New Regulation on Remote Customer Acceptance from the Capital Markets Board
The Capital Markets Board introduced new rules for non-Turkish nationals and trade registry-registered legal entities through amendments to the remote identification communiqué.
The amendments made by the Capital Markets Board to the communiqué on remote identification have been published in the Official Gazette. With this regulation, new provisions to be applied in remote customer acceptance have been determined for natural persons who are not Turkish nationals and legal entities registered in the trade registry.
New Regulation and Definitions
With the communiqué amendment, the Capital Markets Board added new definitions to the remote identification legislation. While the definition of person was broadened, the definitions of beneficial owner, MERSİS, Trade Registry Gazette, and legal entity were included in the legislation.
Conditions for Foreign Nationals
Remote identification of natural persons who are not Turkish nationals will be conducted using NFC-enabled passports complying with the ICAO 9303 standard. Information on the chip and the passport will be verified via NFC, and address information will be mandatory.
Address and Transfer Rules
The addresses of foreign customers will be verified at the latest within three months using a risk-based approach. No money transfers, crypto-asset transfers, or capital market instrument transfers can be made without address verification.
Technical Controls and Risk Monitoring
IP, location, device ID, and passport data will be evaluated together, and the process will be terminated in case of suspicion. Customers onboarded via passport will be monitored in the high-risk group.
Principles for Money Transfers
Funds can be transferred to the accounts of individuals whose identification was verified via passport only from foreign banks in their own names. Outbound funds will also be transferred to the same account, and transactions will be conducted via SWIFT.
Corporate Customers
For the remote identification of legal entities registered in the trade registry, representation authorization will be verified by matching with MERSİS and the Trade Registry Gazette, and the process will be terminated in case of discrepancies.