Financial Crime World

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Turkey’s Financial Intelligence Unit Cracks Down on Money Laundering and Financial Crimes

In Turkey, the Financial Crimes Investigation Board (MASAK) has taken significant steps to prevent money laundering and combat financial crimes. As a key player in the global fight against financial crime, MASAK has updated its regulations to comply with international standards set by the Financial Action Task Force (FATF) and Mutual Evaluation Reports.

MASAK’s New Regulations

The Turkish government has expanded the scope of obliged parties to include certain non-financial jobs and professions. These new obligations apply to:

  • Lawyers
  • Intermediaries in precious metal, stone, or jewelry trading transactions
  • Those involved in real estate purchase and sale for commercial purposes

Under the new regulations, financial institutions must establish a compliance program that includes:

  • Creating a group-level compliance program
  • Establishing corporate compliance policies
  • Appointing a compliance officer
  • Conducting internal audit activities by authorized personnel or an inspection board

Transaction Limits

The threshold for customer identification has been increased from 20,000 Turkish Lira (TL) to TL 75,000, while the threshold for electronic transfers has risen from TL 2,000 to TL 7,500.

Ultimate Beneficial Ownership Abroad

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

MASAK Audits and Sanctions

MASAK conducts liability audits on-site or remotely and may impose sanctions, including:

  • Written warnings
  • Administrative fines
  • Revocation of licenses

The board also has the authority to hold individual board members or managers liable for non-compliance.

Complying with Regulations

In light of these changes, it is essential for businesses in Turkey to ensure compliance with MASAK’s new regulations. Sanction Scanner AML Compliance Solutions offer a comprehensive solution to help companies comply with regulatory audits and compliance programs, preventing financial crimes and protecting their reputation.