Anti-money laundering regulations in Turkey
Harun Güngör
A broker-deal firm’s Anti-money laundering regulations in Turkey efforts may overlap with any number of other regulatory concerns. On this episode, the second in a two-part series, we’re looking at how AML may overlap with a firm’s efforts to protect senior investors from exploitation and fraud.
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.
Based on Directive (EU) 2015/849, Article 9, the Payment services license in Turkey Commission is mandated to identify high-risk third countries having strategic deficiencies in their regime on anti-money laundering and countering the financing of terrorism. The aim is to protect the integrity of the EU financial system.
Impact AssessmentsImpact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:Why the government is proposing to intervene;The main options the government is considering, and which one is preferred;How and to what extent new policies may impact on them; and,The estimated costs and benefits of proposed measures.
Amendments to the Money Laundering, Personal Data Protection in Turkey and Transfer of Funds (Information on the Payer) Regulations 2017 Statutory Instrument 2022 PDF, 542KB, 56 pages This file may not be suitable for users of assistive technology. Request an accessible format. If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email digital. Please tell us what format you need. It will help us if you say what assistive technology you use.
Due to the coronavirus pandemic (COVID-19), FINRA is providing temporary relief for member firms from rules and requirements in the Frequently Asked Questions below. The relief provided does not extend beyond the identified rules and requirements. FINRA will continue to monitor the situation to determine whether additional guidance and relief may be appropriate. As coronavirus-related risks decrease, member firms should expect to return to meeting any regulatory obligations for which relief has been provided.
KYC requirements in Turkey20 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 EU. 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 this 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.
AML regulations in TurkeyBoth the Prevention Regulation and Compliance Program Regulation expanded the definition of “obliged party.” Furthermore, the AML regulations in Turkey and Compliance Program Regulation foresaw various additional obligations for the obliged parties. Considering that these amendments entered into force on 1 May 2021, it is crucial for the obliged parties to determine the relevant obligations applicable and take the necessary steps to promptly comply with the amendments by the deadlines specified in these regulations. Otherwise, those who fail to comply with the relevant obligations may face administrative fines imposed by MASAK.