FICTITIOUS PURCHASE TRANSACTION

The Banks Association of Turkey has established the Fictitious Operations Review Committee to investigate fictitious purchase transaction accusations by its members.

Offenders are provoked the right to have a Point of Sale (POS) and their contract with bank is terminated. In case of a court final verdict or an executive decision from an authority against the accused, former mentioned sanction is automatic. 

Banks are not allowed to make new contract for one year with the offenders. In case of repetition of fictitious purchase transaction by the offender in five years, penalty may be extended to three years.