Turkish MASAK fines Binance Turkey for violating AML rules – Bits Media

Binance Turkey Subsidiary Fined by Financial Crimes Investigation Board (COOK) for ₺8 million for non-compliance with anti-money laundering rules.

According to Reuters, Financial Crime Investigation Council (COOK) subdivision Financial Control of Turkey under the Ministry of Finance and Treasury of Turkey
accused the Turkish division of Binance (BN Technology) in violation of the rules on preventing money laundering (AML). During the audit, MASAC checked compliance with Law No. 5549 on the prevention of money laundering.

MASAC studied, how the exchange identified and verified clients' personal information on the platform: passport details, social Security number, types and number of documents, identification documents. Controllers checked, how the Binance affiliate complies with the policy of promptly notifying the government of suspicious activity within 10 days.

During the audit it was revealed, that BN Teknologi did not report suspicious transactions to the regulator, did not transmit transaction data, carried out above established limits, and avoided sending accompanying documents. Based on the results of the inspection, the control service imposed the maximum possible administrative fine on the exchange in the amount of 8 million Turkish lira (more than $700,000). Curious, that the audit results were presented on the same day, when President Erdogan announced the completion of the draft law on the regulation of cryptocurrencies, which will soon be submitted to parliament. Binance became the first cryptocurrency exchange, fined by the Turkish government.

Former Finance Minister Lutfi Elvan(Lutfi Elvan) stated, that MASAK works closely with the Financial Action Task Force (FATF). В соответствии с запросом FATF, MASAK согласился обязать биржи сообщать о транзакциях, сумма которых превышает 10 тысяч лир (more $930) during 10 days.

In October, one of the largest cryptocurrency exchanges in Turkey, Coinzo, announced the cessation of operations.. The reasons for the decision are not reported, however, this is most likely due to the regulatory environment. Last year, the Turkish Financial Crimes Investigation Council (COOK) conducted an inspection of cryptocurrency exchanges as part of an initiative to combat illegal betting and online gambling.