Turkey's Parliament is preparing legislation that would grant the Financial Crimes Investigation Board — known by its Turkish acronym MASAK — the authority to monitor and freeze bank accounts in real time. The 20-article bill was reported in October 2025.
The measure follows recommendations issued by the Financial Action Task Force and officials have cited FATF recommendations as its justification. The bill also stiffens penalties for money laundering, illegal gambling, and cyber-fraud.
BANKS FACE EXPANDED COMPLIANCE DUTIES
Under the proposed legislation, banks and other financial institutions would face enlarged requirements for customer verification and suspicious activity reporting. Financial institutions would also be required to report suspicious activity.
Financial police oversight of unexplained transactions would also be extended under the bill.