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MASAK Updates Regulations to Enhance Financial Security in Turkey

The Financial Intelligence Unit of Turkey (MASAK) has updated its regulations to align with international standards set by the Financial Action Task Force (FATF) and Mutual Evaluation Reports. The new regulations aim to enhance financial security and prevent money laundering in Turkey.

Broader Scope of Obliged Parties

The updated compliance program now includes a broader scope of obliged parties, including non-financial institutions such as:

  • Lawyers
  • Accountants
  • Real estate agents who engage in transactions related to precious metals, stones, or jewelry

The regulation also increases the threshold for customer identification from 20,000 Turkish Lira to 75,000 TL.

Compliance Program Requirements

The compliance program is divided into five headings:

Create a Compliance Program

Appoint a Compliance Officer and Assistant

Establish Internal Control

Determine Transaction Limits

Identify Ultimate Beneficial Ownership Abroad

MASAK has also expanded its scope to include certain non-financial jobs and professions, such as:

  • Lawyers who work independently
  • Accountants who work independently

Consequences of Non-Compliance

MASAK conducts audits and sanctions against violators of the regulations. Sanctions may include:

  • Administrative fines
  • Suspension or revocation of licenses
  • Criminal charges

Companies must comply with the new regulations to avoid penalties and protect their reputation.

AML Compliance Solutions

Complying with the regulations can be a daunting task for businesses, but Sanction Scanner AML Compliance Solutions offers easy integration and solutions to help companies navigate the requirements. Their AI-powered AML compliance solutions are designed to prevent financial crimes and ensure regulatory compliance.

Choosing the Right Solution

According to experts, choosing the right solution is crucial in ensuring compliance with regulations such as FATF and MASAK. With Sanction Scanner, businesses can easily comply with regulatory audits and compliance programs, protect their reputation, and avoid financial risks. The company offers customized solutions for businesses operating in Turkey and around the world.

Conclusion

In conclusion, the updated regulations by MASAK aim to enhance financial security and prevent money laundering in Turkey. Businesses must comply with these regulations to avoid penalties and protect their reputation. Sanction Scanner AML Compliance Solutions can help companies navigate the requirements and ensure regulatory compliance.