TurkishBank UK FATF Project

TurkishBank UK is fully committed to ensure that its products and services are not used to launder money, finance terrorism, evade government sanctions or otherwise facilitate criminal activity. With this in mind, TBUK is further increasing its robustness in AML methodologies to meet and exceed its international standards.

First Line teams are responsible to conduct all due diligence and customer risk assessments, thus allowing the Second Lines to implement independent monitoring and oversight. Second Line also provides the training and advice frameworks to adequately assess the Bank’s risk exposure. Synergy between the First and Second Lines ensures the healthy operation of the Bank within its risk appetite.

With the Grey listing of Turkey by the Financial Action Task Force (FATF), TBUK has closely examined FATF’s applicable recommendations, and ambitiously set out to conduct an Enhanced Due-Diligence project to its Non-Resident, and some Resident clients with financial connections with Turkey and Northern Cyprus. The scope of the project exceeds 1100 customers.

With daily meetings since the end of 2021, and the hard work of the Team, the project has reached 58% completion, and is scheduled to be complete by the end of March 2022.

With the project nearing its completion, the Bank is able to closer monitor customers deemed as higher risk, therefore safeguarding the Bank and building on its robust AML procedures.