The legislation concerning the prevention of money laundering and terrorism was amended on 27 May 2023. A summary of the amendments is below.
Amendments Regarding the Electronic Notification System
Law on the Prevention of Money Laundering numbered 5549 (Law) regulated that notifications to be made to the entities determined by the Turkish Financial Crimes Investigation Board (MASAK) shall be delivered electronically, and responses to these notifications can be requested in electronic form.
Accordingly, the Regulation on the Principles and Procedures of the Financial Crimes Investigation Board’s Electronic Notification System (Regulation) was published by MASAK, specifying that electronic notifications are the primary method for notifications within the scope of the Law for the entities determined by MASAK. The Regulation was amended in the Official Gazette on May 27, and “investment financing companies” and “payment and electronic money institutions” were added as entities that are obligated to use MASAK’s system. These organizations are required to open an account in the system established by MASAK to receive electronic notifications.
Although the Regulation came into force upon its publication, these organizations are required to open an account by August 1, 2023. You can reach the full text of the amendments in the Regulation here (only available in Turkish).
Amendments Regarding the Appointment of Compliance Officers
Entities determined by MASAK are required to comply with the provisions outlined in the Regulation on the Obligations for Compliance with the Prevention of Money Laundering and Financing of Terrorism (Compliance Regulation).
As per the Compliance Regulation, the type of entities determined by MASAK are required to appoint a compliance officer assistant. Certain conditions specified in the Compliance Regulation for the appointment of a compliance officer assistant would not be required until 1 June 2023. These conditions included having worked as a manager, expert, or auditor in one of the entities specified in the Compliance Regulation, or as a manager or expert at MASAK for at least five years. However, as per the amendments in the Compliance Regulation published in the Official Gazette on 27 May 2023, these conditions for the compliance officer assistant will not be required until June 1, 2024. In other words, the enforcement of the relevant provisions has been postponed for 1 year.
You can reach the full text of the amendments made in the Compliance Regulation here (only available in Turkish).
Tagged with: Gökçe, Yağmur Yollu, Elif Aksöz, Fintech, MASAK