Turkiye: Adopted Regulation on Disclosure of Client Information

On 4 June 2021, the Regulation on Disclosure of Client Information was adopted through publication in the official gazette of Turkiye. The regulation will enter into force on 1 January 2022. The Banking Regulatory and Supervisory Authority (BRSA) of Turkiye established this regulation in order to elaborate upon the sharing and transferring of client information. This authorization is given to the BRSA in Article 73 of the Banking Law No. 5411 of Turkiye. The regulation holds that the confidentiality obligation held under Article 73 of the Banking Law will also apply to information collected in a non-automated fashion and includes any information that is related to persons understood to be bank clients. Also covered by the confidentiality obligation is any information obtained from other banks. Exclusion from the confidentiality obligation is limited to the purposes listed in the regulation, such as the use of information for financial reports, the use in legal disputes between the bank and its clients, as well as for the purpose of client identification.