• Profile
  • TSKB in Brief
  • TSKB's Subsidiaries
  • Products and Services Of TSKB
• Performance
  • Value Creation
  • Awards & Recognitions
  • CEO's Assessment
• Approach
  • TSKB's Sustainable Banking Strategy
  • TSKB's Sustainability Priorities
• Dialogue
  • TSKB and Stakeholder Engagement
  • TSKB's Stakeholders
  • 2010 Stakeholder Dialogue Highlights
• Sustainability and Environmental Issues
  • Sustainable Banking at TSKB
  • Sustainable Banking Performance: the Economic Dimension
  • The Renewable Energy Sector and TSKB
  • TSKB Energy Index
  • TSKB, Climate Change, and the Environment
  • TSKB's Efforts on Behalf of Sustainability and the Environment
  • Who Wouldn't Want to Be Sustainable?
  • ISO 14001 Certification
  • The Structure of the TSKB Environmental Management Team
  • TSKB's Environment Policy
  • TSKB's Environmental Impact
  • Sustainable Banking Performance: the Environmental Dimension
  • Developments in External Environmental Impact
• Corporate Governance
  • Absolute Compliance With Laws and Regulations
  • TSKB's Corporate Governance Structure
  • Compliance With Corporate Governance Principles
  • Risk Management at TSKB
  • Prevention of Money-Laundering and the Financing of Terrorism
  • Relations with Suppliers
• People
  • Human Resources and the Workplace at TSKB
  • The TSKB Performance Management System
  • TSKB Compensation and Reward System
  • TSKB Human Resources Structure
  • Human Rights and Employee Rights at TSKB
  • Competency Development and Training
  • Health and Safety at TSKB
  • Commuting By Sea
  • Internal Communication at TSKB
• The Community
  • Social Responsibility at TSKB
  • "Environment: Our Priority": Past and present
  • The NGOs that TSKB Collaborates with
• Summarized TSKB Goals and Performance
• Appendices
  • About This Report
  • Statement GRI Application Level Check
  • Global Reporting Initiative Cross Index
  • Online Sustainability
  • Imprint
  • Communication and Service Channels

PREVENTION OF MONEY-LAUNDERING AND THE FINANCING OF TERRORISM

Prevention of money-laundering and the financing of terrorism
As is the case elsewhere in the world, efforts to combat money-laundering are being made in Turkey as well.

The legal framework governing the anti-money-laundering effort in Turkey is embodied in two laws: “Law on preventing money-laundering” (1996) and “Law concerning the prevention of the laundering of the proceeds of criminal activities” (2006). The Financial Crimes Investigation Board (MASAK) is the agency responsible for combating laundering of money and the financing of terrorism. A set of regulations published in 2008 required deposit banks to develop programs to bring themselves into compliance with efforts to prevent money-laundering through the Turkish banking system. As an investment bank that does not accept deposits, TSKB is not required to prepare such a program.

Nevertheless TSKB is committed to being in full compliance with current laws and regulations in Turkey pertaining to money-laundering and terrorism-financing. For this reason, it has incorporated all essential control, warning, and other mechanisms related to such matters into its business processes.

The TSKB Department of Internal Control is responsible for monitoring and checking the Bank’s day-to-day activities. This department checks the overall effectiveness and adequacy of the Bank’s Anti-Money-Laundering Compliance Program and reports any shortcomings to the Board of Directors. At the same time, customer transactions taking place at TSKB are also checked and reported on a daily, monthly, and quarterly basis.