Turkey Strengthens Fight Against Financial Crimes with MASAK Regulations Update

The Financial Crimes Investigation Board (MASAK) in Turkey has updated its regulations to comply with international standards set by the Financial Action Task Force (FATF). This move aims to enhance the country’s efforts in preventing money laundering and combating financial crimes.

Key Changes

Expanded scope of obliged parties: Non-financial jobs and professions such as lawyers, accountants, and real estate agents are now included.
Increased customer identification threshold: From TL 20,000 to TL 75,000.
Stricter rules for electronic transfers.

Compliance Requirements

To ensure compliance with the new regulations, financial institutions must:

Establish a compliance program at the group level
Assign a compliance officer and assistant
Conduct regular internal audits
Implement robust anti-money laundering (AML) measures

MASAK’s Role

As a key player in Turkey’s fight against financial crimes, MASAK plays a crucial role in:

Identifying suspicious transactions
Collecting data
Reporting serious suspicions to relevant authorities

Consequences of Non-Compliance

MASAK will conduct liability audits on-site or remotely and impose sanctions on violators, including:

Administrative fines
License revocation

Staying Ahead of Financial Crime Threats

To ensure compliance with the new regulations, Turkey’s businesses and professionals must implement robust AML measures to prevent financial crimes. Sanction Scanner AML Compliance Solutions can help businesses navigate the complexities of Turkish regulations and stay ahead of financial crime threats.

Conclusion

MASAK’s updated regulations demonstrate Turkey’s commitment to combating financial crimes and maintaining its reputation as a responsible member of the global financial community.