Financial Crime World

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Turkey Intensifies Efforts to Combat Money Laundering and Terrorist Financing

The Turkish government has stepped up its efforts to prevent money laundering and terrorist financing, requiring banks to implement strict anti-money laundering (AML), anti-terrorist financing (ATF), and know your customer (KYC) regulations.

ICBC Turkey Committed to Compliance

ICBC Turkey Bank A.Š., a major bank in the country, has committed to cooperating fully with law enforcement agencies and regulatory bodies to combat financial crimes. The bank has adopted policies and procedures that are in compliance with all applicable anti-money laundering laws in Turkey, including:

  • Fight Against Laundering of Crime Revenues and Proceeds Law 4208
  • Prevention of Laundering Proceeds of Crime Law 5549
  • Prevention of the Financing of Terrorism Law 6415

Milestones in Turkey’s Fight Against Money Laundering

Turkey has made significant progress in its fight against money laundering and terrorist financing since joining the Financial Action Task Force (FATF) in 1991. Some key milestones include:

  • September 25, 1991: Turkey joined the FATF
  • November 19, 1996: Law No. 4208 was enacted to prevent the laundering of crime revenues and proceeds
  • February 17, 1997: The Financial Crimes Investigation Board (MASAK) was established
  • June 1998: Turkey joined the Egmont Group, a cooperation between financial intelligence units of 106 countries

ICBC Turkey’s AML, ATF, and KYC Policies

ICBC Turkey’s policies and procedures for AML, ATF, and KYC are approved by its Board of Directors and all employees are notified. The bank conducts customer identification regardless of monetary limit before executing transactions related to:

  • Account opening
  • Credit relationships
  • Deposit box services
  • Insurance intermediaries

Risk-Based Approach

ICBC Turkey takes a risk-based approach to identifying and mitigating potential AML/ATF risks, including monitoring all types of transactions, source and destination of funds, as well as banking behaviors of its customers.

Compliance Department

The Compliance Department is responsible for coordinating and overseeing ICBC Turkey’s AML, ATF, and KYC framework. The department is headed by Mr. Gürdoğan Yurtsever, who can be contacted at gurdogan.yurtsever@icbc.com.tr.

ICBC Turkey has never been subject to sanctions or punitive actions related to AML, ATF, and KYC issues and continues to prioritize compliance with international standards.