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Offshore
Banking Law
(Law No: 46/2000)
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Regulation Under
Article 4(4) and 12(2)
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The Council of the Ministers of the Turkish Republic of
the Northern Cyprus prepares the following Regulation under powers granted
to it by Articles 4 (4) and 12 (2) of the Offshore Banking Law.
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Short Title
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1-
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This regulation is named as The
Offshore Banks Application and Auditing Regulation.
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Application
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2-
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Those who would like to ask for
permission to operate under the Offshore Banking Law, shall apply to the
Ministry by including the information listed in Article 3 of this
regulation and adding them to their official applications. The date that
will be taken into consideration will be the date when all the information
and documents are completed.
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Information
& documents required
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3-
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Applicants must add the
following information and documents to their application forms.
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(1)
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Document to show that the real
person founders are foreign nationals.
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(2)
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Document that will show the
country the real person founders are residing.
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(3)
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Document showing that they own
51 % of the shares of a bank and/or official registration and the structure
of the shareholders of the bank
that is controlled by indirect participation shares.
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(4)
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From the country where the bank
is operating, a document given by the
official authorities responsible for enacting and supervising the
banking legislation and showing
that at the time of application this bank has no limitations to conduct
banking business in this country.
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(5)
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Balance sheets of last 3 years of the bank.
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(6)
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Document received from the board
of directors of the bank that they have 51 % share and/or control this bank
with indirect shares, showing the approval of the decision to conduct
offshore banking business in the TRNC.
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(7)
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Document showing the authority
to sign in representing the bank.
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(8)
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Memorandum and Articles of
Association of establishment.
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(9)
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Letter of comfort of the real person shareholders.
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Audit of the Offshore Banks
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4-
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The audit of offshore banks are
conducted by the Ministry and/or by the written appointment of the Governor
of the Central Bank
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Personnel conducting audits
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5-
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Audits are conducted by the
personnel appointed by the Ministry and/or by the personnel of the Banking
Inspection and Supervision unit of the Central Bank.
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Information
& Document Examination
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6-
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Personnel carrying
out audits of offshore Banks shall examine whether or not the offshore
banks have complied with the provisions of this law and fulfilled their
obligations. They are also entitled to examine these banks according to the
laws described in Article 12 (1) of this law.
During the audit, they can
examine all information and documents which they may deem necessary, within
the framework of the provisions of this law.
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Submission of Report
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7-
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The audit personnel are required
to submit the findings of their examination to the Ministry and to the
Governor of the Central Bank in the form of a report.
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Coming Into Force
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8-
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This Regulation shall come into
force as from the date of its publication in the Official Gazette.
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