With the decision published in the Turkey-Legal Gazette, the Republic of Turkey Ministry of Treasury and Finance made changes in the regulation on the working order of exchange offices. According to the new regulation, identification (KYC) has become mandatory in foreign exchange purchases and sales.
According to the regulation, exchange offices will record each transaction, showing the Republic of Turkey ID number, passport number or tax identification number, date, time and amount of the transaction.
This underlines the need for KYC.
Cloud-based KnowYourX solutions provide the necessary infrastructure to exchange offices as soon as possible.