Financial Crimes Investigation Board (MASAK) is a financial intelligence unit under the Ministry of Treasury and Finance. The main duties of MASAK are to prevent money laundering crime, to process the collected information, to develop measures, to conduct research on it, and present it to the necessary authorities.

The purpose of the Banking Regulation and Supervision Authority (BRSA) is to protect the rights and interests of depositors, to ensure trust and stability in financial markets, and to support the functioning of the financial sector effectively developing in the credit system. BRSA (BDDK) Turkey protects the rights and interests of depositors in Turkey.

What Does MASAK Stand For?

MASAK operates under the Ministry of Finance. It is a committee that was established on 19 November 1996 with Law No. 4208 on the Prevention of Money Laundering and was assigned to investigate and examine money laundering crimes.

What Does BRSA (BDDK) Stand For?

The BRSA Turkey was established on 31 August 2000 to protect the rights and interests of depositors in Turkey, to create a suitable environment for banks and private financial institutions to operate in a healthy. Also, BRSA aims efficient and worldwide competitive structure within the market discipline. Thereby contributing to the long-term growth and stability of the country and the financial eco-system.

What Are The Duties of MASAK?

The main function of MASAK is to conduct research and sectoral studies on the developments in the field of money laundering and methods for the prevention and detection of money laundering crime, to develop measures, to collect data, to analyze, to make or have researches and examinations made. MASAK contributes to policy formation, develops implementation strategies, drafts laws, makes other necessary regulations regarding implementation, ensures coordination between relevant institutions and organizations.

What Are The Duties of BRSA (BDDK)?

To carry out banking activities and establish a bank, it is necessary to obtain permission from the BRSA (BDDK) first. People who will operate in the country and abroad should also get permission from BRSA (BDDK) Turkey. It regulates the principles regarding the supervision of banks such as establishment, operation, transfer, audit, management, liquidation, and merger. BRSA (BDDK) is responsible for taking all necessary decisions to ensure the effective functioning of the credit system. At the same time, BRSA (BDDK) Turkey controls the financial markets with the counter, efficient and rational work of the bank to ensure a fully competitive environment.

How to Complain to MASAK?

Suspicious transaction reporting form is a document that must be submitted to MASAK whenever a suspicious activity is monitored by the financial institution. These reports are mandatory for banks, fintechs and other financial institutions to comply with AML rules which are regulated by MASAK and other regulatory authorities. Suspicious transaction reporting form is for declaring the financial transactions that may be considered as anomalies or an indication of illegal financial activity.

BRSA (BDDK) Complaint Depends on Which Ministry?

It is possible to complain to the BRSA (BDDK) Turkey in five different ways due to the transactions made by the banks. BRSA (BDDK) complaints depend on CIMER. Complaint ways are the information system, the electronic complaint system, the petition, the call center, and the Presidential Communication Center (CIMER). You can file a complaint with the BRSA for the transactions made by financial institutions.