The Financial Crimes Investigation Board has gone about and fined Binance Turkey a sum of 8 million lire after the crypto exchange failed to comply with the auditing session for the Anti-Money Laundering compliance. The Financial Crimes Investigation Board, which also functions as the financial intelligence unit of Turkey– under the jurisdiction of the Ministry of Finance and Treasury, found out that the operations of the crypto exchange were guilty of violating laws that were intended to prevent money laundering that had been acquired through various criminal means.
The MASAK Has Fined Binance Turkey
According to Anadolu Agency, a local news media, the Board carried out an audit which came under Law No. 5549 on the Prevention of Laundering Proceeds of Crime, which was also called the AML Law.
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The AML Law in Turkey would require most companies to verify and identify the personal identification information of the customers on their platform, for example, Binance Turkey, which would also include several details such as date of birth, surname, T.C. identification number, and type of identity documents. The law would also require most businesses to notify the government about any suspicious activities that could take place within a grace period of 10 days.
As reported by Cointelegraph Turkey, the watchdog went on to impose the maximum possible administrative fine of 8 million Turkish lire on Binance Turkey for the alleged violation. Also, the timeline does coincide with the day the President announced the crypto law draft which would be handed over to Parliament to be signed into a bill.
With this violation, Binance Turkey does become the first crypto exchange to get fined by the government of Turkey.
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