TÜRKIYE Trends and Developments Contributed by: Selim Keki, Çisem Altundemir and Erkin Tuzcular, Balcıoğlu Selçuk Eymirlioğlu Ardıyok Keki Attorney Partnership
cial crimes and aligning with international stand - ards. This shift reflects the nation’s commitment to enhancing financial integrity and addressing the recommendations of global organisations such as the Financial Action Task Force (FATF).
ment of more information and documents, with higher scrutiny when reviewing the same. Enhanced supervision and enforcement Regulatory bodies such as the Banking Regu - lation and Supervision Agency and the Capital Markets Board have intensified their supervi - sion and enforcement activities. These agencies conduct more frequent inspections and impose heavier fines and sanctions on institutions that fail to comply with AML regulations. Increased reporting and transparency Mandatory reporting requirements Financial institutions and other obligated entities are now required to report suspicious transac - tions more rigorously. A notable increase has been observed in the volume of suspicious transaction reports submitted to MASAK. Beneficial ownership disclosure New regulations require companies to disclose their ultimate beneficial owners, enhancing transparency and making it more difficult for individuals to hide illicit funds behind complex corporate structures. As mentioned above, this comes into play in practice in dealings with banks and opening new bank accounts, where detailed ownership structure charts and sup - porting documentation are requested. International co-operation Türkiye has worked to align its AML regulations with the FATF’s recommendations. This includes implementing measures to prevent the financing of terrorism and ensuring that non-financial busi - nesses and professions adhere to AML obliga - tions. For example, Türkiye has strengthened its regulatory framework to enhance due diligence requirements for real estate agents, lawyers, accountants and other professionals who may
Legislative enhancements Amendments to existing laws
Law No 5549 on Prevention of Laundering Pro - ceeds of Crime was amended to close gaps and address new challenges in relation to money laundering activities. These amendments have expanded the scope of predicate offences and increased penalties for non-compliance. They address not just traditional financial crimes but also offences such as tax evasion, corruption and environmental crimes. By expanding the scope of predicate offences, a wider array of illicit activities that could generate laundered funds should be covered. Adoption of new regulations New regulations have been introduced to enhance the legal framework for AML. These include detailed guidelines on customer due diligence, reporting suspicious transactions, and record-keeping requirements. The new regula - tions also mandate stricter verification process - es for politically exposed persons and beneficial ownership disclosures. Institutional strengthening Financial Crimes Investigation Board (MASAK) MASAK, Türkiye’s financial intelligence unit (FIU), has been given more authority and resources to investigate money laundering activities. MASAK has enhanced its analytical capabilities and increased its collaboration with domestic and international agencies. MASAK collaborates with banks during their account opening process for new and/or foreign customers. The account opening process is now subject to the procure -
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