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Turkey’s Financial Sector to Implement Compliance Programs to Combat Money Laundering and Terrorism Financing
Istanbul - The Turkish government has introduced new regulations aimed at preventing money laundering and terrorism financing in the country’s financial sector.
New Regulations to Strengthen Anti-Money Laundering Measures
The regulations, published in the Official Gazette on [Date], require all obligated entities such as banks, capital market intermediary institutions, insurance companies, and others to develop and implement comprehensive compliance programs. These programs will be designed to identify, assess, and mitigate the risks of money laundering and terrorism financing.
Key Requirements for Obligated Entities
- Appoint a compliance officer who meets certain qualifications, including at least five years of experience in a managerial or expert role at a financial institution.
- Establish an education policy that covers training activities for employees, including:
- Identifying responsible parties
- Determining personnel and trainers who will participate in training activities
- Providing education methods
- Conduct monitoring and control activities on a regular basis to ensure compliance with institutional policies and procedures, including:
- Monitoring high-risk customers and transactions
- Controlling complex and unusual transactions
Strengthening Turkey’s Efforts to Combat Money Laundering and Terrorism Financing
The new regulations aim to strengthen Turkey’s efforts to combat money laundering and terrorism financing. The country has been under pressure from the international community to improve its anti-money laundering and counter-terrorism financing measures in recent years.
According to a statement released by the Turkish government, the new regulations “aim to strengthen the financial sector’s ability to prevent and detect money laundering and terrorism financing, as well as to ensure that Turkey is fully compliant with international standards on these issues.”
Implementation Timeline
The regulations will come into effect on [Date] and obligated entities will have until [Date] to establish their compliance programs. The Turkish government has also announced plans to provide additional guidance and support to obligated entities as they implement the new regulations.
Conclusion
In conclusion, the introduction of these new regulations is a significant step forward in Turkey’s efforts to combat money laundering and terrorism financing. The implementation of comprehensive compliance programs by obligated entities will help to strengthen the country’s financial sector and ensure that it is fully compliant with international standards on these issues.