Turkey: The Financial Crimes Investigation Board General Communiqué (Sequence No: 21) Was Published In The Official Gazette.

The Financial Crimes Investigation Board General Communiqué (Sequence No: 21) ("Communiqué") entered into force after being published in the Official Gazette dated 17 November 2022 and numbered 32016.

The Communiqué regulates the procedures and principles regarding the tightened measures to be taken and implemented by the obliged parties in relation to "prominent influential persons" for the implementation of the Law on Prevention of Laundering Proceeds of Crime numbered 5549.

The Communiqué defines "prominent influential persons" as high-level natural persons who are entrusted with an important public duty in a domestic or foreign country, either through election or appointment; and board members, senior executives and other persons holding equivalent positions in international organizations.

On the other hand, relatives of prominent influential persons are defined as any social, cultural or economic proximity, such as being non-first degree relative, being engaged, being in a company partnership or being a company employee, which can be considered as a combination of interest or purposes.

The Communiqué;

• Imposes an obligation on financial institutions, certain non-financial businesses and professions, and crypto asset service providers to take reasonable measures to determine whether the customer or the real beneficiary is a prominent influential person.
• Stipulates certain measures to be taken in business relationships and transactions with prominent influential persons elected or appointed by a foreign country, or their spouses, first degree relatives or relatives; or with prominent influential persons elected or appointed by Turkey or serving in international organizations, or with their aforementioned relatives, if the business relationship is considered high-risk.
• Stipulates that in order to determine whether the beneficiary or the real beneficiary of a life insurance policy is a prominent influential person, reasonable measures must be taken before or at the latest at the time of payment of the rights and claims under the insurance policy to the beneficiary.

In the event that persons with prominent influence resign or lose their qualifications, the above-mentioned measures will continue to be applied for at least one year from the date they resign or lose their qualifications.

You can access the full Turkish text of the Communiqué from the link below.

https://www.resmigazete.gov.tr/eskiler/2022/11/20221117-2.htm