Law on Prevention of Laundering Proceeds of Crime No. 5549: Suspicious transaction reporting.
Notification Obligation
- Banks, insurance companies
- Intermediary institutions
- Financial advisors, lawyers
- Notaries, real estate consultants
- Jewellers (high amount)
Notification Limit
- Single transaction 50,000 TL+ (usually)
- Suspicious transaction (regardless of amount)
- Suspicious activity of the customer
Notification Process
- Via MASAK website
- Detailed transaction information
- Notification within 3 days
- Notification to the customer PROHIBITED (confidentiality)
Violation
- Failure to notify: heavy administrative fine
- Criminal liability
- License revocation
Supreme Court 7. CD
7. CD accepts that MASAK notification violation is under "strict control".
Finance/MASAK lawyer recommended.