Compliance

Brief Information of Akbank T.A.S.

Akbank T.A.S. was established on 30 January 1948 as a private commercial bank, in accordance with the decision of the Council of Ministers, No.3/6710 and is authorized to perform all economic, financial and commercial activities which are allowed by the laws of the Turkish Republic (“T.C.”).

It is authorised and regulated by the Banking Regulation and Supervision Agency.

Akbank T.A.S.’s branches and subsidiaries trade as Akbank T.A.S. Malta Branch, Akbank Dubai and Akbank AG. Akbank T.A.S.’s foreign subsidiaries must comply with the regulations of the host country’s anti-money laundering and terrorism financing. Each of the Akbank’s foreign subsidiaries has its own compliance declaration which is available on request.

51.1% of Akbank stocks are publicly traded and listed on the Borsa Istanbul, while the Bank's Level 1 ADRs are traded on the OTC market in the USA.

Legal and Regulatory Framework in Turkey

The utilization of the financial system to launder money resulting from crimes is a criminal offence in Turkey. Fight against laundering proceeds of crime and combating of financing of terrorism essentially conducted by Financial Crimes Investigation Board (MASAK), which is a main service unit of Ministry of Finance and is directly attached to Ministry of Finance.

The principal requirements, obligations and penalties are contained in:

Scope

​The structures of Akbank T.A.S.'s AML/ KYC Standards policy are:

  • Complying with AML (Anti- Money Laundering) and CFT (Combating Financing of Terrorism) laws and regulations such as; local laws (Turkish AML Act and Criminal Act) and regulatory guidance, U.N. Security Council Resolutions, EU Directives, USA Patriot Act.
  • Recommendations made by the FATF (Financial Action Task Force) Standards on AML and CFT standarts and Application Methodology Criteria, NCCT Reports.
  • Evaluating KYC (Know Your Customer) principles and customer identification regulations such as; Basel Principles (Customer due Diligence for Banks), Wofsberg Principles, TBA Local Industry Guidance/ Best Practices.

The objectives of the Policy are;

  • to comply with the obligations regarding the prevention of laundering proceeds of crime and financing of terrorism,
  • to determine our strategies to mitigate potential risks, our internal controls and measures, operating rules,
  • responsibilities through a risk-based evaluation of our customers, transactions, products and services,
  • to develop awareness in our existing and new employees on the matters herein mentioned.​
AML/CFT Program and Applications

​Akbank T.A.S instituted appropriate procedures for controlling activities to comply with all applicable laws and regulation in Turkey and international standards for the need to have adequate systems and controls in place to mitigate the risk of the firm being used to facilitate financial crime. Akbank T.A.S.'s AML/CFT Program includes;

  • A designated AML Compliance Officer,
  • Written policies, procedures and guidelines,
  • Risk based controls, including AML software program that monitors ongoing transactions, account activites of customers and screens existing and prospective customers for AML and CFT purposes,
  • Procedures for reporting suspicious activity internally and to relevant law enforcement authority,
  • Record keeping according to local laws,
  • Training,
  • The internal audit operations and independent audit testing.​
Sanctions Policy

Akbank is committed to compliance with relevant economic and trade sanctions laws in all jurisdictions in which it operates through identifying, mitigating and managing the risk. This Policy applies to all countries and/or jurisdictions in which Akbank operates and extends to any additional countries and/or jurisdictions where Akbank commences operations and/or has an active registration or license.

All Akbank Group domestic and international, branches and subsidiaries must to comply with all applicable sanctions laws and regulations published by below authorities. United Nations, US Office of Foreign Assets Control (OFAC), European Union, Her Majesty’s Treasury (HMT) etc.

All employees receive training on International Sanctions Regulations annually. Related training given by Akbank’s compliance team.

All Policy incidents and breaches must be reported to the Group Compliance Officer.

Customer Acceptance Policy

​The policy contents the required principles of Know Your Customer Procedures according to national and international regulations to comply with prevention of money laundering and combating financing of terrorism.

Akbank KYC obligations include;

  • Identification when;
    • Accepting or delivering cash,
    • Establishment of the ultimate beneficiary,
    • Making and keeping records,
    • Internal security measures.
  • Opening account/establishment customer relationship
  • For individuals
    • Require the official documents,
    • ID number
  • For corporations and other legal entities
    • Customer's name, legal form, address, directors, shareholders,
    • The corporate bylaws, powers of attorney and other reliable identifying information,
    • Tax number


According to 'Customer Acceptance Policy' Akbank T.A.S. do not accept the following categories of customers;

​​

  • Customers who refuse to provide the required information and documentation,
  • Customers with business that make it impossible to verify the legitimacy of their activities or the source of funds,
  • Shell banks,
  • Neither anonymous accounts nor accounts using fictitious names may be opened or maintained.
  • Customers who are included in lists prepared by international institutions and organizations showing money-launderers and supporters of terrorism financing (such as; OFAC, EU, UN, HMT, etc.)
  • Customers who has a negative record in the bank's internal intelligence system for money-laundering, financing of terrorism, and financial crimes related thereto (fraud, counterfeiting, organized offenses, etc.)

In the frame of the risk-based approach, risk has been categorized into three; customer, product/service risk and country/region risk..

​​​​

1. High Risk Products and Services


  • Fund Transfers,
    • EFT,
    • Money Transfer Orders
    • International Transfers
  • Cash Transactions,
    • Cash deposit,
    • Cash withdrawal,
  • Non-face-to-face Banking Services,
    • Transactions conducted via Internet Banking,
    • Transactions conducted via ATM,
    • Transactions conducted via Telephone Banking (Call Center),
    • Credit allocation transactions,


2. High Risk Customers


Certain kinds of businesses may require EDD at account opening transaction review. Identified as high-risk include:

  • Associations, Foundations, Charities and other Non-governmental Organizations
  • Off-shore banks
  • Companies founded in risky regions and countries
  • Citizens of risky countries
  • Businesses dealing with high amounts of cash
  • Private banking customers
  • Correspondent banks
  • Politically exposed persons
  • Liable parties listed in Law No.5549, Article 2


3. High-Risk Geographical Locations


  • Tax heavens (according to FATF criteria)
  • Countries subject to partial or complete embargo by EU
  • Countries subject to embargo by OFAC
  • Countries and regions included in the list of countries and regions denying cooperation with FATF
  • Countries specified in FINCEN list​
Training

​Training activities are carried out in order to improve existing and new employees’s the knowledge of the Akbank’s products and services may be used to facilitate money laundering or terrorist financing and awareness of their legal obligations.

AML Questionnaire

​For Anti-Money Laundering Q​uesitonnaire form, please click here!

Patriot Act Certification

Please ​​​click here​ for certification regarding correspondent accounts for foreign banks.​

FATCA

What is FATCA agreement?

Foreign Accounts Tax Compliance Act known as “FATCA” approved by the Senate of the United States of America and published by United States Internal Revenue Service (IRS) on March 18th, 2010. FATCA agreement, known as “Agreement Between the Gover​nment of the Republic of Turkey and the Government of the United Sta​​tes of America to Improve International Tax Compliance Through Enhanced E​xchange of Information”, assigned between the Government of Republic of Turkey and the Government of the United States of America on July the 29th, 2015 and approved by The Grand National Assembly of Turkey (TBMM) on ​March 16th, 2016.

The countries that have signed exchange of infor​mation agreements (FATCA) with the United States of America (USA), would have to identify and report the existing and potential “Individual” and “Entity” US tax payers that matches the specified criteria’s within the scope of agreement. Similarly, under the agreement, United States of America will be subject to reporting to the other party country of the agreement.

Akbank's responsibility within the scope of FATCA

According to FATCA agreement, the financial entities that are resident in Turkey committed to reporting to National Revenue Administration (GİB) as the local authority.

We hereby would like to notify that AKBANK T.A.S. is committing to comply with all national and international laws and regulations including but not limited to FATCA agreement and regulations. Therefore, we are obliged to provide necessary information, documents and statements that are pointed in the agreement.

Who will be considered as a FATCA compliant individual or entity?

  • Individuals; US citizens, individuals whose birthplace is US, US Green Card holders, individuals who has US address or a US phone number, individuals who gives regular payment order to transfer money to US.
  • Entities; The entities with the US address, or established in US or have headquarter in US. Passive1​ NFFE (Non-Financial Foreign entity) which controlled2​ by at least one or more US person.
  • Financial entities which holds financial accounts. (For instance, Banks or Investment companies)

[1] Passive NFFE is decribed in Annex-1 VI./Special Rules and Definitons Part: B.3. and B.4.
[2] ​The term “Controlling Persons” means the natural persons who exercise control over an Entity.

​​​ What kind of forms, information and statements should be submitted by our FATCA compliant customers?

The individual who is a US citizen or a US resident or a green card holder would be considered as “specified US person” and a US taxpayer. These individuals should declare their US taxpayer status by providing W9 form as their self-statement.

FATCA compliant individual but not a US taxpayer should declare their status by providing suitable W8 form.

What happens if the information, documents and statements required within the scope of FATCA are not submitted?

FATCA compliant customers will be considered as “U.S. Reportable Account” if they do not submitted suitable W series form.

According to FATCA agreement, the financial entities that are resident in Turkey, obliged to identify their customers tax status and report them to National Revenue Administration (GİB) as the local authority. Otherwise, these customers will be subject to %30 tax withhold on their U.S. sourced revenues.

However, Akbank T.A.S. does not have any withholding responsibility under Model I IGA (Inter Governmental Agreement). According to this model, any kind of tax deduction will be made by the US authorized entities​

What kind of customer information Akbank T.A.S. will report to the National Revenue Service (GIB)?

  • The name, address, and U.S. TIN of each Specified U.S. Person that is an Account Holder of such account and, in the case of a Non-U.S. Entity that, identified as having one or more Controlling Persons that is a Specified U.S. Person, the name, address, and U.S. TIN (if any) of such entity and each such Specified U.S. Person,
  • The account number (or functional equivalent in the absence of an account number),
  • The account balance or value (including, in the case of a Cash Value Insurance Contract or Annuity Contract, the Cash Value or surrender value) as of the end of the relevant calendar year or other appropriate reporting period or, if the account was closed during such year, immediately before closure

Additional information might be subject to report on following years.

Where the detailed information can be found about the agreement and FATCA?

Please refer to the following links below for the original agreement.

http://www.gib.gov.tr/fileadmin/haberler/FATCA/FATCA_%DDngilizce.pdf

For IRS official FATCA web page, please refer to below link.

https://www.irs.gov/businesses/corporations/foreign-account-tax-compliance-act-FATCA

What is Akbank’s FATCA status and GIIN number?

We hereby would like to notify that AKBANK T.A.S. is committing to comply with FATCA obligations and is registered on IRS website as LEAD FI OF AFFILIATED GROUP with following status: Reporting Model 1 FFI

Its assigned global intermediary identification number (GIIN) is 08G46B.00000.LE.792 and GIIN for Malta branch is 08G46B.00000.BR.470.

Who is FATCA responsible person?

FATCA RESPONSIBLE OFFICER-COMPLIANCE OFFICER: Z. SELİM ÖNAL

E-MAIL: selim.onal@akbank.com

POINT OF CONTACT: SERKAN SEYMENOĞLU

E-MAIL: serkan.seymenoglu@akbank.com