Developing and establishing an effective anti-money
laundering ("AML") compliance program is a requirement
for financial institutions in order to combat laundering the
proceeds of crime and terrorist financing worldwide.
In this article, our aim is to reveal the scope and the
significance of developing and establishing AML compliance program
in Turkey.
- Introduction
In Turkey, compliance program requirement is set forth in the
Regulation on Compliance Programs Regarding Obligations on
Laundering the Proceeds of Crime and Prevention of Financing of
Terrorism ("Compliance Regulation").
According to the Compliance Regulation, only the foregoing
obliged parties such as banks (except for Central Bank of Republic
of Turkey as well as development and investment banks), capital
markets intermediary institutions, insurance and pension companies,
Post and Telegraph Organization General Directorate (pertaining
only to banking activities) oblige to establish and
