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Anti-Money Laundering (AML) Requirements in Turkey

Regulatory Framework

In Turkey, anti-money laundering (AML) regulations are primarily governed by two key pieces of legislation:

• Law on Prevention of Laundering, Assessment, Confiscation and Forfeiture of Criminal Property: Also known as the “AML Law”, this law sets out the framework for preventing money laundering in Turkey.
• Regulation on Prevention of Laundering: This regulation provides further details on how to implement AML measures in various sectors.

The following regulatory bodies are responsible for enforcing AML regulations in their respective sectors:

• Turkish Banking Regulation and Supervision Agency (BRSA): Regulates banks and other financial institutions.
• Capital Markets Board (CMB): Regulates the securities industry.
• Insurance and Private Pension Regulator Authority (IPPA): Regulates insurance companies.

Examination for Compliance

To ensure compliance with AML regulations, reporting entities such as:

• Banks
• Insurance companies
• Securities firms

must implement effective AML systems and report suspicious transactions to the Financial Crimes Investigation Board (MASAK). MASAK conducts examinations of these entities to verify their compliance with AML regulations.

Enforcement Actions

Non-compliance with AML regulations can result in administrative penalties, including:

• Fines
• Warnings
• Reprimands
• Suspension or revocation of licenses or authorizations

Monetary fines imposed on entities found to have violated AML regulations vary depending on the severity and frequency of the violation.

Sanctions

Individuals and legal entities found to have committed AML offenses can face judicial sanctions, including:

• Civil liability
• Criminal liability

Negative publicity resulting from AML violations can lead to loss of reputation and business opportunities.