Halkbank hires EY to review sanctions and anti-money laundering compliance

Friday 13 March 2026 - 22:00

Turkish state-owned lender Halkbank has appointed the global consulting firm Ernst & Young to conduct an independent review of its compliance with international sanctions and anti-money laundering regulations.

The decision follows an agreement reached with the United States Department of Justice aimed at resolving a long-running legal dispute related to allegations that the bank facilitated financial transactions that helped bypass economic sanctions imposed on Iran.

According to legal filings, the external review is intended to assess whether the bank’s internal systems and compliance procedures align with international financial regulations. The audit will focus on sanctions monitoring, risk management frameworks, and anti-money laundering safeguards used in cross-border banking operations.

Halkbank, one of the major public lenders in Türkiye, plays a significant role in the country’s financial system, providing services to businesses and individuals while also supporting trade and investment activities.

Financial institutions operating internationally are required to implement strict compliance mechanisms to prevent illicit financial flows and ensure adherence to sanctions regimes established by governments and international bodies. Independent reviews by external auditors are commonly used to evaluate and strengthen these systems.

Industry experts note that such compliance assessments can help banks identify potential gaps in regulatory procedures and reinforce transparency within their operations. The process may also contribute to restoring confidence among international partners and regulators.

Analysts say the outcome of the review could influence how the bank adapts its governance and compliance policies in the future, particularly as global financial institutions face increasing scrutiny regarding sanctions enforcement and anti-money laundering standards.