The joint European Union and Council of Europe “Action against money laundering in Türkiye” has been working on strengthening the capacities of authorities of Türkiye in the area of prevention of money laundering. In this framework, in co-operation with the Financial Crimes Investigation Board (MASAK), the action organised during 30-31 May a training on good practices when conducting on-site supervision of financial institutions.

This capacity-building activity brought together the relevant actors in this field including representatives from MASAK, Ministry of Treasury and Finance of Türkiye, Banking Regulation and Supervision Agency, Central Bank, Ministry of Treasury and Finance of Türkiye (Tax Inspection Board), Capital Markets Board, Ministry of Trade, Insurance and Private Pension Regulation and Supervision Agency, treasury controllers.

The training raised awareness and improved the skills of the participants and provided examples of key European approaches, practices, and tools for on-site anti-money laundering inspection of financial institutions. In this context, participants were also provided with information on perspectives, experiences, and good practices from the Central Bank of Ireland, the Croatian National Bank, and other jurisdictions. The Council of Europe experts and speakers emphasised the importance of risk profiling of obliged entities and determining the frequency and intensity of on-site inspections based on risk, the pre-inspection process, determining the scope of an on-site inspection, the remediation process and updating the risk assessment.

This activity was organised within the framework of the joint European Union and Council of Europe programme "Horizontal Facility for the Western Balkans and Türkiye " and its “Action against money laundering in Türkiye”.