FATF says Turkish crypto firms understand AML rules but lag in implementation

The Financial Action Task Force said Türkiye’s virtual asset service providers generally have a solid understanding of money laundering risks and related compliance obligations, while authorities are stepping up supervision based on risk levels. It added, however, that implementation remains lacking in areas including procedures to identify and manage politically exposed persons and the filing of suspicious transaction reports. FATF also said Türkiye’s regulatory framework for virtual asset service providers was still in the early stages of implementation at the time of its on-site review.