Law No. 5549 on the Prevention of Laundering of Proceeds of Crime Article 4 obliges persons and organizations defined as "obliged" to make a suspicious transaction report (STR).
Who is Liable?
- Banks, institutions subject to BRSA audit
- Insurance, pension companies
- Capital market institutions
- Crypto asset service providers (with sk. 7518)
- Postal administration and PTT
- Those who buy and sell precious metals, stones and jewelery
- Those who buy and sell historical artifacts, works of art and antiques
- Notaries, independent accountants, certified public accountants
- Lawyers (limited scope — limited to real estate and capital transactions)
Suspicious Transaction Definition
"The existence of any knowledge, suspicion or any matter that warrants suspicion that the assets subject to the transaction were obtained illegally or used for illegal purposes."
Common Suspicious Transaction Scenarios
- Consistent transactions that are incompatible with the customer's income profile
- Quick transfer of funds to different accounts (layering)
- Avoiding identification
- High amount of cash investments
- Transfers to questionable countries
- Closing and opening the account for a short time
- "Structuring" (sub-threshold splitting) across multiple accounts
Duration and Method of Making STR
The suspicion is notified to MASAK within 10 business days following its detection, and in cases where delay is harmful, MASAK is immediately notified. Notification is made through MASAK Online system.
Obligation of Not Providing Information to the Customer (Tipping-off)
The obliged party cannot disclose to the customer or third parties that he/she has made a STR or received information from MASAK. Otherwise, it constitutes a crime within the scope of 5549 Article 14.
Administrative Sanctions (5549 art.13)
- Incomplete/incorrect notification: Administrative fine from 30,000 TL to 500,000 TL
- No STR: up to 100,000 TL for obliged real person, up to 500,000 TL for legal entity
- Tipping-off: criminal sanction (1-3 years imprisonment)
After MASAK Review
Relevant Constitutional Court Decisions
The Constitutional Court has determined in more than one individual application that the prolonged measures within the scope of MASAK violate the principles of property rights and trial within a reasonable time.
MASAK compliance requires annual audit and continuous risk management for large companies. Detailed information: MASAK Blokesi (Law No. 5549). Financial law and compliance lawyer support is recommended.