All the news/developments about Garanti and the banking sector.
Announcement concerning the requirement to declare when banking transactions are performed on behalf of someone else.
Article 15 of the Anti-Money Laundering Act (Statute 5549) reads in part:: “In transactions performed or mediated by those with an obligation to establish identity, anyone who is acting not on his own behalf but on behalf of someone else and who fails to inform, in writing and beforehand, those with that responsibility who he is performing the transaction on behalf of shall be punished by imprisonment of between six months and one year or by a fine corresponding to five thousand days.”
In view of this requirement of law, private individuals and the representatives of corporate entities that wish to have our bank perform transactions that require an establishment of identity must, if they are acting on behalf of someone else, declare in writing who they are really performing the transaction for in such a way as to reveal the true nature of the transaction and they must also present evidence of their authority to perform the transaction.
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