Generally, bank transactions and structures are more complex in comparison to other companies and institutions. The reason for this is having a wider range of customer portfolio and service network than in other business organizations.
The concept of traditional banking around the world is; expansion of deposit protection and credit services in time-out and use of online payment services, money transfers, payments via cheque, insurance, and investment tools.
World banks can control complex bank transactions better by increasing the use of technology to a higher level and can provide high quality and faster services to create competitive advantages. Due to increasing technological development just like other sectors, banking sector is in a process for a step into a new age.
Sector Status in TRNC
Banks active in TRNC are subject to audits run by the Central Bank. In TRNC where numerous international banking regulations are applied, there are two different structures dependent on Central Bank Audits which are local banking and branch banking.
There are 22 banks in total that 13 of them are referred to as “Local Bank” with their headquarters in TRNC, 7 operating with “Banking License” acquired from TRNC Central Bank and headquarters abroad and 2 with Public Bank status. You can follow the Banking Sector closely by examining the “TRNC Banking Sector and Developments” report published quarterly by TRNC Central Bank. Source: http://www.kktcmerkezbankasi.org
How can we help as GRS?
Apart from five banks, which we make independent audits on subject to “Independent Auditor License” within the scope of current regulations of TRNC Central Bank, Saydam & Co. family has succeeded in numerous projects on establishment, transfer and reconstruction of many banks until today.
We believe that Local Banks active in TRNC should renew their traditional banking model and form a modern banking model where the technology is highly used. We have a team which provides consultancy only on Bank Audits, Banking Sector, and Financial Developments. Our company gives “Tax Consultancy” on ever-changing Legal practice related to dynamic banking sector and has a leading role in reaching the financial source needed by various investors with its sectoral experience in the sector.