Financial Crime World

Compliance Procedures for Banks in Turkey: A Closer Look at Akbank T.A.S.

In a bid to combat money laundering and terrorist financing, banks in Turkey are subject to strict compliance procedures. As one of the country’s leading financial institutions, Akbank T.A.S. has implemented robust measures to ensure its operations are in line with local and international regulations.

Authorized by the Banking Regulation and Supervision Agency

Akbank T.A.S. is authorized by the Banking Regulation and Supervision Agency (BRSA) to prevent the laundering of proceeds from crimes and financing terrorism. The bank’s compliance procedures are based on a risk-based approach, which involves evaluating customers, transactions, products, and services to mitigate potential risks.

Compliance with Local Laws

According to local laws, including:

  • Law No. 5549 on Prevention of Laundering Proceeds of Crime: Akbank T.A.S. is required to implement measures to prevent money laundering.
  • Law No. 6415 on the Prevention of Financing of Terrorism: The bank must ensure that its operations do not finance terrorist activities.

The bank’s AML/CFT Program includes:

  • A designated AML Compliance Officer
  • Written policies, procedures, and guidelines
  • Risk-based controls and record-keeping mechanisms

Sanctions Policy

Akbank T.A.S.’s Sanctions Policy is designed to ensure compliance with relevant economic and trade sanctions laws in all jurisdictions where the bank operates. The policy applies to:

  • All countries and/or jurisdictions where Akbank operates or has an active registration or license
  • All employees receive training on International Sanctions Regulations annually

Customer Acceptance Policy

The bank’s Customer Acceptance Policy outlines the principles of Know Your Customer procedures, which involve:

  • Identifying customers and verifying their identity through official documents and other reliable means
  • Criteria for accepting high-risk customers and transactions, including:
    • Cash-intensive businesses
    • Foreign money transfers
    • Complicated transactions

Training Program

Akbank T.A.S.’s training program is designed to educate existing and new employees about:

  • The bank’s products and services
  • Legal obligations under anti-money laundering and counter-terrorism financing regulations
  • AML questionnaires and Patriot Act certifications for correspondent accounts for foreign banks

Conclusion

Overall, Akbank T.A.S.’s compliance procedures demonstrate its commitment to preventing money laundering and terrorist financing in Turkey. By implementing robust measures and training employees, the bank is well-positioned to meet the country’s regulatory requirements and protect its reputation as a leading financial institution.