The Financial Crimes Investigation Board (MASAK) has fined Binance Turkey 8 million lira (about $ 750,000) after the exchange failed the financial watchdog’s audit to monitor compliance. of the rules against money laundering (AML).
The Financial Crimes Investigation Board, which serves as Turkey’s financial intelligence unit under the Ministry of Finance and Treasury, found that Binance’s operations in Turkey are guilty of breaking laws that seek to prevent the laundering of money acquired by criminal means. . According to the local media outlet Anadolu Agency, MASAK carried out an audit of Law No. 5549 on the Prevention of Laundering of Proceeds of Crime, also known as the AML Law.
Turkey’s Anti-Money Laundering Law requires companies to identify and verify customers’ personally identifiable information on the platform, including details such as surname, date of birth, TC identification number (the Turkish equivalent to the social security number) together with the type and number of identity documents. The law also requires companies to immediately notify the government of suspicious activity within 10 days.
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