Financial Crime World

Turkey’s Financial Institutions Strengthen Anti-Money Laundering Efforts

Enhanced AML/ATF/KYC Measures to Combat Financial Crimes

ICBC Turkey Bank A.S. has taken significant steps to strengthen its anti-money laundering (AML), anti-terrorist financing (ATF), and know-your-customer (KYC) policies and procedures in an effort to combat money laundering and terrorist financing.

Compliance with Turkish Laws

The bank is supervised by the Banking Regulation and Supervision Agency (BDDK), the Financial Crimes Investigation Board (MASAK), the Ministry of Finance, and independent external auditors. ICBC Turkey’s measures are in compliance with Turkish laws, including:

  • 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

Enhanced AML/ATF/KYC Policies and Procedures

The bank’s policies and procedures are approved by its Board of Directors and communicated to all employees through signature. Key measures include:

  • Customer Identification: ICBC Turkey confirms customer identification regardless of monetary limit before executing transactions related to account opening, credit relationships, credit cards, deposit box services, and insurance intermediaries.
  • Risk-Based Assessment: The bank applies risk-based assessment for its customers and transactions, checks beneficial owners and main economic activities, monitors all types of transactions, source and destination of funds, and banking behaviors of its customers.
  • Suspicious Transaction Reporting: ICBC Turkey reports all suspicious transactions to MASAK regardless of amounts within the scope of confidentiality.

Technology and Monitoring

The bank uses a computer program called PAYGATE INSPECTOR that filters all incoming and outgoing transactions against lists of blocked countries, entities, and individuals. The Compliance Department is responsible for carrying out risk management, monitoring, and control activities in line with international as well as internal AML/ATF/KYC guidelines.

Training and Internal Audits

ICBC Turkey provides mandatory-training programs related to AML/ATF/KYC guidelines to all employees annually. The bank’s internal auditors also check the system at regular intervals to ensure compliance with regulations.

Contact Information

For inquiries regarding AML, ATF, and KYC issues, please contact: