Gul's electronic para'ya check - News 3

News Date: 27 June 2013 / 12:01

President Abdullah Gul, Payment and Securities Settlement Systems, Payment Services and approved the Act on Electronic Money Institutions.

According to the law

Banking Regulation and Supervision Agency, to temporarily

stop operations and activities of payment institutions will be authorized to cancel the permission.

Funds, liquidation or the rights of the fund to be reimbursed in case of cancellation of permission to operate, and will be used to ensure fulfillment of the obligations.

Law, briefcase or securities in lieu of money or who embezzled money brings the sanctions.

Accordingly, the perpetrator system operator, payment institutions and electronic money institution authorized and officers sentenced to jail terms of 6 years to 12 years.

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