GENERAL OVERVIEW OF AML LEGISLATION IN TÜRKİYE
The procedures and principles regarding the prevention of money laundering are regulated under various legislation in Türkiye. Within this scope, primarily the Law No. 5549 on the Prevention of Laundering Proceeds of Crime (the “Law No. 5549”) designates certain institutions, activities, and professions as obliged parties for the purposes of its implementation and imposes specific obligations on them.
Obliged parties are defined under Article 2/1(d) of the Law No. 5549 and Article 4/1 of the Regulation on Measures Regarding the Prevention of Laundering Proceeds of Crime and Financing of Terrorism (the “Regulation”).
Within this framework, financial institutions explicitly listed under the Regulation, such as banks and insurance, reinsurance and pension companies, are primarily designated as obliged parties. In addition, those engaged in the trading of precious metals, stones and jewelry, as well as companies acting as intermediaries in such transactions, are also considered as obliged parties within the scope of Designated Non-Financial Businesses and Professions (“DNFBPs”) and are subject to the supervision of the Financial Crimes Investigation Board (“MASAK”).
In this respect, the relevant business and professional group is of particular importance for the retail sector. Even if such activities do not constitute the entirety of a company’s operations, companies operating in the luxury retail sector that engage, even partially, in the sale of precious metals, stones or jewelry are also deemed to fall within the scope of obliged parties under the applicable legislation.
Within this framework, such obliged parties are subject to obligationsunder the applicable laws, regulations, and communiqués, including but not limited to: customer due diligence/ know-your customer (KYC), suspicious transaction reporting, monitoring of transactions and customer information, ongoing information provision, submission of information and documents, record-keeping and retention, implementation of enhanced measures, measures concerning politically exposed persons (PEPs), mitigation of technological risks, measures related to transactions involving high-risk countries, and the establishment of internal control, monitoring, and audit mechanisms in line with a risk-based approach.
In this respect, obliged parties are required to take all necessary measures, including conducting customer identification processes in compliance with the applicable legislation, monitoring transactions and customer behaviour, identifying the persons carrying out transactions as well as those on whose behalf transactions are conducted prior to executing or intermediating such transactions and complying with the time limits stipulated under the relevant legislation.
Non-compliance with these obligations may result in administrative fines and/or criminal sanctions, including imprisonment. In particular, separate administrative fines are imposed for each breach related to suspicious transaction reporting, customer due diligence and ongoing information obligations.
Within this framework, for companies falling within the scope of DNFBPs and engaging, even partially, in the sale of precious metals, stones or jewelry, it is not mandatory to establish a comprehensive compliance program or appoint a dedicated compliance officer; however, it is important to implement appropriate internal control, monitoring and risk management mechanisms and to ensure that processes are carried out in compliance with the applicable legislation.
Should your company fall within the scope of Designated Non-Financial Businesses and Professions (“DNFBPs”), particularly where it engages, even partially, in the sale of precious metals, stones or jewelry, we would be pleased to assist you in ensuring compliance with the above-mentioned obligations and in effectively managing audit processes.
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