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Turkey fines crypto exchange Binance for violating the AML Law

The country’s Financial Crimes Investigation Board (MASAK) has imposed an 8 million lira (around $750,000) fine on Binance Turkey.

Istanbul, Turkey / Image by: Wikimedia Commons

Mon, 27 Dec 2021, 10:49 am UTC

The Turkish unit of the crypto exchange Binance has been slapped with a multi-million lira fine for failure to comply with the country’s Anti-Money Laundering (AMLA) rules. This is the first time that Turkish authorities have imposed such a fine on a crypto platform in the country.

The country’s Financial Crimes Investigation Board (MASAK) has imposed an 8 million lira (around $750,000) fine on Binance Turkey, CNBC reported. Turkish authorities fined the local unit of the crypto exchange due to violations found during liability inspections.

The Financial Crimes Investigation Board (MASAK) carried out an audit to determine compliance with Law No. 5549 on Prevention of Laundering Proceeds of Crime, also known as the AML Law, according to Cointelegraph. The MASAK, which is Turkey’s financial intelligence unit that operates under the Ministry of Finance and Treasury, said Binance Turkey is guilty of violating laws intended for the prevention of money laundering of funds acquired through criminal means.

Under Turkey’s AML Law, companies are required to conduct verification of the personal identification information of customers such as their surname, T.C. identification number, date of birth, as well as the number and type of identity documents presented. Companies are also required to report to authorities within 10 days any suspicious activities.

The financial intelligence unit imposed the maximum possible fine under the law of 8 million lira for Binance Turkey’s violation. With this decision, the crypto exchange also became the first crypto firm to get fined for such kind of violation.

MASAK is working closely with the intergovernmental organization Financial Action Task Force (FATF) to combat terrorist financing and money laundering. As such, there is an arrangement wherein MASAK reports transactions above 10 thousand lira in value to the global regulator within 10 days. “FATF has asked for measures to be taken against crypto trading platforms,” former Treasury and Cost Minister Lutfi Elvan said.

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