Financial Crime World

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Turkey’s Financial Crime Definition: What You Need to Know

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In Turkey, the fight against financial crimes has taken a significant step forward with the updated regulations of the Financial Crimes Investigation Board (MASAK). As a member of the Financial Action Task Force (FATF), Turkey is required to comply with global standards for combating money laundering and terrorist financing. In this article, we will delve into what these new regulations mean for businesses and professionals in Turkey.

MASAK’s New Regulations

MASAK’s updated regulations aim to strengthen its compliance program by expanding the scope of obliged parties to include certain non-financial jobs and professions. These new obligations require:

  • Group A authorized institutions
  • Finance companies
  • Precious metals intermediary institutions
  • Asset management companies
  • Electronic money institutions
  • Payment institutions

to create a compliance program.

New Definitions

The regulation also introduces new definitions, such as:

  • Financial groups: required to notify MASAK of changes within 30 days
  • Oversight responsibility for implementing the compliance program at the financial group level has been determined as the board of directors of the parent financial institution

New Obligated Persons

Under the new regulations, certain non-financial jobs and professions are now considered obliged persons. These include:

  • Free lawyers
  • Intermediaries in precious metal, stone, or jewelry trading transactions
  • Those who deal with real estate purchase and sale for commercial purposes

Transaction Limits

The new regulations have also increased the threshold for customer identification from TL 20,000 to TL 75,000 and above for cash transactions. For electronic transfers, the threshold has been raised from TL 2,000 to TL 7,500 and above.

Ultimate Beneficial Ownership Abroad

To ensure more accurate identification of ultimate beneficial ownership, the new regulation allows confirmation of information obtained from foreign legal person partners through official sources open to the public in the relevant country.

MASAK Audits and Sanctions

MASAK audits can be carried out on-site or remotely. In case of non-compliance, MASAK may impose:

  • Administrative fines
  • Written warnings
  • Revocation of licenses

Complying with Regulations

Staying ahead of financial crimes requires compliance with regulations. Sanction Scanner AML Compliance Solutions offers easy integration and solutions to help businesses comply with global and local regulators such as FATF and MASAK. With our AI-powered AML compliance solutions, you can protect your reputation by preventing financial crimes.

Contact Us

For more information on how to comply with Turkey’s new financial crime regulations, contact Sanction Scanner or request a demo today.