03.09.2026 06:30
The Capital Markets Board of Turkey (CMB) has introduced new rules regarding the remote onboarding of foreign clients. Under the new regulation, foreign clients will not be able to transfer funds or crypto assets without verifying their addresses. Fund transfers will also only be allowed through bank accounts registered in the person's own name.
The Capital Markets Board (CMB) has put into effect a new regulation regarding the remote onboarding of clients for brokerage houses, portfolio management companies, and crypto asset service providers.
With the regulation published in the Official Gazette, the rules to be applied for remote identity verification and client onboarding of foreign natural persons and companies registered in the trade registry have been redefined.
PASSPORT WITH NFC FEATURE WILL BE REQUIRED
According to the new regulation, foreign nationals must use a passport with an NFC feature that complies with the ICAO 9303 standard for remote identity verification.
If the information on the passport's chip does not match the information on the document, the client onboarding will not be carried out.
Individuals whose identity is verified through their passport will be considered in the high-risk group. Identity verification will be conducted through a video interview by personnel specifically trained in passport examination. AI-based applications may also be utilized for liveness tests and photo matching.
THOSE WHO CANNOT VERIFY THEIR ADDRESS WILL NOT BE ABLE TO TRANSFER FUNDS
One of the most notable provisions of the regulation concerns address verification. Foreign clients will be required to verify their address within at most 3 months using a residence permit document or utility bills such as electricity, water, and natural gas from the last 3 months.
Until the address confirmation is completed, clients will not be allowed to transfer funds or crypto assets or execute book-entry transfers of capital market instruments.
FUNDS CAN ONLY COME FROM THE CLIENT'S OWN ACCOUNT
Deposits into the accounts of foreign clients whose identity was verified with a passport have also been restricted.
Accordingly, funds can only be sent to the account from a bank account opened abroad in the client's own name. Withdrawals from the account can likewise only be made to a bank account registered in the client's own name.
Transfers will be carried out only via SWIFT. If the information in the SWIFT message does not match the client information, the transaction will not be permitted.
INFORMATION WILL BE REPORTED TO MASAK
The new regulation also increases supervision over foreign clients. Client information, portfolio sizes, and investment amounts will be reported to MASAK on a quarterly basis.
"BENEFICIAL OWNER" REQUIREMENT FOR COMPANIES
For remote onboarding of companies registered in the trade registry, the authority to represent will be checked through MERSIS, the Trade Registry Gazette, and the data of the Revenue Administration. If deemed necessary, a notarized signature circular may also be examined.
Identifying the beneficial owner will be mandatory for companies. If the beneficial owner cannot be identified or a suspicious situation is encountered during the transaction, the client onboarding process will be terminated.