The Turkish Financial Crimes Investigation Board (MASAK) is a financial intelligence agency under the Ministry of Finance and Treasury.
MASAK's primary role is to undertake analysis and sector specific studies on developments in the field of money laundering and strategies for preventing and exposing money laundering offences. MASAK is also involved with formulating policies, conducting investigations and audits and reporting on the findings of these investigations.
The law requires designated parties, especially financial companies, to perform due diligence on customers with whom they do business, to disclose transactions suspected of involving money laundering or terrorism financing to MASAK, and to maintain and provide pertinent information and records upon request.
The goal of responding to MASAK's requirements is to ensure that Turkey's legal system complies with international standards. The following are included in the requirements of the compliance program:
Due diligence principles for customers
Suspicious transaction reporting procedures
Documentation principles for keeping and submitting information
The necessity of independent audits
Notification to the Custom's administration
Our clients are provided with a secure and simple solution in regard to scanning for politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists.
Use our sophisticated scan filters and due diligence workflow to minimise the amount of time you spend sorting through, false matches. Scan results and reporting sections allow you to access customer details, whenever and wherever required, as well as download reports, to customise for further investigation or to provide evidence of your AML program compliance for auditing purposes.
* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.