Central Bank imposes 160 million TL fine on 55 institutions

The Central Bank of the Republic of Türkiye (TCMB) has published a press release regarding its oversight and audit activities for payment and electronic money institutions conducted in 2024. The statement on the bank's website emphasized that ensuring the secure, uninterrupted, effective, and efficient operation of the sector is a primary objective.

Throughout the year, the Central Bank prepared the ground for new entrants to the payment and electronic money sector through its regulations. During this process, compliance audits ensured the maintenance of secure and effective operations.

In 2024:

• Operating licenses were granted to 8 companies in the field of payment and electronic money.
• Approval for activity expansion was granted to 7 institutions.
• Share transfer permits were issued to 5 companies.

In addition, the operating license of one institution was temporarily suspended, while the operations of another were completely revoked.

160.3 MILLION LIRA FINE FOR 55 INSTITUTIONS

Within the scope of audits conducted under Article 27 of Law No. 6493, the TCMB imposed administrative fines totaling 160.3 million lira on 55 institutions. Furthermore, more than 280 technical examinations were carried out regarding individuals and entities suspected of engaging in unauthorized payment services, and applications were made to Public Prosecutor's Offices for situations contrary to the law.

As part of the bank's oversight and audit efforts, public information activities regarding the sector continued without slowing down. In 2024, 1,244 requests for information submitted to the TCMB were carefully addressed.

STRENGTHENING THE SECTOR AND PROTECTING CONSUMER RIGHTS

The Central Bank continues its oversight and audit activities in accordance with national and international standards to ensure that payment and electronic money institutions operate within a secure financial ecosystem. These efforts aim to both strengthen the sector's structure and protect consumer rights.

News Source: 12punto