Financial Crime World

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Turkey’s Know Your Customer (KYC) Procedure Explained

Turkey has taken significant steps to combat money laundering, terrorist financing, and other financial crimes through its Know Your Customer (KYC) procedure. The country has implemented various measures to ensure that financial institutions, including ICBC Turkey Bank A.S., are equipped to detect and prevent suspicious transactions.

Compliance with Turkish Laws

According to a recent report, ICBC Turkey has adopted policies and procedures for anti-money laundering, anti-terrorist financing, and know your customer in compliance with Turkish laws, particularly:

  • Fight Against Laundering of Crime Revenues and Proceeds Law 4208
  • Prevention of Laundering Proceeds of Crime Law 5549
  • Prevention of the Financing of Terrorism Law 6415

ICBC Turkey’s KYC Procedure

ICBC Turkey’s KYC procedure involves a range of measures aimed at identifying customers and monitoring their transactions. The bank confirms customer identification regardless of monetary limit before executing transactions related to:

  • Opening accounts
  • Issuing credit cards
  • Providing other financial services

The bank also conducts risk-based assessments for its customers and their transactions, checks beneficial owners and main economic activities, and monitors all types of transactions.

Internal Guidelines

ICBC Turkey has implemented various internal guidelines to ensure compliance with KYC requirements. These guidelines include:

  • Intensive training
  • Monitoring
  • Reporting activities

The bank also employs a computer program called PAYGATE INSPECTOR to filter transactions against blocked countries, entities, and individuals.

Employee Training and Compliance

In addition, the bank provides mandatory-training programs related to AML, ATF & KYC guidelines for all employees annually. The Compliance Department is responsible for risk management, monitoring, and control activities in line with international as well as internal AML, ATF, and KYC guidelines.

Sanctions-Free Status

ICBC Turkey has never been subject to sanctions or punitive actions related to AML, ATF, and KYC issues. The bank’s Chief Compliance Officer, Mr. Gürdoğan Yurtsever, is responsible for coordinating and overseeing the AML, ATF, and KYC framework. He can be contacted at gurdogan.yurtsever@icbc.com.tr for any inquiries related to AML, ATF, and KYC issues.

Conclusion

Overall, Turkey’s KYC procedure has been designed to ensure that financial institutions like ICBC Turkey are equipped to detect and prevent suspicious transactions, thereby protecting the country’s financial system from criminal activities.