New Regulatory Measures Taken for Anti-Money Laundering and Counter-Terrorism Financing
Significant legislative amendments to the anti-money laundering and combating the financing of terrorism regulations were introduced and published in the Official Gazette dated 25.12.2024 and numbered 32763 (Legislative Amendments).
Amendments to the Regulation on Measures to Prevent Laundering Proceeds of Crime and Financing of Terrorism (MASAK Measures Regulation)
The Legislative Amendments are summarized below:
- Medium, large and very large-scale electronic commerce intermediary service providers are included within the scope of the regulation to the extent of their transactions with electronic commerce service providers.
- In crypto asset transfers, it is made obligatory to include at least one of the information used to identify the originator, the name and surname, the title of the legal entity registered in the trade registry, the full name of other legal entities and entities without legal personality (Identity Information), the ledger address, the reference number related to the transaction in the absence of a ledger address (Ledger Information), address or place and date of birth or customer number, citizenship number, passport number, tax identification number in the messages regarding the crypto asset transfer transaction of TRY 15,000 and above mediated by crypto asset service providers.
- In crypto asset transfer messages, Identity Information and Ledger Information regarding the beneficiary are included, but verification of this information is not mandatory.
- In crypto asset transfer messages under TRY 15,000, Identity Information and Ledger Information of the originator and beneficiary are included, but verification of this information is not mandatory.
- The beneficiary’s crypto asset service provider is authorized to reject transfers from the originator’s crypto asset service provider, limit the transactions with the provider in question or to terminate the business relationship if the missing information is not provided.
- In line with amendments to Financial Crimes Investigation Board General Communiqué (Serial No:19), crypto asset service providers facilitating the trading or custody of privacy-focused crypto assets are prohibited from using remote identification methods for transactions involving such assets. In continuous business relationships, identity verification can be conducted without face-to-face interaction; however, it is mandatory to verify customers' identity information through the Identity Sharing System.
Amendments to the Electronic Notification Regulation (E-Notification Regulation)
The Legislative Amendments are summarized below:
- Crypto asset service providers are included in the Financial Crimes Investigation Board (MASAK) Presidency’s E-notification System, for purpose of electronic notifications.
- Entities engaged in crypto asset service provider activities that have applied to the Capital Markets Board (CMB) on 02.07.2024 within the scope of these activities, and those officially declared operational by the CMB, must apply to the MASAK Presidency for account opening by 25.01.2025.
Amendments to the Regulation on the Compliance Programme for the Obligations Regarding the Prevention of Laundering Proceeds of Crime and Financing of Terrorism (MASAK Compliance Regulation)
The Legislative Amendments are summarized below:
- Crypto asset service providers are required to establish a compliance program. This program should include the institution's policies on legal compliance, risk management, monitoring and control mechanisms, enhanced measures in line with sanctions, and the review of transfer messages to mitigate the risks of breaches or non-implementation of asset freezing decisions under Law No. 6415 on the Prevention of Financing of Terrorism and Law No. 7262 on the Prevention of Financing the Proliferation of Weapons of Mass Destruction.
- Under the payment service performed through the terminal, for transactions requiring the establishment of a business relationship with the customer and identification, measures shall be taken to (i) obtain additional information about the customer and update the identity information of the customer and the real beneficiary more frequently and (ii) require that the first financial transaction in the establishment of a continuous business relationship is made from another financial institution to which the principles regarding customer identification are applied. It is regularly checked that the terminals are used by the purpose of the business relationship and that others do not use them in violation of the legislation. If any violation is detected, necessary measures are taken, including termination of the business relationship.
- Medium, large or very large-scale electronic commerce intermediary service providers and savings finance companies are also required to appoint a compliance officer at the administrative level.
Amendments to the Financial Crimes Investigation Board General Communiqué (Serial No: 5)
The Legislative Amendments are summarized below:
- Under the MASAK Measures Regulation, for (i) transactions between financial institutions and (ii) transactions where the customers of obliged parties, other than financial institutions, are banks, information regarding the type and number of the identity documents of individuals identified as the ultimate beneficiaries of a foreign-resident bank may be exempted from collection under a risk-based approach.
- The annual cash withdrawal limit, previously set as the minimum threshold for the exemption from prepaid card identification, has been abolished. The scope of the exemption is now limited to (i) cases where the cardholder is physically present at the workplace and the card is physically used, or (ii) transactions involving the purchase of goods and services or invoice payments made to service providers and intermediary service providers who accept product stamps.
- In transactions involving the issuance of electronic money and payment services provided through electronic communication services (e.g., mobile payment services), obligors are not required to perform identification for electronic money issuance or payment services that are restricted to cash withdrawals or the purchase of goods and services, provided such transactions cannot be used for fund transfers and remain within thresholds set based on criteria such as cash withdrawal amounts, total loading amounts, balances, or transaction values.
Amendments to the Financial Crimes Investigation Board General Communiqué (Serial No:19)
Amendments to the E-Notification Regulation
Amendments to the MASAK Compliance Regulation
Amendments to the Financial Crimes Investigation Board General Communiqué (Serial No: 5)
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