Financial Crime World

Turkey’s Financial Institution Compliance Officers: A Look at Aklease’s Policy

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In an effort to combat money laundering and terrorist financing, Turkish financial institutions must adhere to strict regulations set forth by the country’s anti-money laundering and terrorism financing laws. One such institution is Aklease, a 100% subsidiary of Akbank.

Aklease’s Compliance Policy

Established in 1988, Aklease has implemented a “Corporate Policy for the Prevention of Laundering Proceeds of Crime and Financing of Terrorism” approved by its Board of Directors. The policy outlines the company’s commitment to complying with Turkish laws and international standards, including those set forth by the Financial Action Task Force (FATF).

  • Utilization of the financial system to launder money resulting from crimes is a criminal offense in Turkey.
  • The country’s Financial Crimes Investigation Board (MASAK) plays a crucial role in combating laundering proceeds of crime and financing of terrorism.

Aklease’s AML/CFT Program

To comply with these regulations, Aklease has instituted an Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) program. The program includes:

  • Designated AML Compliance Officer
  • Written policies, procedures, and guidelines
  • Risk-based controls, including software that detects suspicious transactions
  • Training for employees to ensure they are aware of their legal obligations

Customer Acceptance Policy

Aklease’s Customer Acceptance Policy requires the company to verify the identity of its customers through Know Your Customer (KYC) procedures. The policy outlines the required information and documentation needed to establish a customer relationship, including:

  • Identification documents
  • Proof of address
  • Tax number

High-Risk Products and Services

The company has identified certain products and services as high-risk, including:

  • Transactions with risky countries
  • Complex and uncontrolled transactions
  • Products that are not suitable for the customer’s profession or field of activity
  • Certain customers, such as those involved in money service businesses, correspondent banks, and politically exposed persons

Training

To ensure its employees are aware of their legal obligations and can effectively identify suspicious transactions, Aklease provides training on its AML/CFT program. The training covers topics such as:

  • Risks associated with money laundering and terrorist financing
  • How to report suspicious transactions

By implementing a comprehensive AML/CFT program and adhering to Turkish laws and international standards, Aklease demonstrates its commitment to combating money laundering and terrorist financing in Turkey.