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ARTICLE · 31 DECEMBER 2020

Turkey Introduces KYC Requirements For Independent Attorneys

ELIG Gürkaynak Attorneys-at-Law
ELIG Gürkaynak Attorneys-at-Law
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ELIG Gürkaynak Attorneys-at-Law

ELIG Gürkaynak Attorneys-at-Law

ELIG Gürkaynak Attorneys-at-Law is an eminent, independent Turkish law firm based in Istanbul. The...

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The Law Proposal on Preventing the Proliferation of Financing Weapons of Mass Destruction ("Proposal ") which provides several and significant amendments to the Law No. 5549...

TurkeyStrategy
Gönenç Gürkaynak
Gönenç Gürkaynak
Ceren Yıldız
Ceren Yıldız
Noyan Utkan
Noyan Utkan
Elifcan Çepoğlu
Elifcan Çepoğlu
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The Law Proposal on Preventing the Proliferation of Financing Weapons of Mass Destruction ("Proposal1") which provides several and significant amendments to the Law No. 5549 on Prevention of Laundering of Crime Revenues ("Law No. 5549") has been accepted by the Grand National Assembly of Turkey and is expected to be published in the Official Gazette in the upcoming days with the law number 72622. One of the most remarkable provisions introduced within the Proposal is the amendment to the Law No. 5549 which introduces Know Your Client (KYC) requirements to independent attorneys by way of defining them as one of the "obliged parties3".

  1. Scope in terms of Independent Attorneys

With the recent amendment, independent attorneys will be deemed an "obliged party" and thus be obliged to conduct KYC checks before transactions, limited to the following transactions:

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