Turkey is among the countries who are aware of the importance of risks and threats of money laundering. Turkey is a country with a high risk of financial crime due to its geographical location. Turkey acts with FATF, United Nations, European Union and various international organizations within the scope of combating financial crimes. Therefore, Turkey has created AML laws and regulations to comply with international regulations.
Turkey legally began in 1996 to combat money laundering. With "Law No. 4208 Prevention of Money Laundering", Money laundering is defined in Turkey. With this law, the Financial Crimes Investigation Board (MASAK), which acts as Turkey's Financial Intelligence Unit (FIU) was established. MASAK was established to effectively fight money laundering and terrorist financing.
Financial crime methods have changed and improved over the world. These changes caused existing AML laws to lose their functionality. Turkey in this direction, to combat money laundering "Law No: 5549 on Prevention of Laundering Proceeds of Crime" was into the force in 2006. With this law, the duties and powers of the Financial Crimes Investigation Board (MASAK) have been increased and it has been ensured that it plays a more effective role in the fight against financial crimes.MASAK has the authority to regulate and audit financial institutions. MASAK publishes legislation and guidelines that inform financial institutions on how to take action against financial crime.
There are some duties and obligations of financial institutions to prevent financial crimes. These duties and obligations are measures against money laundering. These obligations are as follows.
• Customer identification
• Suspicious transaction reporting
• Training, internal control, control and risk management systems and other measures
• Periodically reporting
• Providing information and documents
• Retaining and submitting
• Electronic notification
In Turkey, banks, investment companies, finance companies, payment companies, money transfer companies, factoring companies cryptocurrency exchanges and lending companies have to ensure their AML obligations. MASAK checks whether financial institutions meet the requirements of AML regulations and laws. MASAK imposes administrative fines on organizations that cannot achieve AML compliance. In addition, responsible personnel is given a prison sentence for failing to provide obligations. MASAK aims to prevent financial crimes through audits and penalties.
Sanction Scanner is a compliance software that helps companies meet AML requirements. Sanction Scanner enables financial institutions in Turkey to comply with AML laws in Turkey and globally. Financial institutions meet the AML requirements in customer onboarding processes with our Sanction and PEP screening service. You can become compatible with MASAK controls with Sanction Scanner. You can contact us to get information about our AML solutions.