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Anti-Money Laundering Requirements in Turkey

Regulatory/Administrative Anti-Money Laundering Requirements

In Turkey, the regulatory/administrative anti-money laundering (AML) requirements are governed by several laws and regulations, including:

• The Anti-Money Laundering Law No. 5549 and its subsequent amendments
• Regulations issued by the Turkish Central Bank
• Regulations issued by the Banking Regulation and Supervision Agency (BRSA)
• Regulations issued by the Capital Markets Board (CMB)
• Other relevant authorities

Competent Authorities Responsible for Enforcing Anti-Money Laundering Requirements

The main competent authorities responsible for enforcing AML requirements in Turkey include:

• The Banking Regulation and Supervision Agency (BRSA)
• The Capital Markets Board (CMB)
• The Turkish Central Bank
• The Anti-Money Laundering Investigation Unit (PMT)
• The General Directorate of Security

Statute of Limitations for Enforcement Actions

In Turkey, the applicable statute of limitations for competent authorities to bring enforcement actions related to AML is governed by:

• The Turkish Penal Code
• Other relevant legislation

Maximum Penalties for Non-Compliance

Failure to comply with regulatory or administrative AML requirements in Turkey can result in significant penalties imposed by relevant authorities. The maximum penalties for non-compliance may vary depending on the severity of the violation and the specific circumstances of the case.

Additional Sanctions for Violations

In addition to monetary fines and penalties, individuals and legal entities found to have violated AML regulations in Turkey may be subject to various other types of sanctions imposed by regulatory authorities and judicial bodies.