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ARTICLE · 24 FEBRUARY 2021

Long Awaited Bank Client Confidentiality Regulation On Its Way

Esin Attorney Partnership
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Article 73 of the Banking Law No. 5411 ("Law") authorizes that the Banking Regulatory and Supervisory Authority ("BRSA") to determine the scope...

TurkeyFinance and Banking
Muhsin Keskin
Muhsin Keskin
Ilay Yilmaz
Ilay Yilmaz
Büşra Cavas
Büşra Cavas
Yigit Acar
Yigit Acar
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Recent Developments

Article 73 of the Banking Law No. 5411 ("Law") authorizes that the Banking Regulatory and Supervisory Authority ("BRSA") to determine the scope, form, procedures and principles regarding the sharing and transferring of client information. Accordingly, the BRSA published the "Draft Regulation on the Sharing of Client Information" ("Draft Regulation").
 
What's New? 

"            Confidentiality Obligation:

  • The confidentiality obligation is drafted similarly to Article 73/5 of the Law. Accordingly, bank and client secrets will not be disclosed to anyone except those legally authorized.
  • The confidentiality obligation will also apply for information which is obtained through non-automated methods or methods that are not used for any data recording system.

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