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Compliance 

Brief information of Akbank T.A.S.

Akbank T.A.S. was established on 30 January 1948 as a private commercial bank, in accordance with the decision of the Council of Ministers, No.3/6710 and is authorized to perform all economic, financial and commercial activities which are allowed by the laws of the Turkish Republic (“T.C.”).

It is authorised and regulated by the Banking Regulation and Supervision Agency.

Akbank T.A.S.’s branches and subsidiaries trade as Akbank T.A.S. Malta Branch and Akbank AG. Akbank T.A.S.’s foreign subsidiaries must comply with the regulations of the host country’s anti-money laundering and terrorism financing. Each of the Akbank’s foreign subsidiaries has its own compliance declaration which is available on request.

Legal and regulatory framework in Turkey

The utilization of the financial system to launder money resulting from crimes is a criminal offence in Turkey. Fight against laundering proceeds of crime and combating of financing of terrorism essentially conducted by Financial Crimes Investigation Board (MASAK), which is a main service unit of Ministry of Finance and is directly attached to Ministry of Finance.

The principal requirements, obligations and penalties are contained in:

Scope

The structures of Akbank T.A.S.'s AML/ KYC Standards policy are:

  • Complying with AML (Anti- Money Laundering) and CFT (Combating Financing of Terrorism) laws and regulations such as; local laws (Turkish AML Act and Criminal Act) and regulatory guidance, U.N. Security Council Resolutions, EU Directives, USA Patriot Act.
  • Recommendations made by the FATF (Financial Action Task Force) Standards on AML and CFT standarts and Application Methodology Criteria, NCCT Reports.
  • Evaluating KYC (Know Your Customer) principles and customer identification regulations such as; Basel Principles (Customer due Diligence for Banks), Wofsberg Principles, TBA Local Industry Guidance/ Best Practices.

The objectives of the Policy are;

  • to comply with the obligations regarding the prevention of laundering proceeds of crime and financing of terrorism,
  • to determine our strategies to mitigate potential risks, our internal controls and measures, operating rules,
  • responsibilities through a risk-based evaluation of our customers, transactions, products and services,
  • to develop awareness in our existing and new employees on the matters herein mentioned.​

AML/CFT program and applications

Akbank T.A.S instituted appropriate procedures for controlling activities to comply with all applicable laws and regulation in Turkey and international standards for the need to have adequate systems and controls in place to mitigate the risk of the firm being used to facilitate financial crime. Akbank T.A.S.'s AML/CFT Program includes;

  • A designated AML Compliance Officer,
  • Written policies, procedures and guidelines,
  • Risk based controls, including AML software program that monitors ongoing transactions, account activites of customers and screens existing and prospective customers for AML and CFT purposes,
  • Procedures for reporting suspicious activity internally and to relevant law enforcement authority,
  • Record keeping according to local laws,
  • Training,
  • The internal audit operations and independent audit testing.​

Sanctions policy

Akbank is committed to compliance with relevant economic and trade sanctions laws in all jurisdictions in which it operates through identifying, mitigating and managing the risk. This Policy applies to all countries and/or jurisdictions in which Akbank operates and extends to any additional countries and/or jurisdictions where Akbank commences operations and/or has an active registration or license.

All Akbank Group domestic and international, branches and subsidiaries must to comply with all applicable sanctions laws and regulations published by below authorities. United Nations, US Office of Foreign Assets Control (OFAC), European Union, Her Majesty’s Treasury (HMT) etc.

All employees receive training on International Sanctions Regulations annually. Related training given by Akbank’s compliance team.

All Policy incidents and breaches must be reported to the Group Compliance Officer.

Customer acceptance policy

The policy contents the required principles of Know Your Customer Procedures according to national and international regulations to comply with prevention of money laundering and combating financing of terrorism.

Akbank KYC obligations include;

Identification when;

  • Accepting or delivering cash,
  • Establishment of the ultimate beneficiary,
  • Making and keeping records,
  • Internal security measures,
  • Opening account/establishment customer relationship.

 

For individuals

  • Require the official documents,
  • ID number

 

For corporations and other legal entities

  • Customer's name, legal form, address, directors, shareholders,
  • The corporate by laws, powers of attorney and other reliable identifying information,
  • Tax number

 

According to 'Customer Acceptance Policy' Akbank T.A.S. do not accept the following categories of customers;

  • Those refraining from giving information and documents or from being recorded;
  • Those wishing to open an account with anonymous names or a nickname;
  • Those failing to give satisfactory information about sources of transactions and funds;
  • Those included in lists of persons laundering proceeds of crime and giving support to financing of terrorism, as issued by international organizations and institutions;
  • Those named in watch lists kept in the domestic intelligence system in terms of laundering proceeds of crime, and financing of terrorism, and associated financial crimes (swindling, fraud, organized crimes, etc.);
  • Shell banks (an institution offering financial services via internet without using any physical workplace and employing any fulltime employee),
  • Real and legal persons of sanctioned countries,
  • Gambling and illegal betting companies.

 

High Risk Products and Services

  • Transactions with risky countries
  • Foreign money transfers of high amounts
  • Cash deposit and withdrawal transactions of high amounts
  • Service channels (internet, ATM, Call Center, etc.) created for non-face-to-face transactions

 

High Risk Customers

Certain kinds of businesses may require EDD at account opening transaction review. Identified as high-risk include:

  • Associations, Foundations, Charities and other Non-Governmental Organizations, and
  • Off-shore banks, and
  • Companies seated in risky regions and countries, and
  • Citizens of risky countries, and
  • Workplaces where cash is used intensively, and
  • Private banking customers, and
  • Correspondent Banks, and
  • Politically exposed persons,
  • Embassies,
  • Ship broker companies,
  • Defense and arms industry companies,
  • Intermediary companies (Leasing, Factoring etc.)
  • Companies with share to bearer
  • Money Service Businesses – MSB.

 

High Risk Countries and Regions

  • Tax heavens (according to OECD and FATF criteria);
  • Countries subject to a full or partial embargo by EU;
  • Countries subject to a full or partial embargo by OFAC (United States, Department of Treasury);
  • Countries and regions included in the list of countries and regions which do not enter into cooperation with FATF (Financial Action Task Force); and
  • Countries named in FINCEN (United States, Financial Crimes Enforcement Network) list.

Training

Training activities are carried out in order to improve existing and new employees’s the knowledge of the Akbank’s products and services may be used to facilitate money laundering or terrorist financing and awareness of their legal obligations.

AML questionnaire

For Anti-Money Laundering Q​uesitonnaire form, please click here!

Patriot act certification

Please ​​​click here​ for certification regarding correspondent accounts for foreign banks.​

 
 
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