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Anti Money Laundering

Turkey has mirrored the requirements of EU Money Laundering Directive in its legislation (Law on Prevention of Laundering Proceeds of Crime No. 5549, as amended).

A FATF member, it observes most of the FATF-49 standards.

Turkey has established a financial intelligence unit (FIU), the Mali Suçlari Arastirma Kurulu (MASAK) or Financial Crimes Investigation Board, which is a member of The Egmont Group. Financial professions in the broadest sense are required to report suspicious operations to the MASAK.

Account opening procedures, insurance contracts, safe deposit services and financial leasing require formal identification of the account holder, except when the customer is a ‘state economic enterprise or quasi-public institution’. All credit and financial institutions have to identify clients for transactions exceeding TRY 20,000 or the equivalent amount in foreign currency.

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