Turkey Updates Regulations to Combat Financial Crimes

MASAK Adopts FATF Standards to Prevent Money Laundering and Terrorist Financing

The Financial Crimes Investigation Board (MASAK) of Turkey has revised its regulations to align with international standards set by the Financial Action Task Force (FATF). The updated rules aim to strengthen anti-money laundering (AML) measures, prevent terrorist financing, and combat other financial crimes.

Key Changes in MASAK’s New Regulations

• Expanded scope of obliged parties: Group authorized institutions, finance, factoring and leasing companies, precious metals intermediary institutions, asset management companies, electronic money institutions, and payment institutions are now included. These entities must establish a compliance program with specific requirements.
• Increased customer identification threshold: Transactions exceeding TL 75,000 require customer identification, while electronic transfers above TL 7,500 also necessitate this step.
• Introduction of ultimate beneficial ownership abroad: MASAK can confirm information obtained from foreign partners through official public sources.

MASAK Audits and Sanctions

Audits can be conducted on-site or remotely, and sanctions may include written warnings, administrative fines, license suspension or cancellation. An additional administrative fine will be imposed on board members/managers of violating entities.

Compliance Solutions for Turkish Businesses

Sanction Scanner AML Compliance Solutions offers easy integration and effective solutions to combat financial crimes without wasting time. Their AI-powered AML compliance solutions are suitable for non-financial businesses in Turkey, such as precious metals, stones, or jewelry purchase and sale, and intermediaries in these transactions.

Get a Demo of Sanction Scanner’s AML Compliance Solutions

Contact Sanction Scanner to request a demo and discover how their AML compliance solutions can help Turkish businesses comply with the updated regulations.