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Legal Alerts

19/02/2019

New Verification Obligations for Turkish Banks

Legal Alerts
Banking & Finance
General

Recent Development

The Central Bank of Turkey amended the Capital Movements Circular. Pursuant to the amendment, in order to determine whether unidentified FX transfers made from abroad to a Turkish company’s account, for USD 50,000 or more, are in respect of the loans utilized by such company, Turkish banks are required to obtain the related company’s written declaration as well as information and documents substantiating the declaration.