Financial Crime World

Turkey Toughens Know Your Customer Rules

As part of its efforts to combat money laundering and terrorist financing, ICBC Turkey Bank A.Š has strengthened its know your customer (KYC) policies and procedures in line with anti-money laundering (AML) and anti-terrorist financing (ATF) regulations.

Commitment to Fighting Financial Crime

ICBC Turkey’s commitment to fighting financial crime is reflected in its adoption of comprehensive KYC policies and procedures that are in compliance with all applicable laws, 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

Employee Training and Risk-Based Assessments

ICBC Turkey’s employees undergo annual training on AML, ATF, and KYC guidelines to ensure they are equipped to identify and report suspicious transactions. The bank also conducts:

  • Risk-based assessments for its customers and their transactions
  • Checks beneficial owners and main economic activities
  • Monitors all types of transactions

PAYGATE INSPECTOR Computer Program

ICBC Turkey has implemented a computer program called PAYGATE INSPECTOR that filters all in-coming and out-going transactions against lists of blocked countries, entities, and individuals. The program automatically cross-checks account openings and money transfers with these lists to prevent any suspicious activity.

Compliance Department

The Compliance Department is responsible for overseeing ICBC Turkey’s AML, ATF, and KYC framework and conducts regular internal audits to ensure compliance with international and national guidelines. The department is also in charge of reporting all suspicious transactions to the Financial Crimes Investigation Board (MASAK).

Reputation and Contact Information

ICBC Turkey has never been subject to sanctions or punitive actions related to AML, ATF, and KYC issues. The bank’s commitment to fighting financial crime has earned it a reputation as a responsible financial institution.

For any inquiries with respect to AML, ATF, and KYC issues, please contact: