What it means for you
Banks, notaries, real-estate agents, exchange offices and other defined parties must identify their clients and report suspicious transactions to it. That is why a Turkish bank asks a foreign client for the source of funds before a large transfer, and why an account can be frozen while a report is examined.
Commonly confused with
Reporting to it is not an accusation. A suspicious-transaction report is a compliance duty of the reporting party, not a finding against the client; the criminal offence of laundering sits separately in the Criminal Code.
Where you meet this word
Behind every source-of-funds question from a Turkish bank, and in the compliance file of any regulated business.
Statute: Law on Prevention of Laundering Proceeds of Crime No. 5549
How we help with this: Criminal Defense
