Turkey’s Financial Institution Compliance Officers Face Tough Regulations
In the ever-evolving landscape of global finance, Turkey’s financial institutions are no exception. Akbank T.A.S., a private commercial bank established in 1948, is one such institution that has been authorized and regulated by the Banking Regulation and Supervision Agency (BRS) to implement anti-money laundering (AML) and combating financing of terrorism (CFT) standards.
AML/CFT Compliance Efforts
As part of its compliance efforts, Akbank T.A.S. implements a robust AML/CFT program that includes:
- Designated compliance officers responsible for ensuring adherence to regulations
- Written policies and procedures outlining the bank’s stance on AML/CFT
- Employee training programs to educate staff on AML/CFT regulations and legal obligations
Customer Acceptance Policy
Akbank T.A.S.’s customer acceptance policy prohibits accepting customers who are:
- Named in sanction or embargo lists
- Notified by official bodies as subjects non-eligible for establishment of business relations
The bank also has a customer due diligence (EDD) policy that requires enhanced due diligence for high-risk customers and transactions.
High-Risk Products and Services
Akbank T.A.S. classifies certain products and services as high-risk, including:
- Transactions with risky countries
- Foreign money transfers of high amounts
- Cash depositing and withdrawal transactions in high amounts
- Complicated and extraordinary transactions
The bank also identifies certain customers as high-risk, including:
- Non-profit-organized organizations
- Offshore banks
- Companies founded in risky territories
Resources for Compliance Efforts
To support its compliance efforts, Akbank T.A.S. provides various resources, including:
- An AML questionnaire form
- Certification regarding correspondent accounts for foreign banks
The bank’s commitment to compliance is evident in its efforts to prevent financial crimes and maintain a secure and transparent banking system.
Conclusion
In conclusion, Turkey’s financial institutions, such as Akbank T.A.S., face tough regulations when it comes to AML/CFT compliance. By implementing robust programs, policies, and procedures, these institutions can ensure they are meeting their legal obligations and maintaining a secure and transparent banking system.