Compliance Quarterly

Global

New EU Anti-Corruption Framework

Read the full blog post, "New EU Anti-Corruption Framework."

Failure to prevent fraud offence: What do professional sports teams need to know

Read the full blog post, "Failure to prevent fraud offence: What do professional sports teams need to know."

Economic crime and corporate transparency bill

Read the full blog post, "Economic crime and corporate transparency bill."

Türkiye

Increase in monetary thresholds regarding customer identification and wire transfers

Some of the monetary limits under the Regulation on Measures Regarding Prevention of Laundering Proceeds of Crime and Financing of Terrorism published in the Official Gazette dated 09/01/2008 with the number 26751 (Regulation), with respect to customer identification requirements and wire transfer limitations are increased to be effective as of February 1, 2023.

Regarding customer identification, obliged parties shall identify their customers or those who act on behalf or for the benefit of their customers by receiving their identification information and verifying it and take necessary measures for revealing the beneficial owner of the transaction if the amount of a single transaction or the total amount of multiple linked transactions is equal to or more than TL 185,000. Previous threshold was TL 85,000. Likewise, in wire transfers, the limit applicable to information requirement is increased to TL 15,000 from TL 7,500.

Some of the obligors listed under the Regulation are banks, financing and factoring companies, capital markets brokerage and portfolio management companies, payment service providers and electronic money institutions, investment partnerships, insurance, reinsurance and pension companies, and insurance and reinsurance brokers, financial leasing companies, certified financial advisors, those who buy and sell immovables for trading purposes and intermediaries of these transactions and those who deal with purchase and sale of any kind of sea, air and land transportation vehicles.

Remote identification opportunity introduced

With the regulation amendment published in the Official Gazette dated 05/04/2023, the remote identification opportunity has also been introduced for legal entities that are registered with the trade registry, provided that the legislation related to the primary field of activity of the obligor allows the establishment of a contract with the customer by methods that allow the verification of the identity of the customer without having a physical face to face meeting.