A match may require stopping the transaction and reporting to the authorities. For exporters and financial institutions, a sanctions breach has serious consequences such as fines, loss of banking relationships and reputational damage.
Source: 7262 sayılı Kanun, BM, AB ve OFAC yaptırım listeleri
Related terms
MASAKThe Financial Crimes Investigation Board, affiliated to the Ministry of Treasury and Finance, which develops policy and supervises obliged parties in combating money laundering and terrorist financing.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.Politically exposed person (PEP)Persons who hold or have held a prominent public function, together with their family members and close associates.Anti-bribery and corruptionThe set of policies, controls and training designed to prevent the offering or acceptance of undue advantages to or from public officials or private sector employees.Application controlsAutomated or IT-dependent manual controls embedded in a software application that ensure transactions are processed completely, accurately and with authorisation.Business continuity planA plan to keep critical activities running at an acceptable level and return to normal within set timeframes after a disruption, disaster or cyber attack.
Last updated: November 8, 2026 · This definition is for general information only.