The "Regulation Amending the Regulation on Remote Identification Methods to be Used by Banks and Establishment of Contractual Relationship in Electronic Environment" ("Regulation") has been published by Banking Regulation and Supervision Agency ("BRSA") in the Official Gazette dated 25 May 2023 and numbered 32201.

With the Regulation, it is now possible for legal entities registered in the trade registry to become bank customers through remote identification in addition to natural persons. The new regulation paves the way for legal entities to become customers of banks through their representatives. In this framework, identification of the real person representatives of legal entities shall be made by using the information obtained from the Central Registry Registration System (MERSİS), which is the central common database where the trade registry transactions of banks are carried out electronically, trade registry records and the contents that need to be registered and announced are regularly stored and presented electronically, and the information obtained from the Trade Registry Gazette, and verification of whether the person is the representative of the legal entity.

The Regulation will enter into force on 1 June 2023 and legal entities will be able to become bank customers more quickly and easily as of this date.

Detailed provisions of the Communiqué can be found in the Official Gazette.

Originally published 26-05-2023

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.