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ARTICLE · 08 SEPTEMBER 2016

Turkey Tightens Cheque Issuance Regime

Moroglu Arseven
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Turkey has tightened the legal regime for open chequing accounts, along with criminal sanctions for issuing dud cheques. Dud cheques were regularly issued in bad faith under the prior legislative regime.

TurkeyFinance and Banking
E. Benan Arseven
E. Benan Arseven
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Turkey has tightened the legal regime for open chequing accounts, along with criminal sanctions for issuing dud cheques. Dud cheques were regularly issued in bad faith under the prior legislative regime. However, legislative amendments go a significant way towards preventing dud cheques and increasing reliability.

The Law Regarding Amendment of Certain Laws for Improvement of Investment Environment numbered 6728 ("Amendment Law") was published in Official Gazette number 29796 on 9 August 2016.

Changes introduced by the Amendment Law include:

  • Legislation now requires persons wishing to open a chequing account to also submit criminal a record certificate to the bank.
  • Banks must now check whether or not the chequing account holder (either a real person or legal person) or company signatories are prohibited from opening chequing accounts.

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