Financial Crime World

Turkey Cracks Down on Money Laundering with Strict Banking Regulations

Strengthening Financial Stability through International Standards

Turkey has implemented strict banking regulations to combat money laundering and terrorist financing, ensuring that its financial institutions adhere to international standards. ICBC Turkey Bank A.S., one of the country’s leading banks, has adopted policies and procedures that comply with all applicable anti-money laundering (AML) laws in Turkey.

Commitment to Cooperation

According to a recent report, ICBC Turkey is committed to fully cooperating with law enforcement agencies to prevent money laundering and terrorist financing. The bank’s policies and procedures are designed to:

  • Identify and report suspicious transactions
  • Ensure accurate identification of customers and beneficial owners
  • Monitor all types of transactions, including account openings, deposits, and transfers

Risk-Based Assessment and Customer Monitoring

ICBC Turkey has implemented a risk-based assessment for its customers and their transactions. The bank monitors all transactions, including those related to:

  • Opening accounts
  • Depositing funds
  • Transferring money

Additionally, ICBC Turkey does not conduct business with shell banks or anonymous accounts.

Regulatory Enforcement and International Cooperation

Turkey’s AML regulations are enforced by the Financial Crimes Investigation Board (MASAK), which is responsible for investigating and preventing financial crimes. The country has also joined international organizations such as:

  • Financial Action Task Force (FATF)
  • Egmont Group

to combat money laundering and terrorist financing.

Compliance Department and PAYGATE INSPECTOR

ICBC Turkey’s Compliance Department was established to oversee the bank’s AML, ATF, and KYC framework. The department is headed by Chief Compliance Officer Gürdoğan Yurtsever, who is responsible for coordinating and overseeing the implementation of the bank’s AML policies and procedures.

The bank has also implemented a computer program called PAYGATE INSPECTOR to filter transactions against blocked countries, entities, and individuals.

Employee Training and Whistle-Blower Policy

ICBC Turkey provides mandatory training programs for its employees on AML, ATF, and KYC guidelines. All employees have direct access to the guidelines through the bank’s intranet.

The bank has also established a whistle-blower policy to encourage employees to report any suspicious transactions or activity.

System of Checks and Balances

ICBC Turkey has implemented a system of checks and balances, including regular monitoring and control activities carried out by internal auditors. The bank ensures compliance with international standards through:

  • Regular audits
  • Internal controls
  • Whistle-blower policy

Conclusion

With its robust AML regulations and enforcement mechanisms in place, Turkey is well-positioned to combat money laundering and terrorist financing. ICBC Turkey’s commitment to adhering to international standards demonstrates the country’s determination to maintain financial stability and prevent illicit activities.