Turkey: MASAK Tightens Compliance Procedures for Banks Amid FATF Scrutiny
The Financial Crimes Investigation Board (MASAK) in Turkey has updated its regulations to align with international standards set by the Financial Action Task Force (FATF). This move comes as Turkey faces increased scrutiny from FATF over its compliance with anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations.
New Regulations and Requirements
Under the new regulations, MASAK has expanded the scope of obliged parties to include certain non-financial jobs and professions. These entities must now implement a comprehensive compliance program that includes:
- Establishing a group-level compliance program
- Assigning a compliance officer and assistant
- Conducting regular internal audits
The revised regulations also introduce stricter requirements for customer identification, including:
- Increased thresholds for transactions and electronic transfers
- Identification of ultimate beneficial ownership abroad
- Confirmation of information obtained from foreign legal person partners through official sources
Consequences of Non-Compliance
MASAK’s new regulations aim to enhance transparency and accountability in Turkey’s financial sector. The board will conduct regular audits and impose sanctions on banks that fail to comply with the updated regulations. Sanctions may include:
- Written warnings
- Administrative fines
- License revocation
Staying Ahead of the Regulatory Curve
The compliance landscape in Turkey is set to become increasingly challenging for banks and financial institutions. To stay ahead of the curve, it’s essential for these entities to adopt robust AML compliance solutions that can help them navigate the complex regulatory environment.
Sanction Scanner’s AI-Powered AML Compliance Solutions
In this context, Sanction Scanner offers a comprehensive range of tools and services designed to help Turkish banks and financial institutions comply with local and international regulations. Our AI-powered AML compliance solutions include:
- Comprehensive risk assessments
- Customer screening and monitoring
- Transaction monitoring and reporting
- Regulatory compliance consulting
By leveraging our expertise and technology, you can ensure seamless compliance with MASAK’s new regulations and protect your reputation from financial crimes.
Contact Us Today
To learn more about Sanction Scanner’s AML compliance solutions and discover how we can help you stay ahead of the regulatory curve in Turkey, contact us today.