Amendment to the Regulation on Measures Regarding Prevention of Laundering Proceeds of Crime and Financing of Terrorism-I

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Pursuant to the Regulation Amending the Regulation on Measures Regarding Prevention of Laundering Proceeds of Crime and Financing of Terrorism (“Amending Regulation”) published in the Official Gazette dated 24.02.2021 and numbered 31405 (2nd bis), the Regulation on Measures Regarding Prevention of Laundering Proceeds of Crime and Financing of Terrorism (“Regulation”) has been amended.

Significant amendments introduced by the Regulation are below in a nutshell:

  • As per the amendments to Article 3, the definition of certain non-financial jobs and occupations is introduced.
  • As per the amendment to Article 4, intermediaries of purchases and sales of precious metals, stones and jewelries, and of any kind of sea, air and land transportation vehicles were included in the scope of obliged parties. In addition, the activities of self-employed lawyers that may include them to the list of obliged parties within the scope of the legislation were expanded.
  • As per the amendment to Article 5, the limit of identification obligation regarding the amount of a single transaction or the total amount of multiple linked transactions was increased from TRY 20,000 to TRY 75,000. The transaction amount limit for electronic transfers was increased from TRY 2,000 to TRY 7,500.
  • Another important amendment is that with the newly introduced Article 6/A, it is now possible to use remote customer identification methods while establishing continuous business relationships with real persons.

The Amending Regulation enters into force on 01.05.2021. You may find the Turkish version of the Amending Regulation here.

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