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Revision of the Regulation on the MASAK Compliance Program Regarding Obligations for the Prevention of Laundering and Financing Terrorism has been newly published. That Regulation has been drafted and issued by the Financial Crimes Investigation Board (Mali Suçları Araştırma Kurulu), commonly known as the MASAK. The whole text should be carefully evaluated by corporations and business entrepreneurs.
Introduction
Revision of the Regulation on the MASAK Compliance Program Regarding Obligations for the Prevention of Laundering and Financing Terrorism (Suç Gelirlerinin Aklanmasının ve Terörün Finansmanının Önlenmesine İlişkin Yükümlülüklere İlişkin Uyum Programı Hakkında Yönetmelikte Değişiklik Yapılmasına Dair Yönetmelik in Turkish) is newly circuited in the Official Gazette dated August 22, 2025 and numbered 32994 (hereinafter as the 2025 Regulation)
The present article will highlight main amendments to the Regulation on the Compliance Program Regarding Obligations for the Prevention of Laundering and Financing Terrorism through the new Regulation.
What is meant by the Regulation on the MASAK Compliance Program Regarding Obligations for the Prevention of Laundering and Financing Terrorism?
Under Article 5 of the Regulation on the Compliance Program Regarding Obligations for the Prevention of Laundering and Financing Terrorism, the compliance program is established based on a risk-based approach and include the following measures with a view to preventing money laundering and the financing of terrorism, and ensuring the necessary compliance with the Law:
a) Establishment of institutional policies and procedures,
b) Conducting risk management activities,
c) Carrying out monitoring and control activities,
ç) Appointment of a compliance officer and establishment of a compliance unit,
d) Conducting training activities,
e) Conducting internal audit activities.
The obligated institutions for the establishment of a compliance program covers numerous legal entities in accordance with Article 4 including electronic money institutions, payment institutions and crypto asset service providers.
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Core Revisions of 2025 Regulation Amending the Regulation on the Compliance Program
It is significant to underline that the new amendment brings a responsibility change by making the name of "development and investment banks" included in the responsibilities by MASAK for the Compliance Program.
1. Development and Investment Banks [Kalkınma ve Yatırım Bankaları in Turkish] have been identified as liable under the Regulation on the Compliance Program.
Indeed, Revised Article 29 of the Regulation on the Compliance Program Regarding Obligations for the Prevention of Laundering and Financing Terrorism introduces a clear obligation for compliance program by appointing a compliance officer who meets the conditions specified in Article 30 by 31/10/2025.
2. Conditions for Compliance Officers have been extended.
It is particularly noteworthy that such persons may not be appointed as compliance officers or assistant compliance officers at the obliged institutions which they have inspected or audited within the two years preceding the date of appointment.
What is the Compliance Officer under the Regulation on the MASAK Compliance Program Regarding Obligations for the Prevention of Laundering and Financing Terrorism?
Pursuant to Article 3 of the Regulation on the Compliance Program Regarding Obligations for the Prevention of Laundering and Financing Terrorism, the term "compliance officer" refers to the employee appointed and vested with the necessary authority to ensure compliance with the obligations introduced by the Law and the legislation enacted pursuant to the Law.
Conclusion
To sum up, as critically outlined above, the Revision of the Regulation on the MASAK Compliance Program Regarding Obligations for the Prevention of Laundering and Financing Terrorism brings two significant revisions to the current Regulation. All banking sector should be aware of the requirements of the new Regulation for providing full compliance with the Prevention of Laundering and Financing Terrorism.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
