The law (“Law”) which is amending the Banking Law (Law Number 5411) (“Banking Law”) was published in the Official Gazette on February 25, 2020 and entered into force in the same date. By the Article.10 of Law definition of “customer secret” has been added to the Article.73 of the Banking Law.
By the new amendment “customer secret” in the scope of banking activities defined as the information belonging to a real or legal person collected by the bank during its banking activities after establishing a customer-bank relationship. According to the Turkish Data Protection Law (“KVKK”) personal data may only belong to a real person. Thus, by the new amendment, Banking Law differs from KVKK and accepts information of a legal person as a customer secret. On the other hand, information of a real person that a bank gains in legal ways is personal data if there is no customer-bank relationship. If there is a customer-bank relationship, then the information of a real person becomes a customer secret.
By the new amendment the Banking Law also differs from KVKK at disclousure and transferring of customer secrets. Banks cannot disclosure or transfer a customer secret to any third party inland or outland unless there is a demand or request or instruction from the customer even if there is an explicit consent according to KVKK.
The two exceptions of this rule are (i) mandatory rules regulated by other laws and (ii) the situations listed in the article 73 of the Banking Law which are not considered disclosure of the secret. However, disclosure and transfer of the information within the scope of customer secret and banking secret, including the cases covered by the exception, must be made limited with the specified purpose, proportionate and as much as the purpose requires.
The Law authorized the board of the Banking Regulatory and Supervisory Authority to determine the scope, method, principles and procedures of disclosure and transfers of the information which is regulated as customer secret according to the Article.73 of the Banking Law and limit related matters.
You may find the Law from the link below and please do not hesitate to contact us if you’d like further information.