Turkish Officials Defend Oversight in Investment Fund Probe
MASAK said it cannot pre-screen transfers, while Borsa Istanbul and the SPK described their handling of warnings about funds.
Key takeaways
- MASAK President Hasan Kaymak said the agency does not pre-approve large transfers.
- Kaymak said suspicious transaction reports come from financial institutions, not automatic pre-transaction checks.
- Borsa Istanbul’s general manager said the exchange sent notifications to the SPK.
- The SPK said it assessed all notifications and carried out oversight and enforcement.
MASAK President Hasan Kaymak said the agency cannot routinely stop or pre-screen large transfers as they happen, during a parliamentary committee discussion of an investment fund investigation. He said financial institutions are responsible for reporting transactions they consider suspicious.
Kaymak said the law does not require institutions to ask MASAK for clearance before making a transfer. If no suspicious transaction report is filed, information may reach the agency only after the transaction, he said.
He also said it was not possible to track assets moved into cold crypto wallets. Kaymak said there was no trace of transactions matching the amounts under discussion, and that no crypto-asset service provider in Turkey could handle such large transactions.
Borsa Istanbul General Manager Korkmaz Enes Ergun said the exchange had sent notifications to the Capital Markets Board, known as the SPK. The SPK said it carefully assessed all notifications from Borsa Istanbul and carried out necessary oversight and inspections.
Claims that Borsa Istanbul had issued 130 warnings about suspect funds since 2025 were also discussed. The proposal covering the liquidation of some investment funds passed the parliamentary Plan and Budget Commission.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
