Definitions of Compliance Officer and Compliance Unit
Within the framework of the provisions of the legislation on the Prevention of Laundering Proceeds of Crime and Financing of Terrorism; The Company’s Board of Directors appoints a Compliance Officer directly reporting to themselves or to the member(s) to whom they have delegated their authority, and a Deputy Compliance Officer who will fulfill the duties and responsibilities of the Compliance Officer when the Compliance Officer is not present at the company. The main duty of the compliance officer; To carry out the harmonization program established to ensure the necessary compliance with the Law and the regulations and communiqués issued pursuant to the Law in order to prevent laundering proceeds of crime and financing of terrorism. The Compliance Officer is the head of the Compliance Unit.
The compliance officer performs the duties assigned to them by the Regulation and the resolutions of the Board of Directors within the organization of the MASAK Compliance Unit. In case of need, additional personnel may be employed in the unit with the approval of the Board of Directors. In this case, the duties, authorities and responsibilities of the employed personnel are determined by the Compliance Officer, provided that they do not contradict Article 18 of the Regulation.
Persons to be appointed as a compliance officer must meet the following conditions:
- Being a citizen of the Republic of Turkiye.
- Not to be deprived of public rights.
- Complying with the conditions listed in clause C of paragraph 1 of article 17 of the Regulation on the Program of Compliance with Obligations Regarding the Prevention of Laundering Proceeds of Crime and Financing of Terrorism No 26999, dated 16.09.2008
- To graduate from higher education institutions that provide at least four years of education in Turkiye (or abroad, the equivalence of which is recognized by the Council of Higher Education).
- At any of the financial institutions (including the Central Bank of the Republic of Turkey and development and investment banks) listed in the relevant article of the Regulation on the Prevention of Laundering of Proceeds of Crime and the Financing of Terrorism, in managerial, expert or supervisory positions, or in supervisory duties listed in the relevant article of the Law, or before the Presidency. Having worked in managerial or specialist positions for at least five years
- Not having qualified shares in the company or its affiliates or not being in the management
- Not to be the spouse of a qualified shareholder, the members of the board of directors or the general manager of the company, or by blood or affinity up to the second degree.
The Board of Directors is responsible for the adequate and effective execution of the entire compliance program in accordance with the scope and characteristics of the activities. Board of Directors; to appoint a compliance officer, to define the authorities and responsibilities of the compliance officer and the compliance unit clearly and in writing, to approve the corporate policies, annual training programs and changes to be made in these according to developments, to evaluate the results of risk management, monitoring and control and internal audit activities carried out within the scope of the compliance program is authorized and responsible for taking the necessary measures to eliminate the detected errors and deficiencies in a timely manner and to ensure that all activities within the scope of the compliance program are carried out effectively and in coordination. The board of directors may delegate some or all of these powers to one or more board members (explicitly and in writing). The transfer of authority in question does not remove the responsibility of the board of directors in this regard.
Duties of Compliance Officer
The main duties of the compliance officer are detailed in the list below. Namely;
- To carry out the necessary studies in order to ensure the compliance of the company with the Law and the regulations enacted pursuant to the Law, and to ensure the necessary communication and coordination with the Presidency,
- Establishing corporate policy and procedures and submitting corporate policies to the approval of the board of directors,
- To create the risk management policy, to carry out risk management activities,
- To establish monitoring and control policies and to carry out related activities,
- To present the studies on the training program for the prevention of money laundering and financing of terrorism to the approval of the board of directors and to ensure the effective implementation of the approved training program,
- To evaluate the information and findings obtained by doing research within the limits of his/her powers and possibilities about the suspicious transactions communicated to him or learned ex officio, and to inform the Presidency of the transactions he/she decides to be suspicious,
- To take the necessary measures to ensure the confidentiality of notifications and other related issues,
- To keep information and statistics on internal audit and training activities regularly and to send them to the Presidency within the periods specified in the Regulation.
Responsibilities of the Compliance Officer
Within the scope of ensuring the necessary communication and coordination of the company with the Presidency; The Compliance Officer fulfills the obligation of the company to provide information and documents to the Presidency. In the event that information and documents are requested from the company, the company is obliged to submit such information and documents in accordance with the format and method determined and notified to it by the Presidency. The compliance officer must act in good faith, in a reasonable and honest manner, with an impartial and independent will while performing his duties and responsibilities.
Conclusion
To conclude, it is of great importance for companies to have information about compliance, compliance officer, compliance unit and their duties and responsibilities, and to know what the advantages and disadvantages of these concepts are. The concept of compliance officer and is not a conventional concept, and progress by receiving services from organizations or law offices providing professional consultancy services in this field, and in the consultancy service to be received; It is essential to make preliminary preparations for the process, to provide necessary information both specific to the situation and the situation of the companies, to determine which criteria will be in favor of the organization in the selection of the compliance unit and officer, and to make a process analysis accordingly and to prepare the necessary reports. Progressing with a staff will minimize the risks and provide an advantage to obtain the closest result to the truth.
