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ARTICLE · 06 DECEMBER 2020

Turkey's New Data Storage And Transfer Requirements For Banks

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Amendments to Turkish Banking Law No. 5411 in February 2020 introduced important provisions regarding how banks handle confidential customer data.

TurkeyPrivacy
Begüm Yavuzdoğan Okumuş
Begüm Yavuzdoğan Okumuş
Direnç Bada
Direnç Bada
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Amendments to Turkish Banking Law No. 5411 in February 2020 introduced important provisions regarding how banks handle confidential customer data. Based on these provisions, the Banking Regulation and Supervision Agency introduced a secondary regulation that was finalized in March, the Regulation on Banks' Information Technology and Electronic Banking Services. This regulation contains binding provisions related to data processing and transferring of bank customers.

Definition of customer confidential information

Under Article 73 of the Banking Law, customer confidential information is defined as data that is generated by "real and legal" individuals that have a customer relationship for banking activities with a bank.

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