The Regulation on the Compliance Programme for Obligations Regarding the Prevention of Laundering Proceeds of Crime and Financing of Terrorism (the "Regulation") entered into force upon publication in Official Gazette No. 26999 of 16.09.2008.
Following amendments in 2008, 2010 and 2014, the Regulation was most recently amended by the Regulation Amending the Regulation on the Compliance Programme for Obligations Regarding the Prevention of Laundering Proceeds of Crime and Financing of Terrorism, published in Official Gazette No. 29657 on 18.03.2016.
In addition, the letter dated 03.06.2020 and the draft Regulation dated 21.01.2021 published by the Financial Crimes Investigation Board (MASAK) of the Ministry of Treasury and Finance were opened for consultation.
With the Regulation dated 26 February 2021, the scope of obliged parties required to establish a compliance programme and appoint a compliance officer was expanded.
Compliance programme measures
Under the Regulation, the requirements that financing, factoring and financial leasing companies, payment institutions, electronic money institutions, portfolio management companies, authorised institutions and precious metals intermediaries are expected to meet are listed below:
- Managing internal audit activities
- Establishing institutional policies and procedures
- Carrying out risk management activities
- Managing monitoring and control activities
- Appointing a compliance officer and setting up a compliance unit
- Carrying out training activities
How can ARSEN SFAI help you?
With our broad sector knowledge and advisory experience in regulatory compliance, ARSEN identifies the legal requirements and supports your organisation at every step of its compliance with the legislation.
Our MASAK Compliance Programme Service covers the Current-State Analysis and Remediation of Gaps stages within the framework of the provisions of the Regulation.
Current-state analysis
A current-state analysis is carried out by assessing the institution's compliance with the provisions of the legislation.
Remediation of gaps
The actions to be taken and the documents to be prepared for the gaps identified in the compliance assessment are drawn up.
Let's assess the impact on your company together
Our specialists will clarify, in a short call, how regulatory changes affect your financial statements and obligations.
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This publication is for general information only and is not a substitute for professional advice.