Financial Crimes Investigation Board in Turkey publishes Guidelines for Suspicious Transaction Reports Regarding Crypto Asset Service Providers

On 1 May 2021, Financial Crimes Investigation Board in Turkey (FCIB) published Guidelines for Suspicious Transaction Reports Regarding Crypto Asset Service Providers.

Further, FCIB also published a guide titled “Main Principles for the Crypto Asset Service Providers Regarding Prevention of Laundering Proceeds of Crime and Financing of Terrorism” on May 4, 2021 to provide detailed information regarding the obligations to which crypto asset service providers are bound, as well as the sanctions imposed if crypto asset service providers fail to fulfil their obligations. With the latest guideline titled “Guidelines for Suspicious Transaction Reports Regarding Crypto Asset Service Providers” (“Guideline”), FCIB has further set out the principles and requirements as to the reporting procedure. The Guideline has been prepared based on Article 6 of the Communiqué No. 13 on Financial Crimes Investigation Board General and is effective as of 18 April 2022.

The Guideline requires CASPs to report suspicious transactions to the FCIB Presidency within 10 days at the latest, or immediately in the event of a non-delayable case. The reports must be filed using a form titled, “Suspicious Transaction Report,” by the legal representative of the obligor legal entity. The forms can be submitted by hand, via registered mail, fax, or electronically to those authorized by the Ministry of Treasury and Finance. 

Suspicious Transaction Reports can be sent with a request for the postponement of transactions regarding the attempted transactions and transactions in progress. If the CASP has documents or serious indications supporting the suspicion, the justifications should also be demonstrated. During the process, the CASP must refrain from performing the transaction until the decision to be taken by the Ministry of Treasury is notified to them by the Presidency. 

The Guideline further explains the sections of the form in detail and defines categories of suspicion, types related to customer profile, types related to transactions, types related to crypto asset service providers, types related to transactions with persons suspected of affiliation with terrorist organizations or transactions with risky countries, and types related to non-profit organizations.