Efforts continue to prevent money laundering. Minister of Treasury and Finance, Mehmet Şimşek, warned that crypto currency exchanges and payment institutions could face heavy sanctions.

Sanctions will be imposed on crypto currency exchanges that do not comply with the rules. Financial Crimes Investigation Board (MASAK) implemented new regulations four months ago to prevent money laundering. Conditions that crypto currency service providers must adhere to have been determined.

Minister of Treasury and Finance Mehmet Şimşek reminded relevant entities of these regulations.

Şimşek stated that those who do not comply with the rules will face heavy sanctions, saying, “We will not turn a blind eye to those who seek to abuse our financial system. Crypto asset service providers must now fulfill their responsibilities as part of the financial system.” Crypto currency exchanges are required to obtain detailed information from users, known as the “travel rule.” Minister Şimşek announced that transfer transactions will not be processed if there are any missing details. He also mentioned that the regulations include payment institutions.

“We ARE ALSO CLOSELY MONITORING PAYMENT INSTITUTIONS”

Şimşek warned, “We are also closely monitoring payment institutions in terms of actions related to money laundering, especially illegal betting and fraud.” According to the new regulations, crypto currency exchanges will not prepare a compliance program. They will establish risk management and customer transaction monitoring mechanisms. Additionally, users will carry out their initial financial transactions through a bank.