New Sanctions Regulation From the Treasury and Finance: Those Transactions Will Be Reported to MASAK
12 Articles
12 Articles
New Sanctions Regulation From the Treasury and Finance: Those Transactions Will Be Reported to MASAK
The Ministry of Treasury and Finance has determined the measures to be applied in transactions against persons, organizations and organizations included in the sanctions list of the United Nations Security Council. The communiqué published in the Official Gazette made it mandatory to notify MASAK of the actions that those on the sanctions list wish to carry out with urgency and to take the necessary measures to postpone the proceedings.
The Financial Crimes Investigation Board (MASAK) has implemented new regulations aimed at preventing money laundering and the financing of terrorism. These regulations concern notification and deferral processes related to transactions involving individuals and entities on the United Nations Security Council (UNSC) sanctions list.
MASAK reorganized the obligations of financial institutions in the fight against the financing of terrorism and the laundering of criminal proceeds. The transactions of persons and organizations included in the UNHCR sanctions list will be notified to MASAK without delay, while the monetary limits on which simplified measures can be applied in some financial transactions will be raised.
MASAK (Financial Crimes Investigation Board) has increased the monetary limits within which simplified measures can be applied to prepaid card, electronic money, and mobile payment transactions. The new limits came into effect on September 23, with some thresholds being doubled.
The Financial Crimes Investigation Board of the Ministry of Treasury and Finance has increased the monetary limits for applying simplified measures regarding identity verification and customer identification in prepaid cards, electronic money, mobile payments, and life insurance. The new limits, announced in the Official Gazette, came into effect on September 23rd.
MASAK (Financial Crimes Investigation Board) has tightened measures to combat money laundering and terrorist financing, making it mandatory to intervene immediately in the transactions of individuals and entities on the United Nations Security Council sanctions list.
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