Anti-money laundering regulations in Turkey 110

 Anti-money laundering regulations

Under the required to have Anti-money laundering regulations in Turkey appropriate risk management systems and procedures in place to determine whether a client, or the beneficial owner of a client, is PEP, or a family member of known close associate of a PEP. You will also need to have appropriate risk management systems and procedures in place to manage the enhanced risks arising from your relationship with the client.

As with the MLR 2017, you will need to provide staff with appropriate training on money laundering and terrorist financing. This now includes an obligation to make staff aware of the law on data protection, where it’s relevant to the implementation of the MLR 2017.

Another obligation stipulated by the Measures Regulation is to provide information and documents regarding customers, tranKYC requirements in Turkeysactions, and the AML regulations in Turkey obliged parties' activities. This obligation stipulates that not only obliged parties but also all organizations, institutions, and persons (both private and public) are obliged to provide the information and documents requested by MASAK and supervision officers.

The new regulation will contain directly applicable rules, including in the areas of customer due diligence and beneficial ownership. It also includes the setting up of an EU-wide limit of €10,000 to large cash payments.

20 July 2021The European Commission presented an ambitious package of legislative proposals to strengthen the EU’s anti-money laundering and countering the financing of terrorism (AML/CFT) rules. The package harmonises AML/CFT rules across the KYC requirements in Turkey. It also proposes the creation of a new EU authority to fight money laundering. 16 September 2020The European Commission adopted a report assessing whether Member States have duly identified and made subject to the obligations of Directive (EU) 2015/849 all trusts and similar legal arrangements governed under their laws. Directive (EU) 2015/849 (the 5th anti-money laundering Directive) indeed extended to trusts and similar legal arrangements the transparency rules and obligations applicable to legal entities, requiring Member States to identify and notify trusts or trust-like arrangements governed under their legal framework. 7 May 2020The European Commission adopted an action plan for a comprehensive Union policy on preventing money laundering and the financing of terrorism built on six pillars. To gather the views of citizens and stakeholder on these measures, the Commission launched a public consultation in parallel to the adoption of thi"s action plan. 24 July 2019The European Commission adopted a Communication entitled ‘Towards better implementation of the EU's anti-money laundering and countering the financing of terrorism framework’ accompanied by four reports.

¨C10C¨C11CAs per the AML Law, in case of a violation of customer identification, ¨C20C imposes an administrative fine of 30,000 TRY (approx. 3,690 USD)11 on obliged parties. If the obliged party is a bank, financing company, factoring company, lender, financial leasing company, insurance, a reinsurance company, pension company, capital market institution, exchange bureaus, payment, and electronic Payment services license in Turkey institution, the administrative fine is doubled. (the amount cannot be less than 5% of the transaction amount) This administrative fine can be applied to (i) the obliged party, (ii) the employee or employees who performed the transaction, and (iii) the managers who have a role and responsibility in the finalization of the transaction.¨C12C¨C13CDocuments Accountancy sector guidance for money laundering supervision PDF, 933KB, 73 pages Details This guidance has been produced by the Consultative Committee of Accountancy Bodies and is based on law and regulations as of 26 June 2017. The guidance helps accountancy related businesses meet their obligations for money laundering supervision, including customer due diligence, record keeping and reporting suspicious activity. More ¨C21C about recognising and reducing risk of money laundering if you’re an accountancy service provider.¨C14C¨C15CIn accordance with the AML Law, if the obliged parties violate the obligations of establishing training, internal audit, control, and risk management systems or appointment of the compliance officer, the authorities grant obliged parties with a period of at least thirty days to by officially serving a written notice. At the end of this period, if the obliged parties do not complete their deficiencies, an administrative fine of 500,000 TRY (approx. 61,500 USD)17 will be imposed. After the notification of this administrative fine, the Ministry gives a new period, not less than sixty days. If the obliged parties do not complete their deficiencies at the end of this period, an additional 1,000,000 TRY (approx. 123,000 USD)18 administrative fine will be imposed. If the deficiencies are not completed within thirty days from the notification of the second administrative fine, the situation will be notified to the relevant institution to suspend or restrict the activities of the obliged party for a certain period or to cancel their activity permit certificate.

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