Write a function that takes a dictionary as an argument and prints the keys and the associated values inside the dictionary as two separate lists. Call your function with the dictionary given below:

dict1 = {'city': 'stanbul', 'population': '15 million', 'founded in': '660 BCE'}

Expected Output:

Keys: ['city', 'population', 'founded in']

Values: ['stanbul', '15 million', '660 BCE']