Financial Crime World

Financial Crimes Definition in Turkey: MASAK’s New Regulations Bring Clarity

Turkey has taken significant steps to combat financial crimes, with the Financial Crimes Investigation Board (MASAK) playing a crucial role in preventing money laundering and terrorist financing. As part of its efforts to comply with global standards set by the Financial Action Task Force (FATF), MASAK has updated its regulations to include new provisions for compliance programs and expand its scope to certain non-financial jobs and professions.

Key Changes

Expanded Scope of Obliged Parties

  • The definition of obliged parties now includes:
    • Group A authorized institutions
    • Finance companies
    • Factoring and leasing companies
    • Precious metals intermediary institutions
    • Asset management companies
    • Electronic money institutions
    • Payment institutions
  • These entities are required to establish a compliance program at the financial group level, assign a compliance officer and assistant, and notify MASAK of any changes.

Definition of Financial Groups

  • A financial group includes:
    • Main financial institutions
    • Other institutions that make up the group
  • These groups must create a group-level compliance program, establish corporate policies, and conduct training and monitoring activities.

Increased Threshold for Customer Identification

  • The threshold for customer identification has been increased from:
    • TL 20,000 to TL 75,000 for transactions
    • TL 2,000 to TL 7,500 for electronic transfers

Ultimate Beneficial Ownership Abroad

  • New provisions have been introduced for identifying ultimate beneficial ownership abroad, allowing confirmation of information obtained from foreign legal person partners through official sources.

Consequences of Non-Compliance

  • Failure to comply with the regulations may result in severe penalties, including:
    • Written warnings
    • Administrative fines
    • License cancellation
  • It is essential for obliged parties to adhere to the new requirements to avoid such penalties.

Compliance Solutions

Sanction Scanner AML Compliance Solutions offers a range of solutions designed to meet the needs of financial institutions and other obliged parties in Turkey. Our AI-powered AML compliance solutions provide:

  • Real-time monitoring and alert systems
  • Easy integration with existing systems

With our solutions, you can easily comply with regulatory audits and compliance programs, protect your reputation by preventing financial crimes, and fight financial crimes without wasting time.

Contact us to learn more about how Sanction Scanner can help you navigate the complexities of financial crime prevention in Turkey.