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Turkey’s Banking Regulations on Anti-Money Laundering and Combating Finance of Terror Take Center Stage at Turkish Bank A.Ş.
In a move to strengthen its anti-money laundering (AML) framework, Turkish Bank A.Ş has developed a comprehensive compliance program aimed at preventing money laundering and combating finance of terror.
Comprehensive Compliance Program
The program, approved by the bank’s board, covers all branches and financial subsidiaries, ensuring uniform policies and practices across the institution. The written institutional policy and procedures under the scope of the compliance program include key measures such as:
- Assigning a Money Laundering Reporting Officer (MLRO): to oversee the AML framework and coordinate with Turkey’s Financial Intelligence Unit (FIU).
- Identifying clients, proxies, and beneficial owners: to ensure transparency and accountability.
- Conducting risk assessments of clients: based on geographic, business, product, and service risks.
- Implementing enhanced due diligence for high-risk clients and Politically Exposed Persons (PEPs): to mitigate potential risks.
- Screening client names and transactions against sanction and embargo lists: provided by domestic and international authorities.
- Prohibiting direct or indirect accounts with shell banks: to prevent illegal activities.
- Banning financial services to companies engaged in activities related to anti-personnel mines, cluster bombs, and other weapons of mass destruction: to adhere to international standards.
Ongoing Monitoring and Control Activities
The bank also conducts ongoing monitoring and control activities to detect unusual and suspicious transactions, reports suspected activities to the Financial Investigation Board (MASAK), and keeps records and documents for at least ten years.
Training and Awareness
Turkish Bank A.Ş carries out yearly planned training activities under the supervision of its MLRO, covering topics such as money laundering, terrorist financing, and related legislation. The bank also sends amendments to its institutional policies to MASAK within thirty days and notifies related staff through signed acknowledgments.
Internal and External Audits
The efficiency and execution of the compliance program are regularly controlled by internal or independent external auditors, as well as public auditors authenticated by MASAK for inspection of AML policies and practices on a regular basis.
Contact Information
For any questions concerning Turkish Bank A.Ş’ Money Laundering Prevention measures, please contact a.cakir@turkishbank.com.