Remote Account Opening and Transfer Regulation for Foreign Investors
New rules have been introduced allowing non-Turkish citizens to undergo remote identity verification using chipped passports and targeting money transfers by foreign investors.
With the new regulation, non-Turkish citizen natural persons are now able to undergo remote identity verification via chipped passports and video calls, while various restrictions have been introduced on money transfers made by foreign investors.
Remote Identity Verification with Chipped Passports
Natural persons who are not Turkish citizens will be able to undergo remote identity verification through video calls by using chipped passports that comply with International Civil Aviation Organization standards. During this process, the identity and passport information are required to match completely.
Address Verification and Transfer Restrictions
Individuals' address information will be verified on a risk-based approach through public records, residency documents, or invoices issued within the last three months. Until the address confirmation process is completed, transfers of money, crypto assets, and capital market instruments cannot be executed.
High-Risk Group and SWIFT Rules
Foreign customers will be monitored under the high-risk group, and the remote identity verification process will be terminated in suspicious cases. Money can only be sent to the account via SWIFT from the customer's own bank account abroad.
Legal Entities and MASAK Notifications
The representation authority of legal entities will be verified from MERSIS, the Trade Registry Gazette, and Revenue Administration records. Information, portfolio sizes, and investment amounts of individuals acquired as customers remotely will be reported to MASAK on a quarterly basis.