MASAK Lowers The Threshold Of Suspicious Transactions Related To Crypto Currency

As is known, pursuant to Article 4(1) of Law No. 5549 on Prevention of Laundering Criminal Revenues, "In case that there is any information, suspicion or reasonable grounds to suspect that the asset, which is subject to the transactions carried out or attempted to be carried out within or through the obliged parties, is acquired through illegal ways or used for illegal purposes" the obliged parties must report these transactions to the Financial Crimes Investigation Board ("MASAK"). The obliged parties comprise of entities that engage in banking, insurance, private pension, capital markets, money lending and other financial activities. 

Within this scope, MASAK publishes guidelines for notification of suspicious transactions in accordance with Article 6 of MASAK General Communiqué Numbered 13. In 2014, MASAK published the Suspicious Transaction Reporting Guide (for Banks) ("Guidelines"). The Guidelines provides types of suspicious transactions in order to (1) ensure