U.S. Urges Halkbank to Appoint Compliance Monitor

The U.S. prosecutor expects Turkish lender Halkbank to appoint a compliance expert within a month. This is part of a settlement to resolve a long-standing criminal case concerning violations of sanctions and money laundering laws, as agreed between U.S. prosecutors and Halkbank.

The United States has expressed its expectation for Turkish state-run lender Halkbank to appoint a compliance expert within a month. This move is part of an agreement made earlier this week to settle the U.S.'s protracted criminal case against the bank for alleged breaches of sanctions and money laundering regulations.

During a court hearing on Wednesday, a U.S. prosecutor emphasized the importance of appointing the expert who would oversee the bank's adherence to legal standards. This is a crucial step in ensuring Halkbank's commitment to compliance with international financial laws.

The selection of a compliance expert was stipulated in the resolution process, marking a significant development in the case that aims to address and rectify Halkbank's regulatory challenges with the U.S. authorities.

(With inputs from agencies.)