An 8 million lira fine for Binance Turkey after the exchange failed the financial watchdog’s audit for monitoring Anti-Money Laundering compliance.
The Financial Crimes Investigation Board has fined Binance Turkey 8 million lira after the crypto exchange failed the financial watchdog’s audit for monitoring Anti-Money Laundering compliance.
The AML Law in Turkey requires companies to identify and verify the personal identification information of the customers on the platform, which includes details such as surname, date of birth, T.C. identification number and type and number of identity documents. The law also requires businesses to immediately notify the government about suspicious activities within a 10-day period.
With this, Binance also becomes the first crypto business to get fined by the Turkish government. Moreover, MASAK is working closely with Financial Action Task Force , a global regulator against money laundering and terrorist financing, according to former Treasury and Cost Minister Lutfi Elvan:In line with this request, MASAK has also agreed to report transactions that exceed the value of 10 thousand lira within 10 days.
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