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Following the amendment made to the Regulation on Measures
Regarding Prevention of Laundering Proceeds of Crime and Financing
of Terrorism, crypto-asset service providers
(“CASPs”) have been included in the
definition of obligors of the Financial Crimes Investiga-tion Board
(“FCIB”) on May 1, 2021. Further, FCIB
also published a guide titled Main Princi-ples for the Crypto Asset
Service Providers Regarding Prevention of Laundering Proceeds of
Crime and Financing of Terrorism, on May 4, 2021, to provide
detailed information regarding the obligations that crypto asset
service providers are bound with, as well as the sanctions imposed
if crypto asset service providers fail to fulfil their obligations.
With the latest guideline titled Guidelines for Suspicious
Transaction Reports Regarding Crypto Asset Service Provid-ers
(“Guideline”), FCIB has further set
out the principles and requirements as to the report-ing procedure.
The Guideline has been prepared based on Article 6 of the
Communiqué No. 13 on Financial Crimes Investigation Board
General and is effective as of 18 April 2022.
The Guideline requires CASPs to report suspicious transactions
to the FCIB Presidency within 10 days at the latest, or immediately
in the event of a non-delayable case. The reports must be filed
using a form named Suspicious Transaction Report, by the legal
representative of the obligor legal entity. The forms can be
submitted by hand, via registered mail, fax, or electronically to
those authorized by the Ministry of Treasury and Finance.
Suspicious Transaction Reports can be sent with a request for
the postponement of transac-tions regarding the attempted
transactions and transactions in progress. If the CASP has
documents or serious indications supporting the suspicion, the
justifications should also be demonstrated. During the process, the
CASP must refrain from performing the transaction until the
decision to be taken by the Ministry of Treasury is notified to
them by the Presiden-cy.
The Guideline further explains the sections of the form in
detail and defines categories of suspicion, types related to
customer profile, types related to transactions, types related to
crypto asset service providers, types related to transactions with
persons suspected of affili-ation with terrorist organizations or
transactions with risky countries, and types related to non-profit
organizations.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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