Financial Crime World

Regulatory Bodies in Turkey: MASAK and BRSA (BDDK) Play Key Role in Combatting Financial Crimes

In an effort to combat financial crimes, Turkey has established two key regulatory bodies - the Financial Crimes Investigation Board (MASAK) and the Banking Regulation and Supervision Authority (BRSA) (BDDK). These institutions play a crucial role in preventing money laundering and ensuring the stability of the country’s financial system.

The Role of MASAK

MASAK, which operates under the Ministry of Treasury and Finance, was established in 1996 with the aim of investigating and examining money laundering crimes. Its main duties include:

  • Conducting research on money laundering and methods for its prevention and detection
  • Developing measures to combat the crime
  • Collecting data
  • Analyzing information
  • Making recommendations to relevant authorities

The Role of BRSA (BDDK)

BRSA (BDDK), on the other hand, was established in 2000 to protect the rights and interests of depositors in Turkey, create a healthy environment for banks and private financial institutions to operate, and contribute to the country’s long-term growth and stability. Its duties include:

  • Regulating banking activities
  • Establishing banks
  • Ensuring the effective functioning of the credit system

Receiving Complaints

Both MASAK and BRSA (BDDK) have set up procedures for receiving complaints from the public. For suspicious transactions, financial institutions must submit a report to MASAK using a special form. The authority also accepts reports from individuals who suspect illegal financial activity.

BRSA (BDDK), on the other hand, can be complained to through five different channels:

  • Information system
  • Electronic complaint system
  • Petition
  • Call center
  • Presidential Communication Center (CIMER)

The authority handles complaints related to transactions made by banks and other financial institutions.

Conclusion

In conclusion, MASAK and BRSA (BDDK) are crucial regulatory bodies in Turkey that work together to prevent financial crimes and ensure the stability of the country’s financial system. Their efforts help to:

  • Protect depositors’ rights and interests
  • Promote a healthy environment for banks and financial institutions
  • Contribute to the country’s long-term growth and development