The Central Bank of the Republic of Türkiye (CBRT) has announced that it imposed administrative fines totaling 160.3 million Turkish lira on 55 institutions in 2024.

These penalties were part of the Bank's ongoing efforts to regulate and supervise payment and electronic money institutions, ensuring their operations are conducted safely, efficiently, and without interruption.

In an announcement on its website, the CBRT outlined the results of its efforts to ensure the secure, effective, and efficient operation of payment and electronic money institutions across the country. The surveillance activities were carried out alongside the implementation of new regulations designed to maintain the integrity of the sector.

The fines were issued under Article 27 of Law No. 6493, which addresses the failure to comply with regulations and decisions. Additionally, the CBRT conducted more than 280 technical examinations of individuals and institutions suspected of unauthorized payment service activities. As a result, written applications were submitted to the Chief Public Prosecutor's Offices concerning violations of the law.

The CBRT's regulatory actions also included granting operating licenses to 8 new organizations in the sector, approving 7 institutions for operational expansions, and permitting 5 institutions to transfer shares. One institution's operating license was temporarily suspended, while another had its operating permit canceled.

Throughout 2024, the CBRT responded to 1,244 access-to-information applications related to payment and electronic money institutions.

This announcement underlines the CBRT's firm stance on compliance and its proactive approach in managing the regulatory environment of the burgeoning payment and electronic money industry in Turkey. The fines and regulatory measures aim to maintain the integrity and reliability of financial services provided by these institutions. (ILKHA)