In Turkey, the increase of non-cash payment methods and electronic money usage in individual and corporate areas has brought many domestic and foreign institutions operating in payment services and electronic money issuance fields. This augmentation makes inevitable to create legal basis for such institutions.
In this context, Law No.6493 on Payment and Security Settlement Systems, Payment Services and Electronic Money Institutions (“Law”) was published in the Official Gazette on 27.06.2013 and entered into force in order to regulate relations between service providers and service receivers, to ensure trust in the sector and to subject service providers to the permission and control of an authority.
The Law also imposes several obligations on payment systems and electronic money institutions, in particular with regard to obtaining operating licenses, as well as other matters relating to their internal systems, information systems and activities. The Communique and the Regulation which entered into force regarding the Law sets the working and operating principles of the payment and electronic money institutions.
As Aksan Law Firm, some of the services we provide to our clients in order to fully fulfill the obligations arising from the relevant legislation are as follows:
- Preparation of agreements and risk analysis reports specific to the business model they wish to implement,
- Preparation of all necessary documents and documents in order to obtain an operating license in accordance with the provisions of the relevant legislation,
- Providing legal consultancy services for the service providers,
- Tracking and concluding violations that may occur.