The financial regulator BaFin orders supervisory measures. A special representative is supposed to ensure that KT Bank AG implements measures to combat money laundering and terrorist financing.
Frankfurt – The financial regulator BaFin is taking increased action against money laundering and terrorist financing. The authority announced that a special audit showed that KT Bank AG did not meet the legal requirements of the Banking Act (KWG) and Money Laundering Act (GWG) that apply to it in all areas examined. A special representative appointed by BaFin will now monitor whether the institute is implementing the ordered measures.
BaFin has ordered the first penalty payment for KT Bank
The authority also imposed a fine of 7,500 euros on the institute because a manager of the institute is said to have breached his supervisory duty. In addition, the financial institution should hold additional capital until the organizational deficiencies are eliminated.
KT Bank is a 100 percent subsidiary of Kuveyt Türk Katılım Bankası A.Ş. (Kuveyt Türk Beteiligungsbank) in Istanbul. 62.24 percent of the group belongs to the Kuwait Finance House, 9 percent to the Islamic Development Bank, 9 percent to Wafra Inc. and 18.72 percent to the Turkish state.
Parent company has close ties to Erdoğan
If you look at the management of Kuveyt Türk Katılım Bankası A.Ş. you can see that the three Turkish members have close ties with the President’s government Recep Tayyip Erdoğan. The deputy chairman of the parent company of the Frankfurt KT Bank is Nadir Alpaslan, who is also the deputy minister for culture and tourism. Sinan Aksu, the director of the Turkish state foundation administration (Vakıflar Genel Müdürlüğü), sits on the board.
Ufuk Uyan is also on the board and also the director of the financial institution. Uyan is also the deputy chairman of “Türkiye Katılım Bankaları Birliği” (TKBB), an interest group for several banks, including state-owned ones.
Erdoğan supports Hamas and calls terrorist militia “liberation fighters”
After the attack by the terrorist militia Hamas, Erdoğan described it as a liberation organization that wanted to liberate its people and country. The government also previously had good connections with Hamas, whose representatives were also received in the presidential palace.
Most recently, research by… World revealed that the terrorist militia has a “secret portfolio”, a network of companies. The names of German banks should appear there. According to the paper, the Hamas leadership also has access to dozens of accounts at Turkish banks, including Kuveyt Türk, the parent company of KT Bank.
Deputy head of Turkish bank convicted of money laundering in the USA
Turkish banks also had massive problems in the USA. A Manhattan court has found the former deputy head of Turkey’s state-owned Halkbank, Mehmet Hakan Atilla, guilty of aiding and abetting the evasion of American sanctions on Iran and bank fraud. Atilla, 47, was sent to a US prison in March 2017 and was not released until July 2019.
KT Bank was contacted by our editorial team and, despite an extension of the deadline, was unable to give us an answer by the time of going to press.
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