Know Your Customer (KYC) and Anti-Money Laundering (AML) Requirements for Independent Attorneys in Turkey

As an independent attorney in Turkey, it is essential to comply with the Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. These regulations are designed to prevent illegal activities such as money laundering, terrorism financing, and other financial crimes.

Scope of Obligation

Independent attorneys are considered “obligated parties” under Law No. 5549, which requires them to comply with KYC and AML regulations. This means that independent attorneys must take reasonable measures to prevent or report suspicious transactions related to money laundering or terrorist financing activities.

Key Requirements

• Client Identification: Independent attorneys must identify their clients and obtain necessary information based on the nature of the person concerned (real persons or legal entities).
• Suspicious Transaction Reporting: If there is a suspicion that a transaction may be related to illegal activities, such as terrorism financing, independent attorneys are required to report this to MASAK.
• Monetary Thresholds: Independent attorneys must conduct a KYC check for transactions exceeding TRY 2,000 or the sum of more than one correlative transaction exceeding TRY 20,000.
• Reporting and Retention: Information obtained during the KYC process must be verified and retained for eight years from the last transaction date.

Consequences of Non-Compliance

Non-compliance with these regulations can result in administrative fines. Therefore, it is crucial that independent attorneys in Turkey understand their obligations under Law No. 5549 and take necessary measures to comply with KYC and AML requirements.

By following these guidelines, independent attorneys can help prevent financial crimes and maintain a secure and trustworthy business environment in Turkey.