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The Regulation on Measures Regarding Laundering Proceeds of Crime and Financing of Terrorism (RoM)

The Regulation on Measures Regarding Laundering Proceeds of Crime and Financing of Terrorism based on the Law No. 5549 was published on 09.01.2008 in the Official Gazette No. 26751.

In the preparation of the Regulation put into force on 01.04.2008, the developments in the information systems, diversifications in the financial instruments, the increasing speed, complexity and limitlessness observed in financial activities have been considered.In addition, the aim of responding to the requirements of our country and at the same time ensuring the compliance of our legislation system with the international standards have been taken into account.

The regulation has a particular importance since it includes measures against terrorist financing as well as money laundering. Basically, the following issues have been arranged in the regulation;

1. Obliged Parties

2. Principles Regarding Customer Due Diligence

3. Procedures of Suspicious Transaction Reporting

4. Principles of Providing Information and Documents

5. Inspection of obligations

6. Disclosure to Customs Administration

7. Retaining and submitting.

Basic measures set in the regulation are conducting of customer due diligence by obliged parties, notably financial institutions, for the customers in which they are in business relation, reporting the suspicious transactions they have encountered related with money laundering and terrorist financing to MASAK, keeping the relevant information and documents and submitting them when they are requested by the competent authorities.

The fundamental element in the prevention of Money laundering is the customer due diligence. The regulation contains provisions requiring obliged parties to take all measures for customer due diligence by adopting risk-based approaches, where necessary, and to pay adequate attention and care for prevention of terrorist financing as well as money laundering.

To avoid any hesitance in the implementation, the transactions requiring customer identification have been determined in-detail by stating quality and thresholds. In this scope, separate arrangements have been established for real persons, corporate bodies recorded in trade registry, associations and foundations, trade unions and confederations, political parties, corporate bodies located in abroad, organizations that are not corporate body and public institutions.

Due to the fact that customer due diligence is an obligation which is not limited only to customer identification, business relationships and transactions of high risk customers as to money laundering and terrorist financing have been set up within the scope of preventive measures. Establishing requirement for obliged parties to give special attention to complex and extra ordinary transactions as well as suspicious transactions, close monitoring is aimed for these types of transactions.

Through suspicious transaction reports that is one of main elements of preventive measures it is aimed at preventing misuse of the services provided by the obliged parties fort he purpose of money laundering and terrorist financing and detecting and suppressing the crimes via exchange of information provided by reporting mechanism.

Further arrangements have been included in the Regulation with respect to detecting compliance level with and infringements of the obligations and inspection of the obligations for ensuring compliance with the obligations.

Effective date of the Regulation was determined as 01.04.2008 for the obliged parties in order to ensure compliance with the obligations and to carry out training and other activities. The obliged parties have been given 6 months starting from the date when the Regulation is entered into force for the purpose of adopting the information of the customers in permanent business relationship as to the date when the Regulation is entered into force within the scope of customer identification to the requirements in the Regulation. Thus, it is aimed at passing from previous application to new one through a certain period and effectively.