Turkey’s Financial Intelligence Unit Updates Regulations to Combat Money Laundering and Terrorist Financing
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The Turkish Financial Crimes Investigation Board (MASAK) has recently updated its regulations to comply with international standards set by the Financial Action Task Force (FATF) and Mutual Evaluation Reports. The new regulations aim to prevent money laundering and terrorist financing in Turkey.
Key Changes
- Expanded scope of obliged parties to include certain non-financial jobs and professions, such as:
- Lawyers
- Intermediaries in precious metal transactions
- Real estate agents
- Requirement for these entities to establish a compliance program and appoint a compliance officer and assistant
- Increased threshold for customer identification from 20,000 Turkish Lira (TL) to TL 75,000 for transactions above this amount
- New provisions for identifying ultimate beneficial ownership abroad, allowing confirmation of information obtained from foreign legal person partners through official sources
Audits and Sanctions
MASAK’s audits and sanctions will be carried out in accordance with the new regulations. Financial institution compliance officers in Turkey must ensure that they comply with these regulations to avoid penalties and reputational damage.
Commitment to Compliance
Sanction Scanner AML Compliance Solutions has emphasized its commitment to helping financial institutions in Turkey comply with regulatory requirements. The company offers AI-powered AML compliance solutions that can help institutions identify potential risks and prevent financial crimes.
“With our solutions, financial institutions in Turkey can easily comply with the new regulations and protect their reputation,” said a spokesperson for Sanction Scanner. “Our easy integration and solutions enable financial institutions to fight financial crimes without wasting time.”
Conclusion
Financial institutions in Turkey are advised to review the updated regulations and ensure that they are compliant to avoid potential penalties and reputational damage.
Contact Information
For more information on how to comply with the new regulations and prevent financial crimes, please contact Sanction Scanner.