Politically Exposed Person (PEP) & Relatives-Close Associates (RCA) What is Politically Exposed Person (PEP)?Politically Exposed Person (PEP) is an individual holding an important public function and therefore having a risky position for being vulnerable to corruption and to get involved in criminal financial activities such as money laundering, bribery and terrorist financing. Politically Exposed Persons [...]

AI in AML Anti Money Laundering Compliance AI-powered technology improves AML Anti Money Laundering programs to be more compatible, efficient, and effective solutions for analyzing and detecting suspicious transactions of high-risk accounts.Current transaction monitoring programs process huge amount of data in seconds therefore system is prone to False Positive results which may lead lower operational [...]

False Positive Reduction in AML Transaction Monitoring Transaction monitoring and screening are one of the essential steps of a successful anti-money laundering (AML) process. It is fully under the responsibility of the financial institutions to detect unusual or suspicious transactions, therefore they need to ensure that they employ a sufficient transaction monitoring and sanction screening [...]

Regulatory Bodies in Turkey: MASAK and BRSA (BDDK) 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 [...]

Financial Action Task Force (FATF) The FATF (Financial Action Task Force) is an intergovernmental organization that designs and promotes policies and standards to fight financial crime. The recommendations made by the FATF cover money laundering, terrorism financing, and other threats to the global financial system. It was created in 1989 at the request of the [...]

Foreign Account Tax Compliance Act (FATCA) What is the Foreign Account Tax Compliance Act (FATCA)?Preventing tax evasion is a global priority. It was estimated that around $40 to $70 billion is lost each year to international individual tax evasion. It is a financial crime that needs international regulations to combat. Along with efforts at the [...]