Turkiye: Regulation on compliance with obligations on prevention of laundering proceeds of crime and financing of terrorism including risk management enters into force

On 25 February 2025, the Regulation on compliance with obligations on prevention of laundering proceeds of crime and financing of terrorism including risk management enters into force. The rules apply to financial institutions, cryptoasset service providers, payment service providers, and electronic commerce intermediaries. It requires enhanced risk management and continuous monitoring of transactions, particularly regarding asset freezing decisions. It also mandates senior official approval for establishing relationships with crypto service providers and impose stricter compliance checks for payment services.