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Legal Alerts
11/09/2021 https://www.esin.av.tr/wp-content/themes/esin/images/esin.jpg

Guidelines on Suspicious Transaction Reporting Updated

Legal Alerts
Banking & Finance
Compliance
General

Recent Developments

The Financial Crimes Investigation Board (the “FCIB”) updated the Banks’ Guidelines on Suspicious Transaction Reporting (the “Guidelines“).

What’s New?

  • The crime categories and the reference table have been updated.
  • The crimes of corruption; unlicensed payment and e-money services; failure to declare a transaction conducted on behalf of a third party; cigarette, alcohol and tobacco smuggling; pyramid selling (Ponzi schemes); and abuse of non-governmental organizations are included among the suspected crime categories in the Guideline. Accordingly, the suspicion of these crimes will also require reporting.
  • The latest update (Turkish Version) can be found in here.

Conclusion

The amendments to the Guideline aim to expand the categories of suspected crimes to be reported to ensure transaction security.