Compliance Officer
THE ROLE OF THE COMPLIANCE OFFICER UNDER THE LEGISLATION ON COMBATING THE LAUNDERING OF PROCEEDS OF CRIME AND THE FINANCING OF TERRORISM
A MASAK compliance officer is the person who, in institutions required to establish a compliance programme under Law No. 5549, carries out compliance work under the legislation and ensures communication and coordination with the Financial Crimes Investigation Board (MASAK).
The officer’s duties and powers are determined according to the type of appointment and the rules to which the institution is subject. This page summarises what the title means and the general framework of the relevant legislation.
- (5549)
Law No. 5549 on the Prevention of Laundering Proceeds of Crime
This is the basic law on the obligations relating to the prevention of laundering. Customer due diligence is regulated in Art. 3, suspicious transaction reporting in Art. 4, and training, internal audit and risk management together with the compliance programme in Art. 5. The compliance programme and the rules on appointment are set out in more detail in the Compliance Regulation.
MASAK · Official text - (6415)
Law No. 6415 on the Prevention of the Financing of Terrorism
This law regulates the prevention of the financing of terrorism and the procedures for freezing assets. The monitoring of the relevant decisions, customer and transaction checks and the application of sanctions are taken into account in the institution’s compliance processes.
MASAK · Official text - (7262)
Law No. 7262 on the Prevention of the Financing of the Proliferation of Weapons of Mass Destruction
This law regulates the implementation of the relevant sanctions decisions of the United Nations Security Council. Within compliance work, sanctions lists are monitored, possible matches are assessed and asset-freezing measures are followed.
MASAK · Official text
The Compliance Regulation sets out the components of institutional policies, risk management, monitoring and control, the compliance officer and compliance unit, training and internal audit. Whether an institution must establish a full programme or only appoint a compliance officer depends on the type of institution.
- Institutional policy and procedures
- Risk management
- Monitoring and control
- Compliance officer and compliance unit
- Training
- Internal audit
Ultimate responsibility for the compliance programme as a whole rests with the board of directors. Appointing a MASAK compliance officer does not remove this responsibility; internal audit is carried out separately by an authorised person or unit.
- (001)
Institutional policy and procedures
Preparing the institutional policy and procedures and submitting them for approval by the board of directors.
- (002)
Risk management
Identifying, rating and assessing customer, service and country risks.
- (003)
Monitoring and control
Planning and carrying out monitoring and control activities.
- (004)
Customer due diligence
Overseeing whether the customer due diligence rules are applied within the institution.
- (005)
Suspicious transaction reporting
Assessing suspicious transactions and reporting those considered necessary to MASAK; protecting the confidentiality of the report.
- (006)
Training programme
Preparing the training programme and following up its implementation.
- (007)
Communication with MASAK
Responding to MASAK’s requests for information and documents and fulfilling the obligation to provide continuous information.
- (008)
Record keeping
Retaining documents and records for the period prescribed in the legislation and protecting their confidentiality.
- (009)
Periodic reporting
Submitting periodic reports to the board of directors on the activities carried out.
- (010)
Monitoring of legislation
Following changes in the legislation and updating internal rules accordingly.
- (011)
Monitoring of sanctions lists
Following asset-freezing decisions and sanctions lists and assessing possible matches.
MASAK, which operates within the Ministry of Treasury and Finance, is responsible for the application of the legislation. The obliged parties are listed one by one in the Regulation on Measures; they include banks, payment and electronic money institutions, insurance and pension companies, capital markets institutions, crypto-asset service providers, dealers in precious metals and jewellery, intermediaries in the sale and purchase of immovable property, dealers in motor land vehicles, independent accountants and financial advisers, and notaries.
The obligation to establish a compliance programme applies only to the groups of obliged parties specified in the legislation; not every person or institution is subject to it. The current text of the Regulation should be consulted for the list of obliged parties.
The Financial Crimes Investigation Board General Communiqué (Serial No: 30) entered into force on 9 September 2025. The Communiqué is based on Art. 5 of Law No. 5549 and Art. 32/B of the Compliance Regulation; it regulates the authorisation examination, professional training, licence and registration process for persons to be authorised as compliance officers and deputy compliance officers. The examinations are held electronically under MASAK’s authorisation.
The compliance officer is appointed by the board of directors of the obliged party. For the officer to be able to perform the role independently, sufficient authority and resources must be granted. The appointment is notified to MASAK in accordance with the procedure laid down in the legislation.
Holding a licence does not in itself mean that a person has been appointed to a post at an institution. For an appointment, the registration, experience and other conditions in the legislation must also be met; the qualifications required may vary according to the type of obliged party.
- (01)Law No. 5549 on the Prevention of Laundering Proceeds of Crime
- (02)Law No. 6415 on the Prevention of the Financing of Terrorism
- (03)Law No. 7262 on the Prevention of the Financing of the Proliferation of Weapons of Mass Destruction
- (04)Regulation on Measures Regarding the Prevention of Laundering Proceeds of Crime and Financing of Terrorism
- (05)Regulation on the Programme of Compliance with Obligations regarding the Prevention of Laundering Proceeds of Crime and Financing of Terrorism
- (06)Financial Crimes Investigation Board General Communiqué (Serial No: 30)
- (07)MASAK general communiqués and guides
Main obligations under Law No. 5549
- Customer due diligence: Identifying customers in specified transactions and determining the beneficial owner (Art. 3).
- Suspicious transaction reporting: Reporting transactions that give rise to suspicion to MASAK (Art. 4).
- Training, internal audit and risk management: Establishing and operating these systems (Art. 5).
- Providing information and documents: Responding to MASAK’s requests (Art. 7).
- Retention and submission: Retaining documents and records for eight years from the date on which they were issued (Art. 8).
The office provides legal advice on the establishment of compliance programmes, the preparation of policy and procedure documents, risk assessment, and the legal assessment of training and suspicious transaction reporting processes; advice and representation may also be provided in MASAK inspections and administrative sanction proceedings.
[Types of obliged parties for which the compliance officer role is undertaken, and the scope — to be clarified with Att. Aydın Yaman.]
The information on this page is general in nature and is based on the legislation in force at the date of publication; it does not replace legal advice on a specific situation. The current version of the legislation should be relied on.