Financial Crimes Investigation Board (MASAK) has prepared a communiqué within the scope of the Law on the Prevention of Laundering Proceeds of Crime. The said decision was published in the Official Gazette. Accordingly, various measures will be taken for financial institutions and crypto money service providers. Here are the details…
Cryptocurrency service providers were also included in the MASAK decision.
Financial Crimes Investigation Board (MASAK) has prepared a communiqué within the scope of harmonization with the Financial Action Task Force. Financial Action Task Force; acts with the aim of preventing money laundering, treachery and funding of weapons of mass destruction. In the said communiqué, attention was drawn to “persons with public influence”. Various financial institutions and crypto money service providers, especially banks; It will take various measures to determine whether customers have public influence.
In the statement, a person with public influence was defined as “persons who hold an important public office, either by election or by appointment, at home or in a foreign country”. In addition, “members of the board of directors of international organizations, senior managers and other persons holding equivalent positions” are also included in this scope. In this context, the establishment of a business relationship with the determined persons will be realized with the approval of the senior officials. Apart from this, measures will be taken to determine the source of the assets and funds belonging to these people with public influence. In general, the business relations of these people will also be under surveillance.
Precautions will be taken even if influential people resign
Even if people with public influence leave the position that assigned them this title, measures will continue to be taken regarding the accounts in question. In such a case, the measure will continue to be applied for at least one more year. However, if there is a suspicious/risky situation in the transactions of the said persons, the period may be extended. In addition, the relatives of influential people are also examined within the scope of the regulation.
In terms of risk management, influential people elected or appointed by a foreign country may also be scrutinized. Measures will also be taken to determine the assets of foreign persons and the source of funds. Among the measures is the possibility of being punished for money laundering.
FTX investigation came from MASAK
cryptocoin.com As we have also reported, MASAK does not remain unresponsive to developments regarding cryptocurrencies. It launched an investigation against FTX, which went bankrupt recently. The institution started to investigate the crypto exchange FTX and the natural and legal persons it is affiliated with. MASAK pointed to the obligations of the bankrupt exchange to its users. He stated that FTX didn’t handle this properly.
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