Obliged parties under Law No. 5549 (banks, brokerages, crypto asset service providers, precious metals intermediaries, certain professional groups, etc.) are subject to obligations such as know your customer, suspicious transaction reporting, record-keeping and establishing a compliance programme.
Related terms
Money launderingIntroducing proceeds of crime into the financial system and concealing their source so that they appear to come from legitimate sources.Know your customer (KYC)The processes by which obliged parties identify and verify their customers, determine the beneficial owner and understand the purpose of the business relationship.Suspicious transaction reportA report made to MASAK by obliged parties when there is suspicion, or reasonable grounds for suspicion, that a transaction is related to money laundering or terrorist financing.Compliance officerThe authorised person responsible for running the compliance programme for the prevention of money laundering and terrorist financing at an obliged entity.Compliance auditAn examination of whether an organisation's activities are carried out in accordance with the relevant laws, regulations, contracts or internal rules.Compliance programmeThe full set of policies, procedures, controls, training and monitoring activities an organisation puts in place to ensure compliance with laws and internal policies.
Last updated: October 22, 2026 · This definition is for general information only.