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We are entering a new era in the world of cryptocurrency. The updates prepared by MASAK based on Law No. 5549 on the Prevention of Laundering Proceeds of Crime, announced on July 23, 2024, bring significant changes for many actors in the sector. With the new guide and updated online system, the reporting of suspicious transactions will now be much more detailed and comprehensive.
Key Points of the New Guide
The new Suspicious Transaction Reporting Guide has been updated in line with the views and suggestions of sector representatives, within the framework of the National Risk Assessment Report on Money Laundering and Financing of Terrorism. Here are some of the prominent features of the guide:
- Forms Specific to Crypto Assets: New suspicious transaction reporting forms have been developed to suit the working systematics of crypto asset service providers.
- Updated Technology: The reporting form has been simplified and redesigned to encompass all current financial technologies.
- New Suspicion Categories: New types of suspicious transactions have been added, considering evolving and changing crime typologies.
- Quality-Enhancing Control Points: Control points have been added to improve the quality of reports in the explanation section of suspicious transactions.
- Identity Verification and Financial Institution Information: Sections for identity verification type and information of the financial institution mediating the transaction have been added.
- Mandatory Suspicion Category Selection: New suspicion categories have been added, making the selection of suspicion categories mandatory.
MASAK Online 2.0: Security Through Technology
Along with the new guide, the MASAK Online system has also been updated. The MASAK Online 1.0 system has been redesigned with updated technology as MASAK Online 2.0 and made available to crypto asset service providers. With the new system:
- Access Security: Access security has been enhanced.
- Flexible and Sector-Specific Structures: The creation of flexible and sector-specific structures has been facilitated.
- Quick and Easy Reporting: An XML guide has been prepared and shared with sector representatives to enable faster and easier reporting by obligors.
New Era Begins on July 26
Crypto asset service providers operating under the Capital Markets Law No. 6362 will send suspicious transaction reports in accordance with the procedures and principles specified in the new guide starting from July 26, 2024.
These innovations are seen as one of the important steps towards increasing security and order in the sector.
