TODAY’S – Minister: 3 banks warned for lack of collaboration with MASAK

Minister: 3 banks warned for lack of collaboration with MASAKFinance Minister Mehmet IimIek said on Sunday that three Turkish lenders have recently been warned for their lack of effective collaboration with the Financial Crimes Investigation Board (MASAK), which seeks to prevent money laundering and the financing of terrorismHighlighting the importance of bankand#39s responsibilities in the fight against terrorism financing and money laundering, IimIek stated that three banks were given warnings because they failed to meet MASAKand#39s standards regarding those responsibilities.IimIek underlined that MASAK scrutinizes the number of suspicious transactions in bank accounts as well as technical equipment used to detect such transactions, adding that the board also checks whether banks report as many suspicious transactions as would be expected given their yearly business volumes and customer profiles.

Maintaining that MASAK conducts this evaluation every year, IimIek said this yearand#39s evaluation has just been completed.IimIek also said there will be negotiations in the coming days with representatives from certain sectors such as the courier sector, exchange offices, football clubs, lottery operators and antiquity dealers.

Regarding financial crimes and informality, MASAK carries out inspections on both public and private institutions in order to increase the number of reports of suspicious transactions.In September IimIek said a group of inspectors from MASAK would examine the account activities of Turkish football clubs.

SOURCE: Today’s Zaman