Secondary Amendments To Turkish Reporting Obligations For Suspicious Transactions

Turkey's Ministry of Finance ("Ministry") has amended secondary legislation to reflect recent changes to reporting requirements for suspicious transactions. Notification obligations apply to a wide range of entities, involved in both completed and attempted transactions (more). Such entities must report suspicious transactions and suspend their execution pending receipt of a decision from the Minister.

Under the regime, certain obliged parties must notify the Turkish Financial Crimes Investigation Board ("Board") if a supportive document or a serious indication exists showing that a suspicious transaction has been performed or attempted. The Board is required to provide a decision about the transaction within seven working days of receiving the notification. The obliged party must refrain from performing the relevant transaction until receiving the Board's decision.