Legislation Compliance Services

In many sectors, increasing legislative regulations have been encountered in recent years. Understanding these regulations, setting compliance programs, ensuring compliance within the company in organizational, legal, and information technology dimensions, and supporting them with training and timely reporting to public units may require a system and accumulated knowledge.

The compliance service we provide in terms of reducing the risk of facing various sanctions in case of non-compliance will support you in your in-house corporate compliance, following up on the relevant legislation and training.

We are at your side with our expert team in the fields of internal audit, corporate risk management, tax, law, and process improvement during the compliance process, which may affect reputation risk and good relations with public units.

Treasury – MASAK and BIST Legislation Compliance Consultancy Services and Training

 

Within the scope of the regulations on Laundering Proceeds of Crime, Financing of Terrorism, and Prevention of the Financing of Weapons of Mass Destruction, the obligations of those engaged in the purchase and sale of precious metals and stones and in the fields listed in the legislation have continued since 2008.

Authorized organizations, precious metal intermediary institutions, those who buy and sell precious metals, stones, or jewelry, and those who mediate these transactions, as well as institutions, organizations, and companies from a number of different sectors – at different levels – are subject to this legislation.

It should be stated that these obligations are expected to increase in line with national and international developments.

 

The expectations of the national authorities, the Treasury, the Financial Crimes Investigation Board (MASAK), and Borsa Istanbul (BIST, in case of membership) continue to fulfill these obligations as required.

Recognition and knowing of the customers/suppliers (real person or legal entity) with whom the business was done before and obtaining and keeping some documents and information from them; Establishing a strong internal control system that works well in this regard, and most importantly, proving it, has been added to the obligations where identification and suspicious transaction reporting are considered sufficient.

Right here, for the establishment of a strong company internal control system; It should be stated that the training of the personnel who will take part in the process and the conscious and programmatic action regarding the obligations are obligatory.

In addition to the recognition and knowledge of the customer, suspicious transaction reporting, revision of the information and documents to be received at certain periods, their preservation and submission when necessary, a follow-up and control mechanism should be established and confirmation should be provided.

There is a need to substantiate and demonstrate the consistency of a risk management system that operates on a transaction, customer, and even product basis.

 

In addition, companies will benefit from the maturation of the internal audit and corporate governance structure.

The inspections and expectations that have been developing and deepening since the 2010s necessitate the establishment of a system that cannot be exceeded with the submission of classical documents.

Within the scope of the aforementioned regulations, the general approach of the regulatory and supervisory authorities is, “Are the responsibilities and duties against laws and regulations being fulfilled?”, “Are the compliance programs that must be fulfilled by taxpayer institutions carried out in accordance with the legislation?”, “Are the obligations regarding identification and knowing customers duly fulfilled? ?” “Is there a sustainable and accountable internal control system?”, “Is the internal audit performed properly and in accordance with international professional standards?”, “Are there any risky areas and/or blind spots in the activities?”, “Are suspicious transactions followed and reported?”, “Is there any importance given to corporate governance?” We can evaluate it as a regular follow-up, inspection, and management of questions and titles such as the above questions.

 

Depending on the regulations on laundering proceeds of crime, financing of terrorism, and preventing the proliferation of the financing of weapons of mass destruction, the studies carried out within the scope of regulation and surveillance activities by the Treasury, MASAK, and BIST have contributed to the expansion of sectoral needs.

Teolupus Internal Audit and Risk Management Consulting provide services in the fields of risk management, establishment and development of internal control systems, internal audit, process improvement, and corporate governance, in particular compliance with the legislation, for obliged parties.

 

Risk management, establishment and development of the internal control system, internal audit, and corporate management are professional fields that require special expertise for the organizations subject to this legislation and are given increasing importance by the public authority. It is important that services in these fields, which have international standards, practice guides, frameworks, ethical rules, certificates, and professional organizations, are provided by competent companies such as Teolupus Internal Audit and Risk Management Consulting.

The development of these interrelated areas and the organization of training will both contribute to the institutionalization level of the enterprises and help them to be more prepared for the public audits to be made. It is beneficial to give importance to these areas and allocate resources.

As it is known, the gray list of our country in 2021 by the Financial Action Task Force (FATF) established within the OECD increases the importance of studies in this area.

 

Accordingly, it is necessary to continue the training without interruption and regularly participate in these training by all compliance officers, other assurance officers, cashiers, and employees involved in this process, to closely follow the legislation required by the sector, to carefully read the Information Notes we are sending, and especially to the Treasury, MASAK, and BIST (in case of membership)) in order to fulfill the duty obligations without interruption and on time.

Teolupus Internal Audit and Risk Management Consultancy, acting with the mission of contributing to the health management and sustainable growth of enterprises, and acting with the understanding of providing boutique service, with the vision of being the first stakeholder that comes to mind in the search for efficiency and institutionalization of our customers, mainly provides management consultancy services in the following areas:

 

  • Legislation Compliance Services
  • Design and Implementation of Internal Control System
  • Internal Audit and Enterprise Risk Management Consulting, Strategic

Management Consulting

  • Franchise Audit
  • ERP Consulting
  • Human Resources Consulting
  • Fixed Assets Consulting
  • Digital Transformation Consultancy
  • Legal Risk Management Consultancy
  • Corporate Governance and Professional Management Consulting
  • E-commerce Audit Services
  • Cost Optimization Services
  • Store Inspection Services