Financial Crime World

Turkey’s Financial Crimes Fighting Board Updates Regulations to Combat Money Laundering and Terrorist Financing

The Financial Crimes Investigation Board (MASAK) in Turkey has recently updated its regulations to comply with the standards set by the Financial Action Task Force (FATF). The new regulations aim to enhance the country’s ability to combat money laundering and terrorist financing.

Key Changes in the Updated Regulations

  • Expansion of Obligated Parties: The scope of obligated parties has been expanded to include certain non-financial jobs and professions, including:
    • Lawyers in terms of specific transactions
    • Intermediaries in precious metal, stone, or jewelry trading transactions
    • Intermediaries in the purchase and sale transactions of all kinds of sea, air, and land transportation vehicles, including construction equipment
    • Those who trade precious metals, stones, or jewelry and intermediaries in these transactions
    • Those who deal with real estate purchase and sale for commercial purposes and intermediaries in these transactions
  • Increase in Customer Identification Threshold: The threshold for customer identification has been increased to transactions of TL 75,000 and above.
  • Provision for Confirming Information from Foreign Legal Person Partners: A provision has been introduced allowing the confirmation of information obtained from foreign legal person partners through official sources open to the public in the relevant country.

Penalties for Non-Compliance

MASAK will make a written warning and give 30 days for violation. If the violation is not remedied, an administrative fine of not less than 500,000 TL and an additional 60-day period to remedy the violation will be applied.

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