The questions below offer a general framework on suspicious transaction reporting, the examination of account movements, the compliance program and account measures. In a specific case, time limits, documents and the regulations in force are assessed separately.
Showing 1–4 of 4 questions
Is it possible to tell a customer that a suspicious transaction report has been filed with MASAK?
There are statutory prohibitions concerning the confidentiality of reports.
Obliged entities within the scope of Law No. 5549 are subject to special obligations regarding the reporting procedure and information sharing. The rules on internal audit, confidentiality, personal data and providing information to the competent public authority must be applied together.
Does the examination of bank account movements alone show that the offense of money laundering has been committed?
No; ordinary or suspicious financial movement is different from the realization of the statutory elements of the offense.
In the offense of laundering, the link to the predicate offense, the asset values, and the elements of knowledge and act are examined on the basis of concrete evidence. MASAK analyses are of the nature of technical and financial examinations; they do not by themselves determine the outcome of fault or conviction.
Is a company considered to have fulfilled the MASAK compliance program with a single instruction?
No; risk management, training, monitoring and record-keeping processes suited to the type of obliged entity must actually be operated.
The internal policy, customer identification records, suspicious transaction procedures, the allocation of duties and audit trails may be assessed. Not all companies are obliged to the same extent; sectoral regulations must be taken as the basis.
How can a measure placed on a company account be lifted?
Depending on the authority that imposed the measure and the type of decision, an objection or a request for lifting may be considered.
A bank block, a tax attachment, a measure under the Code of Criminal Procedure (CMK) and transactions under Law No. 5549 are distinguished from one another. The decision, the notification, the account movements, the proportionality of the measure and the manner in which the evidence was obtained must be examined together.