Anti-Money Laundering (AML) and Know-Your-Customer (KYC) Regulations in Turkey

Overview of AML/KYC Requirements in Turkey

As a comprehensive guide, this article outlines the key requirements for due diligence in Turkey, including identity verification, address verification, timing of verification, Enhanced Due Diligence measures, reliance on external services, and record retention.

1. Identity Verification

• Verify customer identities using valid documents such as:
  • Passports
  • Driving licenses
  • National Identity Cards
  • Residence Permits

2. Address Verification

• Collect utility bills or government-issued documents showing the customer’s address.
• Bank statements not older than three months that show the customer’s address.

3. Timing of Verification

• Identity verification is required in multiple instances as per regulations.
• Deploy due diligence procedures based on requirements and risk assessment.

4. Enhanced Due Diligence Measures

• For high-risk customers, use Enhanced Due Diligence measures for due diligence.
• Shufti Pro provides AML Screening services that screen an individual’s selected ID attributes against watch-lists of global regulatory authorities, foreign and domestic databases, PEPs (Politically Exposed Persons), and sanctioned individuals.

5. Reliance on External Services

• Turkish regulations allow clients to seek the services of a third party for due diligence measures.
• Collect all necessary data from this third party without undue delay.

6. Record Retention

• Clients are required to retain data for not less than eight (8) years, which is part of their AML and KYC obligations for due diligence.

By following these requirements, businesses can ensure compliance with AML/KYC regulations in Turkey and maintain a secure and trustworthy environment for customers.