Corporate compliance involves the design, implementation, and monitoring of effective policies, programs, procedures, and practices surrounding compliance by an organization and its employees and other representatives with legal and regulatory requirements applicable to the organization’s business activities as well as detection of potential violations of these legal and regulatory requirements by an organization’s employees and other representatives.

Preventing improper conduct

A good corporate compliance program can help prevent improper conduct in any organization. This keeps things running smoothly;

• Minimizes risks,
• Helps your company maintain a good reputation.
• Uncovers better data for better decisions,
• Gives the gift of efficiencies and economies of scale,
• Results in a smaller, better organized toolbox,
• Levels the playing field,
• Helps realize a company’s mission,
• Enhances relationships with regulators and other stakeholders,
• Reminds that transparency is good business,
• Helps attract and retain talent and ensure employee engagement.

Commercial Electronic Communications

Commercial electronic communications in Turkish law mean the communications with audio and video content and data sent for “commercial purposes”,  carried out electronically through telephone, call center, fax, automaticdialer systems, smart voice recording systems,electronic mail, SMS. Prior consent is required, with some exceptions, for sending electronic commercial communications for promoting, marketing goods and services, promoting business or increasing recognition through contents of celebration or wishes. The burden of proof as to consent relies with the sender. Real persons and legal entities which are willing to send commercial electronic communications are now, obliged to register with the “Commercial Electronic Communication Management System” (IYS).

Financial Intelligence

Combating against the laundering fruits of crime is being conducted principally by Financial Intelligence Unit, Financial Crimes Investigation Board (FCIB-MASAK) which operates within the Ministry of Finance. It is necessary to be part of Compliance Program related to anti-biribery, anti-curruption and money loundering, etc.

Crypto currencies

The definition of “Suspicious Transactions Related To Crypto Currency” has been recently changed in Turkey. The current law does not exemplify all money transfers in connection with crypto currencies as suspicious; instead the Guidelines provides narrower and specific circumstances for a transaction to be considered as suspicious. The examples of suspicious crypto currency transactions within the Guidelines are as follow: “Transfer from customer accounts to domestic and international crypto currency exchanges or other real persons’ or legal entities’ accounts for the purposes of buying crypto currency, in frequency and amounts that does not fit the customer’s profile”. “Transfer to customer accounts as a result of a crypto currency sale, whose origin is unknown or suspected to be inapt with the relevant person’s financial profile”.

Compliance Program

Our Compliance Program services cover the following measures:

• Developing AML/ATF policy and procedures
• Carrying out risk management activities within scope of prevention of money laundering and financing of terrorism,
• Carrying out monitoring conditions of the firm.
• Assigning compliance officer and establishing a compliance unit
• Carrying out training activities within the scope of AML/ATF legislation
• Carrying out external supervision activities within the scope of AML/ATF policy and procedures in Turkey
• Preparing and reviewing of Company internal policy and procedures to ensure compliance with applicable laws and regulations, which includes staying current on developments, interpreting laws and regulations in the context of the Company’s activities and ensuring that business leaders stay informed of necessary information
• Drafting and reviewing legal documents and advise business leaders on legal and regulatory issues concerning vendor and supplier contracts, joint ventures, port agents, and other Company investments and business relationships, worldwide
• Providing legal support in internal investigations and audits, working closely with business leaders to evaluate and respond to suspected compliance violations, and ensure consistent enforcement, disclosure and remedial action protocols
• Preparing responses to, administrative or law enforcement audits, inspections, and requests for information
• Preparing Company-wide risk assessments and maintain a compliance risk register to identify and manage areas of risk including the use of data analytics to drive continuous improvement
• Maintaining an inventory of key policies and procedures relating to legal, compliance and internal audits

We provide training programs related to AML, ATF & KYC guidelines. The training activities related to the prevention of money laundering and financing of terrorism will be carried out in accordance with the size, business volume and the changing conditions of the firm.

Although the types of compliance programs and policies that may be appropriate for a particular organization will vary according to an organization’s size and complexity of operations, all organizations, large and small, corporate or otherwise, benefit from having effective corporate compliance programs in place, be they formal or informal, that are well-designed, appropriately tailored to the organization’s operations and actively monitored following their establishment.

Sanctions

Non-compliance with the obligations under the regulation may result in administrative and judicial fines and imprisonment for real persons and security measures for legal entities.