Identification and transfer limits in financial transactions have been revised
With the regulatory amendment on the prevention of crime revenues, identity verification limits for bank, foreign exchange, and jewelry transactions have been increased.
The monetary limits regarding identity verification and electronic transfers in financial transactions have been raised through an amendment to the Regulation on Measures Regarding the Prevention of Laundering Criminal Revenues and the Financing of Terrorism.
Regulatory Amendment and Scope
The amendment made to the Regulation on Measures Regarding the Prevention of Laundering Criminal Revenues and the Financing of Terrorism has entered into force.
The regulation concerns a wide area covering banks, finance companies, capital market institutions, payment institutions, and jewelers.
New Limit in Cash and Jewelry
With the renewed practice, the monetary limit that mandates identity verification for cash, foreign exchange, and jewelry transactions has been altered.
This limit, which was previously 185,000 TL, has been raised to a total of 370,000 TL and above for single or linked transactions.
Threshold for Electronic Transfers
The monetary threshold applied in electronic money and fund transfers has also been increased with the new decision.
The limit previously applied to electronic transfers at 15,000 TL has been raised to 30,000 TL as a result of the new regulation.
Identity Verification via SMS
Customer verification methods used in transactions carried out through internet and mobile channels have also been reorganized.
Customer identity can be confirmed with a one-time SMS verification code sent to a previously verified mobile phone.