Cryptocurrency regulation; "crypto asset service providers" have been included among the obligors as of 01 May 2021.
Crypto asset is defined as "intangible assets that are created virtually using distributed ledger technology or a similar technology and distributed over digital networks, but are not considered as fiat money, dematerialised money, electronic money, payment instrument, security or other capital market instrument" in the cryptocurrency regulation on payments published by the Central Bank of the Republic of Turkey. Crypto asset service providers, on the other hand, are organisations that intermediate the trading of such crypto assets through electronic trading platforms.
According to the cryptocurrency regulation, crypto asset service providers have obligations such as customer recognition, suspicious transaction notification, providing information and documents, providing continuous information, and preservation and submission.
Since it is essential to conclude a contract between crypto asset service providers and users who will receive services from these platforms, and subsequent transactions can be carried out within the scope of the membership established based on the contract, the business relationship in question falls within the definition of "continuous business relationship".
Crypto asset service providers; except for the establishment of a continuous business relationship,
Regardless of the amount in cases requiring suspicious transaction notification,
Regardless of the amount when there is doubt about the adequacy and accuracy of previously obtained customer identification information,
When the total amount of the transaction or the total amount of more than one interconnected transaction is seventy-five thousand TL or more, they are obliged to make identification.
Obligors are obliged to report suspicious transactions if there is any information, suspicion or suspicion that the assets subject to the transaction have been obtained illegally, used for illegal purposes or used for the financing of terrorism or are related or connected to these.
It is necessary to follow up and risk classify the customer profile, the transactions carried out or the transactions carried out with persons suspected of having links with terrorist organisations or with risky countries.
In this context, obliged parties are expected to establish the necessary systems to ensure that services, transactions and customers are graded and classified according to risks in a manner to cover the above-mentioned obligations.
It will be beneficial to use systems that enable the creation of risk scores for each transaction carried out by the customer, taking into account information on the customer's profession, commercial activities, business history, financial status, risk profile and funding sources. As a result of the risk scores created, the risk levels of the customers (low, medium, high risk customers, etc.) will be determined more accurately through these systems and risky customers can be monitored more closely, and thus, it will be ensured that risky customers, transactions or services are monitored and controlled and necessary measures are taken to reduce risks.
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