The amendments published in the Official Gazette on December 25, 2024, covers the following legislation:
- Regulation on Measures Regarding the Prevention of Laundering Proceeds of Crime and Financing of Terrorism
- Regulation on Compliance Program for Obligations Related to the Prevention of Laundering Proceeds of Crime and Financing of Terrorism
- Regulation on Procedures and Principles Concerning the Financial Crimes Investigation Board (MASAK) Electronic Notification System
- MASAK General Communiqué (Serial No: 5)
- MASAK General Communiqué (Serial No: 19)
- Regulation on the Examination of the Laundering Offense
Although many amendments have been made, the main and critical points can be summarized as follows:
- Crypto Asset Service Providers have been classified as “financial institutions.” Consequently, the measures they are required to take have been tightened, and they have gained additional privileges afforded to financial institutions.
- “Travel rule” has been introduced for crypto assets. For crypto asset transfers of 15,000 TL or more, it is now mandatory to include at least one piece of identifying information (e.g., TCKN, passport number, VKN, address) in addition to the identity and wallet information. For transfers below 15,000 TL, identity and wallet information are required.
- Crypto Asset Service Providers whose activities are announced by the Capital Markets Board (SPK) are now required to register with MASAK’s e-notification system.
- E-commerce intermediary service providers (marketplaces) have been included among MASAK’s obliged entities, limited to the transactions carried out with their member businesses (sellers).
- POS service providers can no longer use simplified measures for KYC when acquiring new customers.
You can access the Official Gazette containing all the amendments via the following link.
https://www.resmigazete.gov.tr/25.12.2024
You may always contact us for detailed information and professional support regarding to compliance process.
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