The enforcement was disclosed in this morning’s ministerial gazette (23 September) of the Central Bank’s orders to suspend Papel Elektronik and its online wallet and money transfer services.
The gazette reported that TCMB had summoned a review of Papel’s licence in January, and ordered the company to be put under trusteeship of the Savings Deposit Insurance Fund (TMSF).
Papel is being investigated over allegations that its payment infrastructure was used to move money from illegal betting, fraud and unauthorised forex. The case is based on reports from the central bank and Turkey’s Financial Crimes Investigation Board MASAK (The Financial Crimes Investigation Authority).
Investigators say proceeds entered the financial system via electronic money se..