The Impact of Money Laundering on Society

Financial crimes can have serious impacts on both individuals and societies. One of these crimes is money laundering.

Anti-Money Laundering Detection and Monitoring Processes

Money laundering detection and monitoring processes play a critical role in the financial world. Money laundering is a criminal activity in which illegally obtained revenues are concealed through various methods in order to gain a legitimate appearance.

Financial Crime Analysis: The Key to Blocking the Proceeds of Crime

Today, financial crimes and money laundering are serious threats at both national and international levels. Financial crime analysis is of great importance to prevent such crimes and identify those who abuse financial systems. 

Proceeds of Crime Recovery and Asset Freezing: Legal Aspects in AML Processes

Money laundering is a complex process aimed at integrating the proceeds of crime into the legal economy. Laundering the proceeds of crime negatively impacts the financial system and business, and undermines faith in the rule of law.

The Effects of Money Laundering on Trade and Business and Solution Strategies

Money laundering is a complex and widespread criminal activity aimed at integrating the proceeds of crime into the legal economy. Such activities pose serious threats to financial systems and business, undermining economic stability and confidence.

Money Laundering and Counterfeit Companies: Utilization and Supervisory Mechanisms

Money laundering is a complex and comprehensive process to disguise the proceeds of crime as legal. Counterfeit companies constitute an important component of this process and play an active role in the proliferation of money laundering.

AML and Foreign Investments: Risk Assessment in Foreign Capital Inflows

However, some of these investments may be involved in financial crimes, terrorism financing or money laundering. "AML" or "Anti-Money Laundering" policies and risk assessment mechanisms are used to combat such risks and ensure that foreign investments comply with legal and regulatory requirements.

AML and Global Blacklist Control: Detection of Illicit Activities

Today, financial crimes pose a major international threat. The financing of illegal activities such as terrorism, money laundering and drug trafficking is carried out by exploiting the international financial system.

Detection and Monitoring of Proceeds of Crime

Proceeds of crime are profits or gains derived from criminal activity. These proceeds from activities such as money laundering and financial crimes are used to perpetuate the crime and conceal its source.

AML and Global Compliance Standards: FATF and International Regulations

Preventing financial crimes and preventing money laundering is of great importance at the international level. To this end, many countries and international organizations are working towards global harmonization of Anti Money Laundering (AML) policies and practices.

AML and Independent Audit: Involving Auditors in AML Reviews

Anti Money Laundering (AML) policies and practices enable these institutions to comply with legal regulations and minimize risks by taking effective measures against financial crimes. AML processes are closely linked not only internally but also with independent audit processes.

AML and Investment Companies: Monitoring Fraud Risks in Portfolio Management

Investment firms are responsible for managing clients' portfolios to provide them with the best investment opportunities. However, fraud risks may also arise in this process. Therefore, investment firms should monitor and prevent fraud risks by implementing Anti-Money Laundering (AML) policies and processes. 

AML and Payment Systems: Monitoring and Evaluation of Electronic Money Transfers

Today, with digitalization, payment systems have undergone a significant transformation. Electronic money transfers have become widely preferred by individuals and businesses as they enable them to send and receive money quickly, easily and efficiently.

Customer Risk Profiling: A Key Step in Financial Crime Prevention

Financial institutions take important steps to protect their credibility and reputation, combat illegal activities and prevent money laundering, terrorist financing and other financial crimes.

What are Regulatory Compliance Obligations?

Regulatory compliance obligations are an extremely important issue for many sectors and organizations. Financial institutions, in particular, must comply with legal regulations such as AML (Anti Money Laundering) and KYC (Know Your Customer).

AML Name Check: Risk Management and Reputation Protection

Money laundering has become a major threat to financial systems and economies around the world. This process of legitimizing the proceeds of crime recycles illicit activities and threatens financial stability.

The Importance of Sanctions Screening: Anti-Money Laundering

In today's world, given the complexity of international relations and trade, sanctions are becoming increasingly important. Sanctions are instruments of economic, political or diplomatic pressure imposed by one country on another country or organization.

The Importance of Anti-Money Laundering Solutions: Compliance and Risk Management

Money laundering is the concealment of the sources of the proceeds of crime by pretending to have a legitimate background and the incorporation of illicit gains into the legitimate economy.

Anti-Money Laundering and Credit Rating: Compliance and Reporting in Credit Assessment Processes

Credit rating agencies play an important role in financial markets. They have the duty to guide investors and conduct risk analysis by assessing the credit risk of companies, governments and other organizations.

Customer Segmentation in AML: Classification and Examination of Customers by Risk Profile

AML (Anti Money Laundering) processes are one of the key steps that financial institutions implement to detect illegal activities and combat money laundering.

AML and Counterfeit Document Detection: Phishing and Identity Theft Prevention

Today, financial institutions implement AML (Anti Money Laundering) processes to prevent illegal activities and combat money laundering. As part of these processes, it is crucial to combat crimes such as phishing and identity theft.

Crisis Management and Contingency Planning in AML Processes: Important Steps for Financial Institutions

Today, financial institutions implement AML (Anti Money Laundering) processes to prevent illegal activities and combat money laundering. However, how these processes will be managed and how financial institutions will react in the event of an emergency or crisis is also of great importance.

AML and E-Payment Systems: Digital Wallets and Mobile Payment

Today, with digitalization, payment systems are undergoing a major transformation. In addition to the traditional use of physical money, payments can now be made quickly and easily through digital wallets and mobile payment applications.

Risk Scoring and Prioritization Approaches in AML Processes

 Financial crime poses a serious threat to financial institutions and regulators. Money laundering, terrorist financing, corruption and other similar criminal activities can cause serious economic and security problems at the international level.

Financial Crimes and Financial Regulation: Cornerstones of Economic Security

Financial crimes are types of crimes that seriously affect economic systems and societies. These crimes can take various forms, such as money laundering, terrorist financing, smuggling and tax evasion.

Suspicious Transaction Reporting: An Important Tool for Financial Crime Prevention

Financial crimes pose a serious threat today. Crimes such as money laundering, financing of terrorism and drug trafficking are a major source of concern in terms of both economic and security worldwide.

Corporate Responsibility in Combating Money Laundering

Money laundering is a complex process used to give the proceeds of crime a legal appearance. This process threatens the integrity of financial systems and has become a major problem at national and international level.

Global Dimension of AML Compliance

Anti-money laundering (AML) compliance to prevent international money laundering and financing of terrorism (AML/CFT) has become an important issue worldwide.

Anti Money Laundering and Human Rights: Legal and Ethical Dimensions of AML Measures

Measures in the area of international money laundering and financing of terrorism (AML/CFT) are widely implemented around the world to prevent the activities of criminals and interdict the proceeds of crime.

Anti-Money Laundering Strategies: The Fight Against Financial Crime

Financial crimes have become a major threat today and the most important pillar of these crimes is money laundering. Money laundering is a method used by those who make ill-gotten gains to integrate money into the legal economy.

Fighting Financial Crime in a World of Digital Assets

In recent years, cryptocurrencies have rapidly gained popularity in the financial world. Bitcoin, Ethereum and many other digital assets offer their users a decentralized and transparent financial system.

The Future of Sanctions: New Trends and Prospects

Sanctions play an important role in political, economic and trade relations between countries. They are shaped by national interests and can often have serious economic and social impacts on sanctioned countries.

AML Laws and Sanctions: Important Steps to Prevent Financial Crime

AML (Anti-Money Laundering) laws are implemented worldwide to prevent financial crimes. The purpose of these laws is to prevent crimes such as money laundering and terrorist financing and to ensure the security of financial systems.

Suspicious Transaction Detection in Financial Institutions

Suspicious transaction detection in financial institutions is an important step to ensure customer safety. In particular, banks, credit card companies and other financial institutions use it to detect fraudulent payments, money laundering and other illegal activities.

International AML Standards

International AML standards, or "Anti-Money Laundering" standards, are a set of regulations that require financial institutions and governments to implement specific rules and guidelines to combat activities such as illicit money transfers and the financing of terrorism.

AML Risk Assessment: Defense Against Financial Crime

Monitoring your clients' financial activities and developing appropriate risk management strategies strengthens your defense against financial crime. This is possible by conducting an AML (Anti Money Laundering) risk assessment.

Customer Risk Assessment

Customer risk assessment is the process of customer authentication and identification of customers' financial risk by financial institutions and other organizations. This process involves collecting and assessing information about customers' financial activities.

Anti Money Laundering Solutions

Anti-money laundering (AML) solutions refer to a set of procedures, technologies and policies that financial institutions use to detect and prevent money laundering activities.

Enterprise Risk Management

Enterprise risk management is the process of assessing, monitoring, evaluating and managing the risks faced by an organization. Enterprise risk management determines the risk management strategy necessary to protect an organization's sustainability, assets and reputation.

Money Laundering and NFT

Financial crimes such as money laundering have been a major problem worldwide for many years. In recent years, the emergence of cryptocurrencies and virtual assets has led to an increase in such crimes.

Banks and Anti-Money Laundering Regulations

Anti-money laundering (AML) regulations are implemented worldwide to help prevent financial crime and ensure the security of financial systems. An important component of these regulations is banks, which are among financial institutions.

Politically Exposed Persons (PEP)

Politically exposed persons, i.e. PEPs, are included in the customer due diligence stages. A PEP consists of individuals who hold an important public office or political role.

Stages of Money Laundering

The stages of money laundering are involved in money laundering as criminals generate large amounts of proceeds whose illegal activities cannot be explained or concealed.

Internal Auditors and Structuring Internal Control

Internal auditors play a key role in helping management create a culture of honesty and integrity. They support and provide assurance to management in evaluating internal controls used to detect fraud.

Fraud Risk Management

Fraud risks to an organization are those events and incidents that may occur and prevent the organization from achieving its key goals and objectives. Fraud risk management is about understanding the nature of such potential events and incidents and taking appropriate measures to anticipate the threats that such potential frauds pose.

Limiting Payments to Prevent Money Laundering

European Union (EU) member states have agreed to limit cash payments to 10,000 euros and to strictly supervise crypto transactions over 1,000 euros.

Money laundering in Insurance and Pension Companies

Financial institutions such as insurance and pension companies invest and grow the premiums and payments they receive from their customers and then repay these funds to their customers.

Customer Recognition Obligation and Measures

Customer recognition involves financial institutions focusing on the transactions carried out by their customers, identifying the real beneficiary, obtaining information about the customer's financial profile, establishing customer acceptance policies, monitoring customer accounts as long as the business relationship continues, and controlling compliance with the purpose of the transactions.

Risk Management and Classification

Identifying and categorizing risks into appropriate risk categories is critical to enterprise risk management procedures. Without categorizing risks by type or class, management may not be able to properly and thoroughly examine the risks associated with various processes and departments.

FATF left Turkey on the 'gray list'

The Financial Action Task Force (FATF) left Turkey on the 'gray list' due to 'insufficient efforts to combat money laundering and terrorist financing'.

Lafarge Fined $778 Million for Terrorist Financing

On September 7, 2021, the French Supreme Court ruled that Lafarge could be charged with "complicity in crimes against humanity" for financing Daesh terrorists in Syria.

Adverse Media Screening 

The FATF proposals recommend that negative media searches should be conducted as part of an enhanced due diligence process and that, if a client is mentioned negatively in the media, appropriate action should be taken by creating risk scenarios in response.

Purpose and Types of Sanctions

The purpose of sanctions is to change undesirable policies or behaviors or to put pressure on the target country. However, sanctions alone can be difficult to be effective. It is therefore important to support sanctions with other instruments of diplomacy and reconciliation. Dialogue, negotiation and alternative solutions can help sanctions achieve their objectives.

Internal Control Options

Internal controls are the rules that the organization applies to verify the accuracy of financial and accounting information, to ensure accountability and, most importantly, to prevent fraud and abuse.

Suspicious Transactions on Prepaid Cards

A prepaid card is a payment method that allows transactions to be made like a credit card or debit card, without the need to be linked to a demand account, allowing cash to be loaded into it and spending as much as it is loaded.

What is Money Laundering (AML) Compliance?

AML compliance is a screening, detection and monitoring (tracking) process that companies use to detect signs of money laundering in their business relationships with their customers.

Customer Monitoring

 "In the customer acceptance and transaction execution processes, lists published by OFAC (United States of America Office of Foreign Assets Control), EU (European Union), UNSC (United Nations Security Council) and some countries, authorised international organisations or provided by some commercial organisations, as well as open sources (newspapers, magazines, internet, etc.) are used.

Is Customer Recognition Only Identification?

Customer recognition may be considered by obligors as the identification of customer identification information. However, customer identification goes beyond this; it includes recognising the real beneficiary by focusing on the transactions carried out by the customer, obtaining information about the financial profile of the customer, establishing customer acceptance policies, monitoring customer accounts as long as the business relationship continues, and controlling the compliance of the transactions with the purpose of the transactions.

Money Laundering and Insurance Companies

Financial institutions such as insurance companies play an important role in money laundering as they offer their customers the opportunity to use a wide range of investment areas and transfer funds from one place to another.

Country Risk in Money Laundering

Due to the structure of economic systems in developing countries; legal regulations are inadequate and necessary measures cannot be taken in the fight against black money. This situation makes it difficult to follow up money laundering and terrorist financing transactions. These countries are countries with low production levels, therefore their export levels are also low.

Globalisation and Money Laundering

Globalisation refers to economic, social and cultural integration across the world. This process enables countries to be more interconnected with each other. However, globalisation may also lead to an increase in financial crimes such as money laundering.

Sanction Lists in Money Laundering

FATF recommends that risky customer transactions and services should be monitored and controlled, and in suspicious cases, necessary notifications should be made after the transactions are reviewed by the compliance officer.

RBAG for the Property Sector

Suspicious Transaction Monitoring Processes

A suspicious transaction is the existence of any information, suspicion or a situation that requires suspicion that the assets subject to the transaction made or attempted to be made by or through the obliged persons or through them are obtained illegally, used for money laundering or illegal purposes, used by terrorist organisations, terrorists or terrorist financiers, or related or connected to them.

Offshore Banking in Money Laundering

Offshore banking is a type of banking in which both the creditor and the debtor are foreigners. Such banks are mostly located in regions where tax revenues are absent or low and controls are kept flexible.

Obligations of Crypto Asset Service Providers (Cryptocurrency Regulation)

Cryptocurrency regulation; "crypto asset service providers" have been included among the obligors as of 01 May 2021.

Recognition of the Real Beneficiary

According to the FATF, a beneficial owner is "a natural person who ultimately owns or controls a customer and/or a natural person on whose account a transaction is conducted".

Third Party Trust Principle

The Third Party Reliance Principle is an important concept in the financial crime prevention framework. This principle states that financial institutions may rely on third parties in certain circumstances, and that the identity verification and risk assessment work performed by these third parties in the customer identification process may be considered valid.

Partnership in the Fight Against Financial Crimes

Recently, the FATF published the report "Partnering in the Fight Against Financial Crime: Data Protection, Technology And Private Sector Information Sharing" report (Partnering in The Fight Against Financial Crime : Data Protection, Technology And Private Sector Information Sharing)

What is FinCEN (The Financial Crimes Enforcement Network)?

FinCEN (The Financial Crimes Enforcement Network) is the Financial Intelligence Unit of the United States, an authorized agency of the Department of the Treasury that promotes interagency and global cooperation against domestic and international financial crime. It conducts investigations to prevent money laundering and terrorist financing.

How can we prevent Money Laundering?

Money laundering is the process by which proceeds from criminal activity take on a legal appearance and criminals integrate them into the legitimate economy. In this blog post, we will discuss the importance of preventing money laundering, the role of financial institutions, regulatory measures and international cooperation.

FINANCING TERRORISM

The source of financing for terrorism can be legitimate earnings (individual donations can be an example of this) as well as revenues from criminal activities (human trafficking, drug trafficking, smuggling of historical artifacts, prostitution trade, etc.).

Risk Management

One of the most important issues in preventing money laundering and terrorist financing is risk management.

What is Money Laundering?

Black money is money, goods or values obtained from illegal activities such as smuggling, drug trafficking, illegal arms transfers, corruption, tax evasion and prostitution.

Anti Money Laundering (AML) and Counter Terrorism Financing (CTF)

Integration of Financial System, globalization and technological developments; It requires cooperation between countries in the prevention of money laundering (AML) and the financing of terrorism (CTF).