MASAK has published its report on the Risks of Obliged Parties That Are Not Financial Institutions Under Law No. 5549 in Terms of Laundering Proceeds of Crime and Financing of Terrorism.
The report can be accessed at the link below:
Which questions does the report try to answer?
Risk reports of this kind examine how certain sectors can be used for money laundering and which indicators should draw attention. The aim is for obliged parties to make their own risk assessments more accurately.
For those working in payments and finance, the value of the report is that it offers examples for compliance processes such as know your customer, suspicious transaction reporting and the risk-based approach.
Since the report reflects the risk picture at the time it was published, the institution's newer publications should also be followed for up-to-date assessments.
Takeaways for compliance teams
The risk indicators in the reports can be used by institutions to update their own internal policies. It is useful to add case studies to training programs and to review monitoring rules in light of these findings.
