Anti-Money Laundering Policy

Prevention of Laundering of Crime Revenues and Terrorism Financing Policy

T.Garanti BBVA A.Ş., its branches, subsidiaries and affiliates (hereafter referred to as "Garanti BBVA") target to support all national and international efforts in combating laundering of crime revenues, the financing of terrorism and other associated crimes, and undertake to comply with all relevant laws and other legal regulations.

Money laundering is defined as concealing the illegal sources of proceeds obtained from criminal activity. Money laundering has three stages:

  • Placement (placing the proceeds of crime into financial system)
  • Layering (moving the proceeds of crime from their source)
  • Integration (placing the fund which is separated from its illegal source into the financial system in a laundered way)

Financial institutions can be used at any stage of money laundering. Even if it is unintentional, getting involved in money laundering is an important reputational risk. Garanti BBVA Bank's basic principles in banking are listed below;

  • Compliance with all legal regulations,
  • To cooperate with regulatory authorities in national and international contexts,
  • Adherence to ethical business principles.

Garanti BBVA headquarters in İstanbul, Turkey. The Bank operates in accordance with the Banking Law No. 5411 and is supervised by Banking Regulation and Supervision Agency (Bankacilik Duzenleme ve Denetleme Kurumu - BDDK). The financial Intelligence Unit of the Republic of Turkey is Financial Crimes Investigation Board (Mali Suclari Arastirma Kurulu Baskanligi - MASAK), and is headquartered in Ankara. The republic of Turkey is a member country of the Financial Action Task Force (FATF) and has enacted laws and regulations to combat money laundering, terrorist financing and other financial crimes.

Since it is accepted that an institution may not always detect whether a transaction is money laundering related, to ensure Garanti BBVA is not unwittingly used as an intermediary in money laundering process and other related criminal activities, and to comply with all applicable laws, regulations and rulings in the countries in which it does business, an anti-money laundering program is implemented. This program includes;

  • Written policies and procedures,
  • Assigning a compliance officer responsible for implementing anti-money laundering (A-ML ) policies and procedures,
  • An audit and review function to test the robustness of policies and procedures,
  • Monitoring and auditing customer activities and transactions as per A-ML legislations and regulations,
  • Training of employees on A-ML.

A-ML program is responsibility of all of the employees.

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