<\/span><\/p>\n<ul>\n<li data-start=\"756\" data-end=\"803\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Imprisonment from one to three years, and<\/span><\/li>\n<li data-start=\"806\" data-end=\"845\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">A judicial fine of up to 2,000 days<\/span><\/li>\n<\/ul>\n<p data-start=\"847\" data-end=\"888\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The offense covers documents provided to:<\/span><\/p>\n<ul>\n<li data-start=\"892\" data-end=\"948\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The Central Bank of the Republic of Turkey (CBRT),<\/span><\/li>\n<li data-start=\"951\" data-end=\"1012\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Other competent administrative or judicial authorities,<\/span><\/li>\n<li data-start=\"1015\" data-end=\"1074\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Supervision and audit personnel assigned under the law.<\/span><\/li>\n<\/ul>\n<p data-start=\"1076\" data-end=\"1295\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The falsity may relate to financial reports, compliance declarations, transaction data, risk assessments, or any other document prepared in the course of institutional reporting or regulatory review.<\/span><\/p>\n<h4 data-start=\"1297\" data-end=\"1336\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Legal Elements and Intent<\/span><\/h4>\n<p data-start=\"1338\" data-end=\"1513\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The core element of this offense is intentional deception. The signer must knowingly approve inaccurate, incomplete, or manipulated information. This includes:<\/span><\/p>\n<ul>\n<li data-start=\"1517\" data-end=\"1571\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Overstating capital adequacy or liquidity positions,<\/span><\/li>\n<li data-start=\"1574\" data-end=\"1620\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Underreporting customer complaints or risks,<\/span><\/li>\n<li data-start=\"1623\" data-end=\"1674\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Omitting liabilities or losses in balance sheets,<\/span><\/li>\n<li data-start=\"1677\" data-end=\"1727\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Misrepresenting compliance with CBRT requirements.<\/span><\/li>\n<\/ul>\n<p data-start=\"1729\" data-end=\"2011\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The act of signing the document implies legal and professional responsibility. Therefore, directors, managers, internal auditors, or compliance officers who sign such documents may be held individually liable, even if they did not personally prepare the content.<\/span><\/p>\n<h4 data-start=\"2013\" data-end=\"2071\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Relevance in Practice and Regulatory Context<\/span><\/h4>\n<p data-start=\"2073\" data-end=\"2153\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">In CBRT\u2019s enforcement practice, false statement violations often surface during:<\/span><\/p>\n<ul>\n<li data-start=\"2157\" data-end=\"2195\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Routine or targeted inspections,<\/span><\/li>\n<li data-start=\"2198\" data-end=\"2235\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Review of license applications,<\/span><\/li>\n<li data-start=\"2238\" data-end=\"2279\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Evaluation of annual audit reports,<\/span><\/li>\n<li data-start=\"2282\" data-end=\"2322\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Analysis of corrective action plans.<\/span><\/li>\n<\/ul>\n<p data-start=\"2324\" data-end=\"2525\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">If inconsistencies are found, the CBRT may initiate both administrative and criminal procedures, or refer the matter to the Chief Public Prosecutor\u2019s Office under Article 37 of the law. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">From a compliance standpoint, it is critical for institutions to:<\/span><\/p>\n<ul>\n<li data-start=\"2596\" data-end=\"2658\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Conduct internal verification of all regulatory filings,<\/span><\/li>\n<li data-start=\"2661\" data-end=\"2727\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Ensure clear division of responsibility between departments,<\/span><\/li>\n<li data-start=\"2730\" data-end=\"2808\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Establish dual-signature or escalation mechanisms for sensitive reports,<\/span><\/li>\n<li data-start=\"2811\" data-end=\"2884\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Retain documented audit trails for data used in official submissions.<\/span><\/li>\n<\/ul>\n<h4 data-start=\"2886\" data-end=\"2944\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Legal Risk Management and Defense Strategies<\/span><\/h4>\n<p data-start=\"2946\" data-end=\"3207\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">We have observed that this offense is particularly relevant where internal control systems are weak or outsourced service providers feed unverified data into compliance documents. In criminal defense, a key argument may relate to:<\/span><\/p>\n<ul>\n<li data-start=\"3211\" data-end=\"3271\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Lack of intent (e.g., clerical error, misunderstood data),<\/span><\/li>\n<li data-start=\"3274\" data-end=\"3336\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Absence of direct involvement in drafting the false content,<\/span><\/li>\n<li data-start=\"3339\" data-end=\"3400\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Prompt correction or voluntary disclosure prior to detection.<\/span><\/li>\n<\/ul>\n<p data-start=\"3402\" data-end=\"3611\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">In some cases, showing that the institution has implemented internal remedial actions (e.g., replacing personnel, introducing compliance software) may help mitigate criminal exposure and reputational harm.<\/span><\/p>\n<h3><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Failure to Ensure Document Safekeeping and Information Security (Art. 31)<\/span><\/h3>\n<p data-start=\"147\" data-end=\"607\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Article 31 of <a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/de4fb4cc-19c4-47fe-a9cb-9ef0397a8923\/1.+LAW.pdf?MOD=AJPERES\" target=\"_blank\" rel=\"noopener\">Law No. 6493<\/a> establishes criminal liability for failing to comply with obligations related to the preservation of documents and the protection of information security, particularly regarding payment instruments and personal security data. The provision serves to protect data integrity, system security, and consumer confidentiality, which are fundamental in the context of electronic payments and digital finance.<\/span><\/p>\n<h4 data-start=\"609\" data-end=\"678\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Breach of Document Retention Obligations (Art. 31\/1)<\/span><\/h4>\n<p data-start=\"680\" data-end=\"804\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The first paragraph refers to a breach of the duty outlined in Article 23(1) of the law, which requires institutions to:<\/span><\/p>\n<ul>\n<li data-start=\"808\" data-end=\"874\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Retain documents, records, and data related to transactions,<\/span><\/li>\n<li data-start=\"877\" data-end=\"953\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Ensure that such records are complete, accessible, and secure,<\/span><\/li>\n<li data-start=\"956\" data-end=\"1039\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Preserve information in a way that enables effective auditing and traceability.<\/span><\/li>\n<\/ul>\n<p data-start=\"1041\" data-end=\"1084\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Violation of this obligation may result in:<\/span><\/p>\n<ul>\n<li data-start=\"1088\" data-end=\"1135\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Imprisonment from one to three years, and<\/span><\/li>\n<li data-start=\"1138\" data-end=\"1188\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">A judicial fine ranging from 500 to 1,500 days<\/span><\/li>\n<\/ul>\n<p data-start=\"1190\" data-end=\"1474\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">This applies to institutions that lose, destroy, or otherwise fail to retain transaction-related documents as required by the CBRT or relevant regulations. It also applies in cases where record falsification, alteration, or negligent archiving prevents supervisory review.<\/span><\/p>\n<h4 data-start=\"1476\" data-end=\"1553\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Failure to Protect Personal Security Information (Art. 31\/2)<\/span><\/h4>\n<p data-start=\"1555\" data-end=\"1644\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The second paragraph targets payment institutions and electronic money institutions that:<\/span><\/p>\n<ul>\n<li data-start=\"1648\" data-end=\"1861\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Fail to take necessary technical and organizational measures to prevent unauthorized access to personal security information relating to payment instruments (e.g., PIN codes, passwords, encryption keys), and<\/span><\/li>\n<li data-start=\"1864\" data-end=\"1972\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Do not ensure secure delivery of such information to the payment service user or involved third parties.<\/span><\/li>\n<\/ul>\n<p data-start=\"1974\" data-end=\"2061\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">If such failures occur, the responsible officers of the institution are subject to:<\/span><\/p>\n<ul>\n<li data-start=\"2065\" data-end=\"2112\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Imprisonment from one to three years, and<\/span><\/li>\n<li data-start=\"2115\" data-end=\"2151\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">A judicial fine up to 1,000 days<\/span><\/li>\n<\/ul>\n<p data-start=\"2153\" data-end=\"2381\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">This provision is particularly relevant in cases of data breaches, identity theft, or unauthorized transactions caused by the institution\u2019s insufficient IT infrastructure or weak encryption and transmission controls.<\/span><\/p>\n<h4 data-start=\"2383\" data-end=\"2465\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Liability for Negligence or Professional Incompetence (Art. 31\/3)<\/span><\/h4>\n<p data-start=\"2467\" data-end=\"2588\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Recognizing that not all breaches stem from malicious intent, the third paragraph addresses violations that occur due to:<\/span><\/p>\n<ul>\n<li data-start=\"2592\" data-end=\"2611\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Carelessness,<\/span><\/li>\n<li data-start=\"2614\" data-end=\"2634\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Negligence, or<\/span><\/li>\n<li data-start=\"2637\" data-end=\"2679\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Incompetence in professional practice.<\/span><\/li>\n<\/ul>\n<p data-start=\"2681\" data-end=\"2853\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">In such cases, the officers or the individuals performing the transaction may still face a judicial fine up to 1,000 days, even in the absence of deliberate wrongdoing.<\/span><\/p>\n<p data-start=\"2855\" data-end=\"3079\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">This establishes a dual standard of liability &#8211; one for intentional or reckless misconduct, and another for inadvertent noncompliance &#8211; reinforcing the duty of care and professional diligence in financial operations.<\/span><\/p>\n<h4 data-start=\"3081\" data-end=\"3137\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Practical Challenges and Enforcement Risks<\/span><\/h4>\n<p data-start=\"3139\" data-end=\"3190\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">In CBRT practice, Article 31 is often invoked when:<\/span><\/p>\n<ul>\n<li data-start=\"3194\" data-end=\"3264\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Institutions suffer cybersecurity incidents affecting user data,<\/span><\/li>\n<li data-start=\"3267\" data-end=\"3323\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Internal audit trails are incomplete or corrupted,<\/span><\/li>\n<li data-start=\"3326\" data-end=\"3408\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Transaction records are lost due to IT failures or insufficient backups,<\/span><\/li>\n<li data-start=\"3411\" data-end=\"3475\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Payment instruments are sent insecurely, resulting in fraud.<\/span><\/li>\n<\/ul>\n<p data-start=\"3477\" data-end=\"3533\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Compliance with this provision requires institutions to:<\/span><\/p>\n<ul>\n<li data-start=\"3537\" data-end=\"3578\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Invest in secure IT infrastructure,<\/span><\/li>\n<li data-start=\"3581\" data-end=\"3649\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Apply end-to-end encryption and two-factor authentication,<\/span><\/li>\n<li data-start=\"3652\" data-end=\"3703\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Implement robust document archiving policies,<\/span><\/li>\n<li data-start=\"3706\" data-end=\"3751\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Train staff on data protection standards.<\/span><\/li>\n<\/ul>\n<h4 data-start=\"3753\" data-end=\"3806\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Legal Defense and Corrective Strategies<\/span><\/h4>\n<p data-start=\"3808\" data-end=\"3869\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">In enforcement cases, we supports clients by:<\/span><\/p>\n<ul>\n<li data-start=\"3873\" data-end=\"3938\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Analyzing whether the CBRT has correctly identified the breach,<\/span><\/li>\n<li data-start=\"3941\" data-end=\"4003\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Presenting evidence of pre-existing compliance controls,<\/span><\/li>\n<li data-start=\"4006\" data-end=\"4108\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Demonstrating that the incident was caused by external factors beyond the institution\u2019s control,<\/span><\/li>\n<li data-start=\"4111\" data-end=\"4236\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Negotiating mitigation based on remedial steps taken (e.g., reporting the breach, compensating users, upgrading systems).<\/span><\/li>\n<\/ul>\n<p data-start=\"4238\" data-end=\"4414\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">We also assist institutions in reviewing their technical compliance architecture to avoid recurrence and defend institutional integrity in the face of criminal allegations.<\/span><\/p>\n<h3><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Unlawful Disclosure of Confidential Information (Art. 32)<\/span><\/h3>\n<p data-start=\"125\" data-end=\"577\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Article 32 of <a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/de4fb4cc-19c4-47fe-a9cb-9ef0397a8923\/1.+LAW.pdf?MOD=AJPERES\" target=\"_blank\" rel=\"noopener\">Law No. 6493<\/a> criminalizes the unauthorized disclosure of confidential information by individuals who, due to their professional role, have access to sensitive data belonging to system operators, payment institutions, electronic money institutions, or their clients. This provision is essential in safeguarding trust, privacy, and data protection in the electronic payments and financial services ecosystem.<\/span><\/p>\n<h4 data-start=\"579\" data-end=\"655\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Primary Offense: Disclosure by Internal Parties (Art. 32\/1)<\/span><\/h4>\n<p data-start=\"657\" data-end=\"817\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">According to Article 32(1), the following individuals are criminally liable if they disclose confidential information they have obtained through their position:<\/span><\/p>\n<ul>\n<li data-start=\"821\" data-end=\"840\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Shareholders,<\/span><\/li>\n<li data-start=\"843\" data-end=\"863\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Board members,<\/span><\/li>\n<li data-start=\"866\" data-end=\"882\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Employees,<\/span><\/li>\n<li data-start=\"885\" data-end=\"901\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Agents, or<\/span><\/li>\n<li data-start=\"904\" data-end=\"1015\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Other officers acting on behalf of a system operator, payment institution, or electronic money institution.<\/span><\/li>\n<\/ul>\n<p data-start=\"1017\" data-end=\"1052\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The information protected includes:<\/span><\/p>\n<ul>\n<li data-start=\"1056\" data-end=\"1084\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Internal operational data,<\/span><\/li>\n<li data-start=\"1087\" data-end=\"1129\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Client financial and transactional data,<\/span><\/li>\n<li data-start=\"1132\" data-end=\"1165\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Strategic business information,<\/span><\/li>\n<li data-start=\"1168\" data-end=\"1259\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Any other information classified as confidential under legislation or institutional policy.<\/span><\/li>\n<\/ul>\n<p data-start=\"1261\" data-end=\"1296\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The penalty for such disclosure is:<\/span><\/p>\n<ul>\n<li data-start=\"1300\" data-end=\"1347\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Imprisonment from one to three years, and<\/span><\/li>\n<li data-start=\"1350\" data-end=\"1389\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">A judicial fine of up to 1,000 days<\/span><\/li>\n<\/ul>\n<p data-start=\"1391\" data-end=\"1534\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">This penalty applies even if the offender has been dismissed or is no longer affiliated with the institution at the time of disclosure.<\/span><\/p>\n<h4 data-start=\"1536\" data-end=\"1624\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Extended Liability: Third Parties and Outsourcing Providers (Art. 32\/2)<\/span><\/h4>\n<p data-start=\"1626\" data-end=\"1810\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Recognizing the widespread use of outsourcing in financial services (e.g., IT services, call centers, KYC providers), Article 32(2) extends the same confidentiality obligations to:<\/span><\/p>\n<ul>\n<li data-start=\"1814\" data-end=\"1855\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Employees of service providers, and<\/span><\/li>\n<li data-start=\"1858\" data-end=\"1956\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Third parties that may access confidential data through contractual or business relationships.<\/span><\/li>\n<\/ul>\n<p data-start=\"1958\" data-end=\"2225\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">This provision reinforces the principle that confidentiality obligations travel with the data and are not limited to direct employees or internal actors. It ensures that clients and institutions are protected even when functions are partially or fully outsourced.<\/span><\/p>\n<h4 data-start=\"2227\" data-end=\"2264\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Key Compliance Measures<\/span><\/h4>\n<p data-start=\"2266\" data-end=\"2349\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Institutions must ensure that all individuals &#8211; whether internal or external &#8211; are:<\/span><\/p>\n<ul>\n<li data-start=\"2353\" data-end=\"2401\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Informed of their confidentiality obligations,<\/span><\/li>\n<li data-start=\"2404\" data-end=\"2471\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bound by written contracts containing non-disclosure clauses,<\/span><\/li>\n<li data-start=\"2474\" data-end=\"2539\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Regularly trained on data protection and privacy standards,<\/span><\/li>\n<li data-start=\"2542\" data-end=\"2651\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Prevented from unauthorized data access through technical safeguards, such as role-based access controls.<\/span><\/li>\n<\/ul>\n<p data-start=\"2653\" data-end=\"2790\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">A failure to take such measures not only increases the risk of breach but also undermines any legal defense should a violation occur.<\/span><\/p>\n<h4 data-start=\"2792\" data-end=\"2843\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Regulatory and Legal Practice Context<\/span><\/h4>\n<p data-start=\"2845\" data-end=\"2889\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">In practice, Article 32 is often invoked in:<\/span><\/p>\n<ul>\n<li data-start=\"2893\" data-end=\"2957\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Cases involving unauthorized access to customer databases,<\/span><\/li>\n<li data-start=\"2960\" data-end=\"3015\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Leaks of transaction history or account balances,<\/span><\/li>\n<li data-start=\"3018\" data-end=\"3092\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Disclosure of investigation details or internal compliance findings,<\/span><\/li>\n<li data-start=\"3095\" data-end=\"3190\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Post-employment breaches, especially by former employees acting maliciously or negligently.<\/span><\/li>\n<\/ul>\n<p data-start=\"3192\" data-end=\"3221\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Such incidents may result in:<\/span><\/p>\n<ul>\n<li data-start=\"3225\" data-end=\"3270\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">CBRT sanctions against the institution,<\/span><\/li>\n<li data-start=\"3273\" data-end=\"3370\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Civil claims by affected clients under tort liability or personal data protection laws, and<\/span><\/li>\n<li data-start=\"3373\" data-end=\"3415\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Criminal prosecution under Article 32.<\/span><\/li>\n<\/ul>\n<p data-start=\"3417\" data-end=\"3466\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">We frequently advises clients on:<\/span><\/p>\n<ul>\n<li data-start=\"3470\" data-end=\"3586\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Drafting confidentiality policies compliant with <a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/de4fb4cc-19c4-47fe-a9cb-9ef0397a8923\/1.+LAW.pdf?MOD=AJPERES\" target=\"_blank\" rel=\"noopener\">Law No. 6493<\/a> and KVKK (Turkish Personal Data Protection Law),<\/span><\/li>\n<li data-start=\"3589\" data-end=\"3651\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Investigating internal breaches and determining culpability,<\/span><\/li>\n<li data-start=\"3654\" data-end=\"3717\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Filing criminal complaints in case of third-party data abuse,<\/span><\/li>\n<li data-start=\"3720\" data-end=\"3796\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Defending employees or institutions unjustly accused of unlawful disclosure.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Damage to Institutional Reputation (Art. 33)<\/span><\/h3>\n<p data-start=\"112\" data-end=\"642\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Article 33 of <a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/de4fb4cc-19c4-47fe-a9cb-9ef0397a8923\/1.+LAW.pdf?MOD=AJPERES\" target=\"_blank\" rel=\"noopener\">Law No. 6493<\/a> establishes criminal liability for individuals who intentionally cause reputational or financial harm to system operators, payment institutions, or electronic money institutions through public dissemination of false or misleading information. This provision reflects the critical role of public confidence in the financial system and aims to protect licensed entities from malicious attacks, defamation, or disinformation campaigns, particularly in the digital and media environment.<\/span><\/p>\n<h4 data-start=\"644\" data-end=\"697\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Protected Institutions and Harmful Acts<\/span><\/h4>\n<p data-start=\"699\" data-end=\"844\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">This article protects the reputation, prestige, and financial stability of institutions licensed under <a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/de4fb4cc-19c4-47fe-a9cb-9ef0397a8923\/1.+LAW.pdf?MOD=AJPERES\" target=\"_blank\" rel=\"noopener\">Law No. 6493<\/a>. The offense is committed by:<\/span><\/p>\n<ul>\n<li data-start=\"848\" data-end=\"913\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Disseminating inaccurate, false, or misleading information,<\/span><\/li>\n<li data-start=\"916\" data-end=\"996\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">That may damage the reputation, prestige, or assets of these institutions,<\/span><\/li>\n<li data-start=\"999\" data-end=\"1043\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Using public communication tools, including:<\/span>\n<ul>\n<li data-start=\"1049\" data-end=\"1097\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Printed press (as per Press Law No. 5187),<\/span><\/li>\n<li data-start=\"1102\" data-end=\"1129\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Radio and television,<\/span><\/li>\n<li data-start=\"1134\" data-end=\"1146\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Video,<\/span><\/li>\n<li data-start=\"1151\" data-end=\"1175\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Internet websites,<\/span><\/li>\n<li data-start=\"1180\" data-end=\"1212\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Electronic communications,<\/span><\/li>\n<li data-start=\"1217\" data-end=\"1277\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Social media platforms or other digital broadcast tools.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p data-start=\"1279\" data-end=\"1420\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The method of communication must be intentional and public-facing, capable of reaching a wide audience and influencing public perception.<\/span><\/p>\n<h4 data-start=\"1422\" data-end=\"1454\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Criminal Penalties<\/span><\/h4>\n<p data-start=\"1456\" data-end=\"1515\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Individuals found guilty under this article are subject to:<\/span><\/p>\n<ul>\n<li data-start=\"1519\" data-end=\"1566\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Imprisonment from one to three years, and<\/span><\/li>\n<li data-start=\"1569\" data-end=\"1620\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">A judicial fine of between 1,000 and 2,000 days<\/span><\/li>\n<\/ul>\n<p data-start=\"1622\" data-end=\"1816\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The provision is designed to deter media abuse, unverified social media claims, and deliberate defamation campaigns aimed at undermining the financial credibility of licensed actors.<\/span><\/p>\n<h4 data-start=\"1818\" data-end=\"1869\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Key Considerations and Interpretation<\/span><\/h4>\n<p data-start=\"1871\" data-end=\"1933\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The offense under Article 33 requires intent, which means:<\/span><\/p>\n<ul>\n<li data-start=\"1937\" data-end=\"2001\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The offender must know the information is false or unverified,<\/span><\/li>\n<li data-start=\"2004\" data-end=\"2078\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The dissemination must aim to cause harm or provoke public distrust, and<\/span><\/li>\n<li data-start=\"2081\" data-end=\"2154\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The institution\u2019s economic stability or public image must be at risk.<\/span><\/li>\n<\/ul>\n<p data-start=\"2156\" data-end=\"2459\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">However, the provision is not intended to criminalize criticism or whistleblowing based on true and verifiable facts. Legitimate reporting or public commentary made in good faith may fall under freedom of expression, especially if it serves the public interest and is backed by evidence.<\/span><\/p>\n<p data-start=\"2461\" data-end=\"2490\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Turkish courts often examine:<\/span><\/p>\n<ul>\n<li data-start=\"2494\" data-end=\"2552\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Whether the dissemination was fact-based or speculative,<\/span><\/li>\n<li data-start=\"2555\" data-end=\"2591\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The source of the information,<\/span><\/li>\n<li data-start=\"2594\" data-end=\"2622\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The platform used, and<\/span><\/li>\n<li data-start=\"2625\" data-end=\"2693\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The actual impact or potential damage caused to the institution.<\/span><\/li>\n<\/ul>\n<h4 data-start=\"2695\" data-end=\"2743\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Relation to Other Legal Frameworks<\/span><\/h4>\n<p data-start=\"2745\" data-end=\"2774\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">This article intersects with:<\/span><\/p>\n<ul>\n<li data-start=\"2778\" data-end=\"2850\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Press Law No. 5187, which regulates journalistic responsibilities,<\/span><\/li>\n<li data-start=\"2853\" data-end=\"2923\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Criminal Code provisions on insult, slander, and disinformation,<\/span><\/li>\n<li data-start=\"2926\" data-end=\"3019\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">KVKK (Turkish Data Protection Law) when reputational damage involves personal data leaks.<\/span><\/li>\n<\/ul>\n<p data-start=\"3021\" data-end=\"3154\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Institutions that are targeted may also pursue civil claims for damages, takedown requests, or right of reply procedures.<\/span><\/p>\n<h3><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Specific Criminal Liabilities for Electronic Money Institution Officers (Art. 34)<\/span><\/h3>\n<p data-start=\"150\" data-end=\"601\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Article 34 of <a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/de4fb4cc-19c4-47fe-a9cb-9ef0397a8923\/1.+LAW.pdf?MOD=AJPERES\" target=\"_blank\" rel=\"noopener\">Law No. 6493<\/a> establishes targeted criminal liability for officers and related parties of electronic money institutions (EMIs) who violate specific operational requirements. Unlike other articles that apply broadly across the sector, this provision exclusively addresses EMI-related misconduct, emphasizing the heightened responsibilities of those managing stored-value systems that mimic deposit-taking functions.<\/span><\/p>\n<h4 data-start=\"603\" data-end=\"661\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Scope of Application and Targeted Offenders<\/span><\/h4>\n<p data-start=\"663\" data-end=\"699\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The article applies specifically to:<\/span><\/p>\n<ul>\n<li data-start=\"703\" data-end=\"777\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Officers (e.g., board members, executives, compliance officers), and<\/span><\/li>\n<li data-start=\"780\" data-end=\"902\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Other relevant parties involved in the management, control, or operational execution of electronic money institutions.<\/span><\/li>\n<\/ul>\n<p data-start=\"904\" data-end=\"928\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">It covers violations of:<\/span><\/p>\n<ul>\n<li data-start=\"932\" data-end=\"1087\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Article 18(4) \u2013 which generally includes restrictions imposed after license revocation or conditions related to license validity and use, and<\/span><\/li>\n<li data-start=\"1090\" data-end=\"1219\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Article 20 \u2013 which regulates issuance, redemption, safeguarding of customer funds, and reporting obligations of EMIs.<\/span><\/li>\n<\/ul>\n<p data-start=\"1221\" data-end=\"1398\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">These provisions are critical in ensuring consumer protection, prevention of fund misuse, and sound financial management in institutions that issue electronic money.<\/span><\/p>\n<h4 data-start=\"1400\" data-end=\"1438\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Sanctions and Penalties<\/span><\/h4>\n<p data-start=\"1440\" data-end=\"1506\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Officers and related parties who breach these provisions may face:<\/span><\/p>\n<ul>\n<li data-start=\"1510\" data-end=\"1557\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Imprisonment from one to three years, and<\/span><\/li>\n<li data-start=\"1560\" data-end=\"1599\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">A judicial fine of up to 5,000 days<\/span><\/li>\n<\/ul>\n<p data-start=\"1601\" data-end=\"1692\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">These penalties underscore the individual accountability of decision-makers who either:<\/span><\/p>\n<ul>\n<li data-start=\"1696\" data-end=\"1762\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Continue operations after their license is suspended or revoked,<\/span><\/li>\n<li data-start=\"1765\" data-end=\"1810\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Fail to return funds to users upon request,<\/span><\/li>\n<li data-start=\"1813\" data-end=\"1877\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Mismanage funds that must be kept separate and safeguarded, or<\/span><\/li>\n<li data-start=\"1880\" data-end=\"1944\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Engage in practices that expose customers or the system to risk.<\/span><\/li>\n<\/ul>\n<h4 data-start=\"1946\" data-end=\"1991\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Examples of Prohibited Conduct<\/span><\/h4>\n<p data-start=\"1993\" data-end=\"2065\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Practical examples of violations that may fall under Article 34 include:<\/span><\/p>\n<ul>\n<li data-start=\"2069\" data-end=\"2144\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Issuing electronic money despite expired or revoked licensing status,<\/span><\/li>\n<li data-start=\"2147\" data-end=\"2268\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Using customer funds for operational expenses or speculative investment contrary to fund safeguarding requirements,<\/span><\/li>\n<li data-start=\"2271\" data-end=\"2336\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Delaying redemption of e-money without legal justification,<\/span><\/li>\n<li data-start=\"2339\" data-end=\"2404\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Failing to comply with CBRT reporting rules under Article 20.<\/span><\/li>\n<\/ul>\n<p data-start=\"2406\" data-end=\"2502\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Violations may come to light during CBRT audits, customer complaints, or insolvency proceedings.<\/span><\/p>\n<h4 data-start=\"2504\" data-end=\"2567\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Legal Implications and Compliance Considerations<\/span><\/h4>\n<p data-start=\"2569\" data-end=\"2685\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Because EMIs operate at the intersection of banking-like functions and digital innovation, Article 34 serves to:<\/span><\/p>\n<ul>\n<li data-start=\"2689\" data-end=\"2738\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Reinforce the need for internal governance,<\/span><\/li>\n<li data-start=\"2741\" data-end=\"2801\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Emphasize fund segregation and liquidity adequacy,<\/span><\/li>\n<li data-start=\"2804\" data-end=\"2856\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Ensure timely redemption of user balances, and<\/span><\/li>\n<li data-start=\"2859\" data-end=\"2912\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Promote accountability in decision-making chains.<\/span><\/li>\n<\/ul>\n<p data-start=\"2914\" data-end=\"2942\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Institutions must implement:<\/span><\/p>\n<ul>\n<li data-start=\"2946\" data-end=\"3016\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Clear internal policies aligning with Article 18 and Article 20,<\/span><\/li>\n<li data-start=\"3019\" data-end=\"3080\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Training for executives and staff on legal obligations,<\/span><\/li>\n<li data-start=\"3083\" data-end=\"3156\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Independent audits to ensure safeguarding mechanisms are compliant,<\/span><\/li>\n<li data-start=\"3159\" data-end=\"3256\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Legal review before expanding services, especially in gray zones of the regulatory framework.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Unrecorded Transactions and Improper Accounting (Art. 35)<\/span><\/h3>\n<p data-start=\"132\" data-end=\"651\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Article 35 of <a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/de4fb4cc-19c4-47fe-a9cb-9ef0397a8923\/1.+LAW.pdf?MOD=AJPERES\" target=\"_blank\" rel=\"noopener\">Law No. 6493<\/a> targets intentional efforts to conceal or misrepresent the financial reality of payment institutions and electronic money institutions by failing to record transactions or by engaging in non-factual (false or misleading) accounting practices. This provision is vital in protecting financial transparency, regulatory integrity, and stakeholder trust, particularly in a sector that processes high volumes of customer transactions and stores value electronically.<\/span><\/p>\n<h4 data-start=\"653\" data-end=\"697\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Offense Description and Scope<\/span><\/h4>\n<p data-start=\"699\" data-end=\"743\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">According to Article 35(1), individuals who:<\/span><\/p>\n<ul>\n<li data-start=\"747\" data-end=\"820\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Sign documents that leave institutional transactions unrecorded, or<\/span><\/li>\n<li data-start=\"823\" data-end=\"909\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Sign off on accounting records that misrepresent the true nature of transactions<\/span><\/li>\n<\/ul>\n<p data-start=\"911\" data-end=\"926\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">are subject to:<\/span><\/p>\n<ul>\n<li data-start=\"930\" data-end=\"977\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Imprisonment from one to three years, and<\/span><\/li>\n<li data-start=\"980\" data-end=\"1019\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">A judicial fine of up to 2,000 days<\/span><\/li>\n<\/ul>\n<p data-start=\"1021\" data-end=\"1266\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The offense applies regardless of whether the institution&#8217;s financial statements are externally audited or publicly disclosed. It focuses on internal misconduct that undermines the reliability of financial reporting and regulatory oversight.<\/span><\/p>\n<h4 data-start=\"1268\" data-end=\"1313\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Nature of the Criminal Conduct<\/span><\/h4>\n<p data-start=\"1315\" data-end=\"1342\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">This provision is aimed at:<\/span><\/p>\n<ul>\n<li data-start=\"1346\" data-end=\"1419\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Omitting revenue, liabilities, or transaction details from ledgers,<\/span><\/li>\n<li data-start=\"1422\" data-end=\"1492\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Creating false documentation to support fabricated transactions,<\/span><\/li>\n<li data-start=\"1495\" data-end=\"1556\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Manipulating accounting records to disguise fund flows,<\/span><\/li>\n<li data-start=\"1559\" data-end=\"1642\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Distorting the classification of items (e.g., showing liabilities as income),<\/span><\/li>\n<li data-start=\"1645\" data-end=\"1722\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Hiding off-balance sheet arrangements to mislead regulators or investors.<\/span><\/li>\n<\/ul>\n<p data-start=\"1724\" data-end=\"1896\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Even intentional delay in recording financial entries may trigger scrutiny under this article if it creates a materially inaccurate picture of the institution&#8217;s status.<\/span><\/p>\n<h4 data-start=\"1898\" data-end=\"1935\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Who Can Be Held Liable<\/span><\/h4>\n<p data-start=\"1937\" data-end=\"1975\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Liability under Article 35 extends to:<\/span><\/p>\n<ul>\n<li data-start=\"1979\" data-end=\"2074\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Signatories of false or misleading documents (e.g., CFOs, accountants, general managers),<\/span><\/li>\n<li data-start=\"2077\" data-end=\"2177\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Individuals with direct responsibility for bookkeeping, financial oversight, or reporting,<\/span><\/li>\n<li data-start=\"2180\" data-end=\"2272\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Possibly board members, if it can be shown they knew or should have known of the misconduct.<\/span><\/li>\n<\/ul>\n<p data-start=\"2274\" data-end=\"2479\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Unlike other provisions, Article 35 focuses on the act of signing or authorizing non-compliant documents, which implies personal culpability even in the absence of broader institutional wrongdoing.<\/span><\/p>\n<h4 data-start=\"2481\" data-end=\"2526\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Context in Regulatory Practice<\/span><\/h4>\n<p data-start=\"2528\" data-end=\"2632\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">CBRT investigations and independent audits often uncover violations of Article 35 in situations such as:<\/span><\/p>\n<ul>\n<li data-start=\"2636\" data-end=\"2687\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Concealment of high-risk client transactions,<\/span><\/li>\n<li data-start=\"2690\" data-end=\"2730\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Overstatement of capital adequacy,<\/span><\/li>\n<li data-start=\"2733\" data-end=\"2786\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Underreporting of foreign currency liabilities,<\/span><\/li>\n<li data-start=\"2789\" data-end=\"2851\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Falsified reporting during license renewal or inspections.<\/span><\/li>\n<\/ul>\n<p data-start=\"2853\" data-end=\"2924\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Such offenses not only lead to criminal liability but may also trigger:<\/span><\/p>\n<ul>\n<li data-start=\"2928\" data-end=\"2967\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Revocation of operating licenses,<\/span><\/li>\n<li data-start=\"2970\" data-end=\"2992\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Tax inspections,<\/span><\/li>\n<li data-start=\"2995\" data-end=\"3082\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Civil liability toward investors, partners, or clients who relied on false records.<\/span><\/li>\n<\/ul>\n<h4 data-start=\"3084\" data-end=\"3136\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Preventive Measures and Legal Support<\/span><\/h4>\n<p data-start=\"3138\" data-end=\"3205\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">To mitigate the risk of Article 35 violations, institutions should:<\/span><\/p>\n<ul>\n<li data-start=\"3209\" data-end=\"3296\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Implement double-layered financial oversight (e.g., internal and external audit),<\/span><\/li>\n<li data-start=\"3299\" data-end=\"3387\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Maintain real-time transaction recording systems integrated with secure databases,<\/span><\/li>\n<li data-start=\"3390\" data-end=\"3474\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Ensure that only qualified personnel prepare and approve financial statements,<\/span><\/li>\n<li data-start=\"3477\" data-end=\"3567\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Provide regular training on legal accounting standards and CBRT reporting obligations.<\/span><\/li>\n<\/ul>\n<p data-start=\"3569\" data-end=\"3613\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">We advise clients in:<\/span><\/p>\n<ul>\n<li data-start=\"3617\" data-end=\"3712\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Investigating potential accounting irregularities before they escalate into criminal matters,<\/span><\/li>\n<li data-start=\"3715\" data-end=\"3845\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Designing internal reporting and audit procedures compliant with Turkish Financial Reporting Standards and CBRT regulations,<\/span><\/li>\n<li data-start=\"3848\" data-end=\"3958\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Defending accused officers or employees by analyzing intent, causality, and procedural fairness,<\/span><\/li>\n<li data-start=\"3961\" data-end=\"4084\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Negotiating with CBRT for corrective settlements where misreporting resulted from technical errors or capacity constraints.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Embezzlement by Internal Parties (Art. 36)<\/span><\/h3>\n<p data-start=\"116\" data-end=\"616\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Article 36 of <a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/de4fb4cc-19c4-47fe-a9cb-9ef0397a8923\/1.+LAW.pdf?MOD=AJPERES\" target=\"_blank\" rel=\"noopener\">Law No. 6493<\/a> introduces one of the most serious criminal offenses applicable to system operators, payment institutions, and electronic money institutions: the crime of embezzlement. This provision imposes severe penalties on individuals who misappropriate funds or assets entrusted to them in the course of their duties. It serves to protect both consumer trust and the financial integrity of institutions operating within Turkey\u2019s regulated payments sector.<\/span><\/p>\n<h4 data-start=\"618\" data-end=\"673\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Definition of the Offense (Article 36\/1)<\/span><\/h4>\n<p data-start=\"675\" data-end=\"739\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The crime of embezzlement occurs when the following individuals:<\/span><\/p>\n<ul>\n<li data-start=\"743\" data-end=\"758\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Partners,<\/span><\/li>\n<li data-start=\"761\" data-end=\"803\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Chairperson or members of the board,<\/span><\/li>\n<li data-start=\"806\" data-end=\"822\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Employees,<\/span><\/li>\n<li data-start=\"825\" data-end=\"841\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Agents, or<\/span><\/li>\n<li data-start=\"844\" data-end=\"957\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Other officers acting on behalf of a system operator, payment institution, or electronic money institution,<\/span><\/li>\n<\/ul>\n<p data-start=\"959\" data-end=\"999\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">misappropriate or unlawfully dispose of:<\/span><\/p>\n<ul>\n<li data-start=\"1003\" data-end=\"1015\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Money,<\/span><\/li>\n<li data-start=\"1018\" data-end=\"1085\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Monetary equivalents (e.g., checks, bonds, electronic funds),<\/span><\/li>\n<li data-start=\"1088\" data-end=\"1117\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Other entrusted assets,<\/span><\/li>\n<\/ul>\n<p data-start=\"1119\" data-end=\"1199\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">for their own or another person\u2019s benefit, in breach of their duty of trust.<\/span><\/p>\n<p data-start=\"1201\" data-end=\"1236\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Sanctions for such conduct include:<\/span><\/p>\n<ul>\n<li data-start=\"1240\" data-end=\"1278\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Imprisonment from 6 to 12 years,<\/span><\/li>\n<li data-start=\"1281\" data-end=\"1327\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">A judicial fine of up to 5,000 days, and<\/span><\/li>\n<li data-start=\"1330\" data-end=\"1399\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Compulsory compensation for the loss suffered by the institution.<\/span><\/li>\n<\/ul>\n<p data-start=\"1401\" data-end=\"1559\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">This paragraph reflects the high level of fiduciary duty imposed on financial institution insiders, given their access to sensitive assets and customer funds.<\/span><\/p>\n<h4 data-start=\"1561\" data-end=\"1614\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Aggravated Embezzlement (Article 36\/2)<\/span><\/h4>\n<p data-start=\"1616\" data-end=\"1644\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">If the offense is committed:<\/span><\/p>\n<ul>\n<li data-start=\"1648\" data-end=\"1723\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Through fraudulent means designed to conceal the embezzlement, or<\/span><\/li>\n<li data-start=\"1726\" data-end=\"1765\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">In a way that prevents detection,<\/span><\/li>\n<\/ul>\n<p data-start=\"1767\" data-end=\"1811\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">the penalty is significantly aggravated:<\/span><\/p>\n<ul>\n<li data-start=\"1815\" data-end=\"1854\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Minimum imprisonment of 12 years,<\/span><\/li>\n<li data-start=\"1857\" data-end=\"1965\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">A judicial fine of up to 20,000 days, but not less than three times the amount of loss caused, and<\/span><\/li>\n<li data-start=\"1968\" data-end=\"2061\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">A court order for mandatory restitution of the loss, even if not requested by the victim.<\/span><\/li>\n<\/ul>\n<p data-start=\"2063\" data-end=\"2093\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">This includes conduct such as:<\/span><\/p>\n<ul>\n<li data-start=\"2097\" data-end=\"2142\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Altering records to cover up missing funds,<\/span><\/li>\n<li data-start=\"2145\" data-end=\"2190\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Routing funds through third-party accounts,<\/span><\/li>\n<li data-start=\"2193\" data-end=\"2235\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Creating fictitious accounts or documents.<\/span><\/li>\n<\/ul>\n<h4 data-start=\"2237\" data-end=\"2310\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Voluntary Restitution and Penalty Reduction (Article 36\/3)<\/span><\/h4>\n<p data-start=\"2312\" data-end=\"2414\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The law provides for sentence mitigation where the perpetrator takes steps to repair the harm:<\/span><\/p>\n<ul>\n<li data-start=\"2418\" data-end=\"2530\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">If full restitution is made before the investigation starts, the penalty is reduced by two-thirds,<\/span><\/li>\n<li data-start=\"2533\" data-end=\"2651\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">If restitution occurs after investigation begins but before prosecution, the penalty is reduced by one-half,<\/span><\/li>\n<li data-start=\"2654\" data-end=\"2744\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">If restitution is made before final judgment, the penalty is reduced by one-third.<\/span><\/li>\n<\/ul>\n<p data-start=\"2746\" data-end=\"2868\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">This incentivizes offenders to remedy financial losses promptly and reduces the burden on the criminal justice system.<\/span><\/p>\n<h4 data-start=\"2870\" data-end=\"2918\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Minor Embezzlement (Article 36\/4)<\/span><\/h4>\n<p data-start=\"2920\" data-end=\"3022\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">If the value of the embezzled funds or assets is relatively low, courts may reduce the punishment:<\/span><\/p>\n<ul>\n<li data-start=\"3026\" data-end=\"3057\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">By one-third to one-half,<\/span><\/li>\n<li data-start=\"3060\" data-end=\"3117\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Depending on the circumstances and degree of harm caused.<\/span><\/li>\n<\/ul>\n<p data-start=\"3119\" data-end=\"3291\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The provision allows judicial discretion in balancing punishment with the principle of proportionality, particularly for low-value offenses without aggravating factors.<\/span><\/p>\n<h4 data-start=\"3293\" data-end=\"3344\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Practical Risks and Common Scenarios<\/span><\/h4>\n<p data-start=\"3346\" data-end=\"3421\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Article 36 is invoked in CBRT referrals and criminal proceedings involving:<\/span><\/p>\n<ul>\n<li data-start=\"3425\" data-end=\"3479\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Misuse of client balances for internal expenses,<\/span><\/li>\n<li data-start=\"3482\" data-end=\"3552\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Unauthorized transfers by staff from institution-owned accounts,<\/span><\/li>\n<li data-start=\"3555\" data-end=\"3630\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Diversion of customer payments to personal or related-party accounts,<\/span><\/li>\n<li data-start=\"3633\" data-end=\"3694\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Falsified reconciliations to cover up disappearing funds.<\/span><\/li>\n<\/ul>\n<p data-start=\"3696\" data-end=\"3884\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Embezzlement cases often trigger CBRT license reviews, civil damages claims, and public disclosure of the incident, which can cause severe reputational harm to the institution.<\/span><\/p>\n<h4 data-start=\"3886\" data-end=\"3943\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Legal Defense and Institutional Mitigation<\/span><\/h4>\n<p data-start=\"3945\" data-end=\"4047\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">To defend against Article 36 accusations or mitigate liability, we advises clients to:<\/span><\/p>\n<ul>\n<li data-start=\"4051\" data-end=\"4121\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Conduct internal investigations with secure evidence collection,<\/span><\/li>\n<li data-start=\"4124\" data-end=\"4194\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Distinguish between fraudulent intent and operational error,<\/span><\/li>\n<li data-start=\"4197\" data-end=\"4269\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Demonstrate existence of internal controls and compliance systems,<\/span><\/li>\n<li data-start=\"4272\" data-end=\"4350\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Seek penalty reduction under Article 36\/3 by encouraging full restitution.<\/span><\/li>\n<\/ul>\n<p data-start=\"4352\" data-end=\"4530\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">We also represent clients in criminal courts, as well as in parallel administrative and civil procedures relating to embezzlement, asset recovery, and insurance disputes.<\/span><\/p>\n<h3 data-start=\"52\" data-end=\"117\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Investigation and Prosecution Procedures(Art. 37)<\/span><\/h3>\n<p data-start=\"119\" data-end=\"700\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Article 37 of <a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/de4fb4cc-19c4-47fe-a9cb-9ef0397a8923\/1.+LAW.pdf?MOD=AJPERES\" target=\"_blank\" rel=\"noopener\">Law No. 6493<\/a> sets forth the procedural framework governing the initiation of criminal investigations and prosecutions for certain offenses described in Section Seven. It introduces a requirement for prior written application (complaint) by the CBRT for specific crimes, and outlines conditions under which public prosecutors may proceed with or without the Bank\u2019s request. This article aims to balance the autonomy of the judiciary with the expertise and discretion of the regulatory authority.<\/span><\/p>\n<h4 data-start=\"702\" data-end=\"765\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Offenses Requiring CBRT Complaint (Article 37\/1)<\/span><\/h4>\n<p data-start=\"767\" data-end=\"964\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">For the following criminal offenses under <a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/de4fb4cc-19c4-47fe-a9cb-9ef0397a8923\/1.+LAW.pdf?MOD=AJPERES\" target=\"_blank\" rel=\"noopener\">Law No. 6493<\/a>, an official written application by the CBRT to the Chief Public Prosecutor\u2019s Office is required as a precondition to prosecution:<\/span><\/p>\n<ul>\n<li data-start=\"968\" data-end=\"1015\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Article 28 \u2013 Operating without a license,<\/span><\/li>\n<li data-start=\"1018\" data-end=\"1094\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Article 29 \u2013 Preventing supervision or failing to provide information,<\/span><\/li>\n<li data-start=\"1097\" data-end=\"1167\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Article 31 \u2013 Violating safekeeping or information security duties.<\/span><\/li>\n<\/ul>\n<p data-start=\"1169\" data-end=\"1375\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">In these cases, even if law enforcement or the public prosecutor becomes aware of the offense, no investigation or prosecution may begin unless and until the CBRT submits a formal written complaint. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">This mechanism ensures that technical and legal assessments by the supervisory authority precede any criminal inquiry, reducing the likelihood of frivolous or uninformed prosecutions.<\/span><\/p>\n<h4 data-start=\"1570\" data-end=\"1641\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Exceptions to the Application Requirement (Article 37\/2)<\/span><\/h4>\n<p data-start=\"1643\" data-end=\"1670\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">There is one key exception:<\/span><\/p>\n<ul>\n<li data-start=\"1674\" data-end=\"1853\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">If the affected parties (e.g., consumers, clients) file a criminal complaint directly concerning an offense under Article 31, a prior CBRT application is not required.<\/span><\/li>\n<\/ul>\n<p data-start=\"1855\" data-end=\"2135\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">This allows individuals who have suffered harm (e.g., due to data leaks or payment security failures) to initiate legal action independently, without needing CBRT intervention. It reflects a victim-centered exception to the general rule of regulator-initiated prosecution.<\/span><\/p>\n<h4 data-start=\"2137\" data-end=\"2195\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Protection of CBRT Personnel (Article 37\/3)<\/span><\/h4>\n<p data-start=\"2197\" data-end=\"2465\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">In cases where CBRT employees are alleged to have committed offenses in the course of their official duties under <a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/de4fb4cc-19c4-47fe-a9cb-9ef0397a8923\/1.+LAW.pdf?MOD=AJPERES\" target=\"_blank\" rel=\"noopener\">Law No. 6493<\/a> or its regulations, criminal investigation and prosecution against them is also subject to written authorization by the CBRT.<\/span><\/p>\n<p data-start=\"2467\" data-end=\"2494\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">This clause is designed to:<\/span><\/p>\n<ul>\n<li data-start=\"2498\" data-end=\"2577\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Shield regulatory personnel from harassment or retaliatory legal actions,<\/span><\/li>\n<li data-start=\"2580\" data-end=\"2709\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Allow the Bank to assess whether conduct in question falls within the scope of official authority and good faith execution,<\/span><\/li>\n<li data-start=\"2712\" data-end=\"2769\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Prevent interference with the CBRT\u2019s supervisory mandate.<\/span><\/li>\n<\/ul>\n<p data-start=\"2771\" data-end=\"2875\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Only if the CBRT waives this procedural protection or finds misconduct, may a criminal case proceed.<\/span><\/p>\n<h4 data-start=\"2877\" data-end=\"2924\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Legal and Strategic Implications<\/span><\/h4>\n<p data-start=\"2926\" data-end=\"3000\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">For regulated institutions, Article 37 has several important consequences:<\/span><\/p>\n<ul>\n<li data-start=\"3004\" data-end=\"3128\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Criminal liability for Articles 28, 29, and 31 is not automatic; it depends on CBRT\u2019s decision to trigger prosecution.<\/span><\/li>\n<li data-start=\"3131\" data-end=\"3242\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Institutions can engage in pre-prosecution negotiations or corrective actions to avoid criminal referral.<\/span><\/li>\n<li data-start=\"3245\" data-end=\"3383\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Individuals (especially executives) accused of misconduct should monitor whether the CBRT has officially initiated the process or not.<\/span><\/li>\n<\/ul>\n<p data-start=\"3385\" data-end=\"3439\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">For CBRT itself, this article enhances its ability to:<\/span><\/p>\n<ul>\n<li data-start=\"3443\" data-end=\"3478\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Prioritize enforcement resources,<\/span><\/li>\n<li data-start=\"3481\" data-end=\"3537\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Protect its personnel and institutional integrity, and<\/span><\/li>\n<li data-start=\"3540\" data-end=\"3649\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Maintain regulatory discretion over what constitutes a serious enough breach to warrant criminal charges.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Transitional, Coordinative, and Institutional Provisions (<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Art. 38 to 40)<\/span><\/h3>\n<p data-start=\"152\" data-end=\"499\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The final three articles of Section Seven &#8211; Articles 38, 39, and 40 &#8211; do not introduce new sanctions or offenses, but instead serve important regulatory, transitional, and institutional functions. They coordinate <a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/de4fb4cc-19c4-47fe-a9cb-9ef0397a8923\/1.+LAW.pdf?MOD=AJPERES\" target=\"_blank\" rel=\"noopener\">Law No. 6493<\/a> with other legislation and establish the legal continuity and framework needed for proper implementation.<\/span><\/p>\n<h4 data-start=\"506\" data-end=\"575\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Coordination with Law No. 1211 (CBRT Law)<\/span><\/h4>\n<p data-start=\"577\" data-end=\"737\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Article 38 refers to the Law No. 1211 on the Central Bank of the Republic of Turkey (CBRT), which defines the powers, duties, and structure of the CBRT.<\/span><\/p>\n<p data-start=\"739\" data-end=\"1001\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">By referencing Law No. 1211, Article 38 emphasizes that the CBRT&#8217;s existing powers under its founding legislation remain intact and are applicable to the supervision and enforcement of payment systems and electronic money institutions under <a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/de4fb4cc-19c4-47fe-a9cb-9ef0397a8923\/1.+LAW.pdf?MOD=AJPERES\" target=\"_blank\" rel=\"noopener\">Law No. 6493<\/a>.<\/span><\/p>\n<p data-start=\"1003\" data-end=\"1039\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">In practice, this provision ensures:<\/span><\/p>\n<ul>\n<li data-start=\"1043\" data-end=\"1166\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">That CBRT can use its general supervisory, auditing, and monetary policy tools while performing tasks under <a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/de4fb4cc-19c4-47fe-a9cb-9ef0397a8923\/1.+LAW.pdf?MOD=AJPERES\" target=\"_blank\" rel=\"noopener\">Law No. 6493<\/a>.<\/span><\/li>\n<li data-start=\"1169\" data-end=\"1274\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">That CBRT\u2019s authority is not limited or overridden by <a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/de4fb4cc-19c4-47fe-a9cb-9ef0397a8923\/1.+LAW.pdf?MOD=AJPERES\" target=\"_blank\" rel=\"noopener\">Law No. 6493<\/a> but rather complemented by it.<\/span><\/li>\n<\/ul>\n<p data-start=\"1276\" data-end=\"1420\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">It also lays the foundation for integrated enforcement, allowing the CBRT to impose measures under either legal framework where appropriate.<\/span><\/p>\n<h4 data-start=\"1427\" data-end=\"1499\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Coordination with Law No. 5411 (Banking Law)<\/span><\/h4>\n<p data-start=\"1501\" data-end=\"1660\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Article 39 references Law No. 5411 on Banking, which regulates the Turkish banking system and the Banking Regulation and Supervision Agency (BDDK).<\/span><\/p>\n<p data-start=\"1662\" data-end=\"1719\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The coordination clause is particularly relevant because:<\/span><\/p>\n<ul>\n<li data-start=\"1723\" data-end=\"1803\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Some institutions may operate both as banks and payment service providers,<\/span><\/li>\n<li data-start=\"1806\" data-end=\"1909\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Hybrid products (e.g., e-wallets linked to bank accounts) may fall under both regulatory regimes,<\/span><\/li>\n<li data-start=\"1912\" data-end=\"2041\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Enforcement actions under Law No. 6493 may intersect with provisions of banking law (e.g., fund safeguarding, operational risks).<\/span><\/li>\n<\/ul>\n<p data-start=\"2043\" data-end=\"2089\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">This article ensures that when overlaps arise:<\/span><\/p>\n<ul>\n<li data-start=\"2093\" data-end=\"2164\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">There is no legal conflict between <a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/de4fb4cc-19c4-47fe-a9cb-9ef0397a8923\/1.+LAW.pdf?MOD=AJPERES\" target=\"_blank\" rel=\"noopener\">Law No. 6493<\/a> and Law No. 5411,<\/span><\/li>\n<li data-start=\"2167\" data-end=\"2224\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Institutional responsibilities are clearly divided,<\/span><\/li>\n<li data-start=\"2227\" data-end=\"2315\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Supervision is performed in a coherent and coordinated manner between CBRT and BDDK.<\/span><\/li>\n<\/ul>\n<p data-start=\"2317\" data-end=\"2519\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">In legal practice, this means that institutions must be alert to dual compliance obligations and may face joint inspections or enforcement actions depending on the nature of the service offered.<\/span><\/p>\n<h4 data-start=\"2526\" data-end=\"2595\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Supplementary and Transitional Provisions<\/span><\/h4>\n<p data-start=\"2597\" data-end=\"2805\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Article 40 addresses transitional legal arrangements and supplementary rules necessary for the proper implementation of <a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/de4fb4cc-19c4-47fe-a9cb-9ef0397a8923\/1.+LAW.pdf?MOD=AJPERES\" target=\"_blank\" rel=\"noopener\">Law No. 6493<\/a>. Though not elaborated in detail, this article generally refers to:<\/span><\/p>\n<ul>\n<li data-start=\"2809\" data-end=\"2857\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Repeal of previous conflicting provisions,<\/span><\/li>\n<li data-start=\"2860\" data-end=\"2955\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Transitional periods for compliance with licensing, operational, or capital requirements,<\/span><\/li>\n<li data-start=\"2958\" data-end=\"3095\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Legal continuation of pre-existing licenses or permissions granted under prior frameworks, provided they are consistent with the new law.<\/span><\/li>\n<\/ul>\n<p data-start=\"3097\" data-end=\"3140\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">This article is particularly important for:<\/span><\/p>\n<ul>\n<li data-start=\"3144\" data-end=\"3288\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Institutions that were already operating under previous payment regulations or BDDK licenses before the 2013 enactment and the 2019 amendment,<\/span><\/li>\n<li data-start=\"3291\" data-end=\"3415\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Ongoing legal cases or enforcement actions that needed to be adapted to the new legal terminology and procedural mechanisms.<\/span><\/li>\n<\/ul>\n<p data-start=\"3417\" data-end=\"3622\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The article also enables the regulatory infrastructure &#8211; including CBRT circulars, communiqu\u00e9s, and implementation guides &#8211; to remain valid and binding as long as they are not contrary to <a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/de4fb4cc-19c4-47fe-a9cb-9ef0397a8923\/1.+LAW.pdf?MOD=AJPERES\" target=\"_blank\" rel=\"noopener\">Law No. 6493<\/a>.<\/span><\/p>\n<h4><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Practical Significance<\/span><\/h4>\n<p data-start=\"3662\" data-end=\"3750\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">While Articles 38\u201340 do not create direct liabilities, they are legally significant for:<\/span><\/p>\n<ul>\n<li data-start=\"3754\" data-end=\"3815\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Conflict resolution between overlapping financial laws,<\/span><\/li>\n<li data-start=\"3818\" data-end=\"3855\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Legal certainty and continuity,<\/span><\/li>\n<li data-start=\"3858\" data-end=\"3980\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Ensuring that administrative and judicial decisions maintain coherence across the Turkish financial regulatory regime.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Law Firm\u2019s Support in Compliance and Defense<\/span><\/h3>\n<p data-start=\"116\" data-end=\"598\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">As the financial services ecosystem in T\u00fcrkiye evolves, so too does the complexity of regulatory compliance. The increased scrutiny by the Central Bank of the Republic of T\u00fcrkiye (CBRT) under <a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/de4fb4cc-19c4-47fe-a9cb-9ef0397a8923\/1.+LAW.pdf?MOD=AJPERES\" target=\"_blank\" rel=\"noopener\">Law No. 6493<\/a>, particularly through its enforcement mechanisms set out in Articles 27 to 40, demands that payment institutions, electronic money institutions, and system operators adopt a proactive, structured, and legally sound approach to both compliance and legal defense. W<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">e offer comprehensive legal services covering regulatory compliance, enforcement defense, and risk management advisory tailored to the needs of both domestic and international financial service providers.<\/span><\/p>\n<h4 data-start=\"847\" data-end=\"899\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Licensing and Operational Structuring<\/span><\/h4>\n<p data-start=\"901\" data-end=\"963\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">We assist clients from the earliest stages of market entry by:<\/span><\/p>\n<ul>\n<li data-start=\"967\" data-end=\"1031\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Preparing and submitting license applications to the CBRT,<\/span><\/li>\n<li data-start=\"1034\" data-end=\"1146\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Structuring corporate governance, shareholding, and internal policies in compliance with regulatory standards,<\/span><\/li>\n<li data-start=\"1149\" data-end=\"1257\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Advising on outsourcing arrangements, AML\/CTF obligations, and fund safeguarding requirements,<\/span><\/li>\n<li data-start=\"1260\" data-end=\"1408\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Reviewing business models to ensure lawful categorization under Law No. 6493 or related legislation (e.g., Banking Law No. 5411, CBRT Law No. 1211).<\/span><\/li>\n<\/ul>\n<h4 data-start=\"1415\" data-end=\"1478\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">CBRT Investigations and Administrative Sanctions<\/span><\/h4>\n<p data-start=\"1480\" data-end=\"1569\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">We have experience defending institutions in CBRT-driven processes, including:<\/span><\/p>\n<ul>\n<li data-start=\"1573\" data-end=\"1639\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Responding to regulatory inquiries and information requests,<\/span><\/li>\n<li data-start=\"1642\" data-end=\"1742\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Preparing written defenses before the imposition of administrative fines under Article 27,<\/span><\/li>\n<li data-start=\"1745\" data-end=\"1830\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Challenging CBRT sanctions through administrative litigation in Turkish courts,<\/span><\/li>\n<li data-start=\"1833\" data-end=\"1932\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Negotiating with regulators to avoid license revocation or public disclosure of violations.<\/span><\/li>\n<\/ul>\n<p data-start=\"1934\" data-end=\"2089\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Our team leverages both legal strategy and a deep understanding of financial regulation to achieve proportional, fair, and legally defensible outcomes.<\/span><\/p>\n<h4 data-start=\"2096\" data-end=\"2156\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Criminal Defense and Corporate Representation<\/span><\/h4>\n<p data-start=\"2158\" data-end=\"2284\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">We represent both institutions and individuals in cases involving alleged criminal conduct under Articles 28 to 36, including:<\/span><\/p>\n<ul>\n<li data-start=\"2288\" data-end=\"2314\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Unlicensed activity,<\/span><\/li>\n<li data-start=\"2317\" data-end=\"2350\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Obstruction of supervision,<\/span><\/li>\n<li data-start=\"2353\" data-end=\"2399\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">False statements or improper accounting,<\/span><\/li>\n<li data-start=\"2402\" data-end=\"2437\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Unauthorized data disclosure,<\/span><\/li>\n<li data-start=\"2440\" data-end=\"2476\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Embezzlement or breach of trust.<\/span><\/li>\n<\/ul>\n<p data-start=\"2478\" data-end=\"2514\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">In such cases, our services include:<\/span><\/p>\n<ul>\n<li data-start=\"2518\" data-end=\"2636\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Engaging in pre-prosecution discussions with CBRT to prevent the initiation of criminal complaints (Article 37),<\/span><\/li>\n<li data-start=\"2639\" data-end=\"2709\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Drafting legal defenses and compiling evidentiary documentation,<\/span><\/li>\n<li data-start=\"2712\" data-end=\"2817\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Representing executives, board members, and institutions during criminal investigations and trials,<\/span><\/li>\n<li data-start=\"2820\" data-end=\"2913\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Pursuing mitigation through restitution, settlement, or defense of procedural violations.<\/span><\/li>\n<\/ul>\n<h4 data-start=\"2920\" data-end=\"2987\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Internal Compliance, Audit, and Preventive Lawyering<\/span><\/h4>\n<p data-start=\"2989\" data-end=\"3139\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">We also offer internal legal audits to prevent exposure to the types of liabilities described in Section Seven. Our services include:<\/span><\/p>\n<ul>\n<li data-start=\"3143\" data-end=\"3215\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Reviewing internal policies and manuals for regulatory compliance,<\/span><\/li>\n<li data-start=\"3218\" data-end=\"3286\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Conducting mock inspections to test readiness for CBRT audits,<\/span><\/li>\n<li data-start=\"3289\" data-end=\"3383\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Training executives and compliance personnel on their individual legal responsibilities,<\/span><\/li>\n<li data-start=\"3386\" data-end=\"3476\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Advising on proper data handling, accounting, and transaction documentation<\/span><\/li>\n<\/ul>\n<h4 data-start=\"3483\" data-end=\"3533\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Cross-Border and Strategic Advisory<\/span><\/h4>\n<p data-start=\"3535\" data-end=\"3649\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">For international clients entering the Turkish market or investing in local financial service providers, we offer:<\/span><\/p>\n<ul>\n<li data-start=\"3653\" data-end=\"3704\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Legal due diligence on Turkish fintech companies,<\/span><\/li>\n<li data-start=\"3707\" data-end=\"3774\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Structuring of foreign ownership and investment vehicles,<\/span><\/li>\n<li data-start=\"3777\" data-end=\"3861\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Strategic advisory on conflicts between Turkish and foreign licensing regimes,<\/span><\/li>\n<li data-start=\"3864\" data-end=\"3938\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Coordination with EU\/UK\/US sanctions compliance rules, where relevant.<\/span><\/li>\n<\/ul>\n<p data-start=\"3945\" data-end=\"4193\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">With a multi-disciplinary team comprising legal academics, compliance experts, and litigation specialists, B\u0131\u00e7ak Law Firm serves as a trusted advisor for navigating the legal and regulatory landscape of T\u00fcrkiye\u2019s electronic payments sector.<\/span><\/p>\n<h3><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Conclusion \u2013 Toward a Secure and Accountable Fintech Ecosystem<\/span><\/h3>\n<p data-start=\"146\" data-end=\"491\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">T\u00fcrkiye\u2019s digital payments and electronic money industry continues to expand rapidly, bringing innovation, efficiency, and convenience to consumers and businesses alike. However, this dynamic growth must be accompanied by robust legal and regulatory safeguards to ensure the stability, transparency, and integrity of the financial ecosystem.<\/span><\/p>\n<p data-start=\"493\" data-end=\"665\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Section Seven (Articles 27\u201340) of <a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/de4fb4cc-19c4-47fe-a9cb-9ef0397a8923\/1.+LAW.pdf?MOD=AJPERES\" target=\"_blank\" rel=\"noopener\">Law No. 6493<\/a> provides the legal foundation for such safeguards. It empowers the CBRT to:<\/span><\/p>\n<ul>\n<li data-start=\"669\" data-end=\"731\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Penalize regulatory violations through administrative fines,<\/span><\/li>\n<li data-start=\"734\" data-end=\"787\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Initiate criminal proceedings for serious breaches,<\/span><\/li>\n<li data-start=\"790\" data-end=\"868\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Enforce internal control, transparency, and consumer protection obligations,<\/span><\/li>\n<li data-start=\"871\" data-end=\"953\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Coordinate supervision with other regulatory bodies and adapt to market evolution.<\/span><\/li>\n<\/ul>\n<p data-start=\"955\" data-end=\"1366\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">From administrative sanctions for non-compliance (Article 27) to severe criminal penalties for embezzlement and fraud (Article 36), the law establishes a wide-ranging enforcement regime. At the same time, it incorporates principles of procedural fairness, proportionality, and institutional accountability through rights of defense, judicial review, and conditional prosecutorial discretion.<\/span><\/p>\n<p data-start=\"1368\" data-end=\"1700\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Institutions operating under this framework must treat regulatory compliance not as a box-ticking exercise but as a core strategic and operational function. Inadequate recordkeeping, poor internal governance, and disregard for CBRT directives not only invite penalties but also jeopardize consumer trust and business continuity.<\/span><\/p>\n<p data-start=\"1702\" data-end=\"2071\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">At B\u0131\u00e7ak Law Firm, we believe that sound legal advice is essential not only when problems arise, but in building sustainable and compliant business models from the outset. Our goal is to support fintech innovation while ensuring that clients remain aligned with T\u00fcrkiye\u2019s evolving legal landscape &#8211; turning compliance from a burden into a competitive advantage.<\/span><\/p>\n<p data-start=\"2073\" data-end=\"2465\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">As T\u00fcrkiye deepens its integration with international financial markets, and as payment systems become more digitized, the importance of legal integrity and regulatory discipline will only grow. <a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/de4fb4cc-19c4-47fe-a9cb-9ef0397a8923\/1.+LAW.pdf?MOD=AJPERES\" target=\"_blank\" rel=\"noopener\">Law No. 6493<\/a>, and particularly its enforcement arm in Section Seven, stands as a critical pillar in building a secure, accountable, and innovation-friendly fintech ecosystem for the future.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sanctions and Liabilities in Turkey\u2019s Payment Systems have become increasingly important as Turkey\u2019s digital payments and fintech industry continues to expand, making regulatory enforcement essential for ensuring financial integrity and consumer trust. Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions lays the legal groundwork for these activities. Among [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":29203,"comment_status":"open","ping_status":"open","sticky":false,"template":"page-fullwidth.php","format":"standard","meta":{"rs_blank_template":"","rs_page_bg_color":"","slide_template_v7":"","footnotes":""},"categories":[25,160],"tags":[16414,15802,16392,16408,16394,16411,16383,16393,16423,16384,16413,15820,15803,16426,15879,16401,16412,16388,16380,16404,16425,16398,12327,16400,16424,16409,16402,16421,16385,16397,16417,16382,16391,16396,16419,12343,16403,16386,16422,16416,16405,16390,15818,16406,16387,16381,16410,12326,16407,16399,16415,16418,16395,16389,16420],"class_list":["post-29202","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-en","category-insights","tag-accounting-irregularities","tag-administrative-fines","tag-attorney-in-turkey","tag-authorized-legal-counsel","tag-cbrt-investigation","tag-cbrt-license","tag-cbrt-regulations","tag-central-bank-of-turkiye","tag-compliance-lawyer","tag-compliance-obligations","tag-confidentiality-violation","tag-corporate-liability","tag-criminal-liability","tag-cross-border-fintech-compliance","tag-data-protection","tag-digital-payments","tag-document-retention","tag-electronic-money-institution","tag-electronic-money-turkey","tag-embezzlement-offense","tag-enforcement-procedure","tag-false-statements","tag-financial-crimes","tag-financial-supervision","tag-financial-technology-regulation","tag-fintech-attorney","tag-fintech-law","tag-fintech-legal-services","tag-fintech-regulation","tag-internal-controls","tag-judiciary-process","tag-law-no-6493-turkey","tag-legal-advisor","tag-legal-audit","tag-legal-compliance-training","tag-legal-consultancy","tag-legal-defence","tag-legal-enforcement","tag-legal-mitigation","tag-legal-penalties","tag-legal-remedies","tag-legal-representation","tag-legal-risk-management","tag-legal-support","tag-payment-institution","tag-payment-services-turkey","tag-payment-systems","tag-regulatory-compliance","tag-regulatory-sanctions","tag-safeguarding-obligations","tag-turkish-administrative-law","tag-turkish-court-proceedings","tag-turkish-financial-law","tag-unlicensed-activity","tag-whistleblower-protection"],"yoast_head":"<!-- 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