Financial Crime World

MASAK Updates Regulations to Combat Financial Crimes in Turkey

The Financial Crimes Investigation Board (MASAK) of Turkey has recently updated its regulations to prevent money laundering and combat financial crimes, aligning with international standards set by the Financial Action Task Force (FATF).

Strengthening Anti-Money Laundering Regime

The updates aim to strengthen Turkey’s anti-money laundering (AML) regime and ensure compliance with FATF recommendations. The new regulations expand the scope of obliged parties to include:

  • Group A authorized institutions
  • Finance, factoring, and leasing companies
  • Precious metals intermediary institutions
  • Asset management companies
  • Electronic money institutions
  • Payment institutions

Additionally, financial groups are now required to establish a compliance program at the group level.

New Requirements for Internal Control

The updates introduce new requirements for internal control, including:

  • Expanded scope for internal auditing activities
  • Increased penalty amounts for non-compliance

Furthermore, the threshold for customer identification has been increased to transactions of TL 75,000 and above, and the threshold for electronic transfer limits has been raised to TL 7,500 and above.

Compliance Enforcement

MASAK will conduct liability audits on obliged parties to ensure compliance with the new regulations. Non-compliance may result in:

  • Administrative fines ranging from TL 500,000 to twice the initial fine
  • Warnings
  • Suspensions of licenses

Solution for Businesses

In response to the updated regulations, Sanction Scanner AML Compliance Solutions is offering a range of solutions to help businesses comply with MASAK’s new requirements. Their AI-powered AML compliance solutions can:

  • Identify high-risk transactions
  • Monitor customer behavior
  • Detect suspicious activity

“We understand that regulatory compliance can be challenging for businesses in Turkey,” said [Name], CEO of Sanction Scanner. “Our solutions are designed to simplify the process and ensure that our clients are compliant with MASAK’s new regulations. We believe that our technology can help prevent financial crimes and protect reputations.”

About Sanction Scanner

Sanction Scanner is a leading provider of AML compliance solutions, with expertise in global and local regulatory requirements. The company offers a range of products and services designed to help businesses comply with FATF and MASAK regulations.

For more information about Sanction Scanner’s AML compliance solutions, please contact [Name] at [Email] or visit our website at [Website].