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Turkey’s banking watchdog imposes penalties on 16 financial institutions

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Turkey’s banking regulator has imposed penalties totaling 2.1 million Turkish lira ($306,000) on 16 non-bank financial institutions for violating regulations, the SeeNews website reported, citing local media.

The Banking Regulation and Supervision Agency (BDDK) fined the unnamed institutions after receiving complaints from individual and corporate clients during the coronavirus crisis, Daily Sabah quoted the BDDK as saying in a statement on Sunday.

The institutions, which are not operating as banks, did not comply with regulations for the operations of financial leasing and factoring companies as well as asset management firms, BDDK said.

In May the BDDK imposed penalties of 121.75 million lira in total on more than 15 local banks for conducting transactions against its orders.

To support the economy during the coronavirus pandemic, the BDDK introduced new rules for banks to provide flexibility on loan repayment for companies, meet clients’ credit demands and facilitate debt restructuring with reasonable interest rates.

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