Identification Limits in Banking Transactions Doubled
With a decision published in the Official Gazette within the scope of combating crime proceeds, the monetary lower and upper limits requiring identification in banking and financial transactions have been updated.
A new regulatory amendment has been implemented aimed at preventing the laundering of crime proceeds and the financing of terrorism in the financial system. In line with the decision published in the Official Gazette, the limits making identification mandatory in banking transactions have been doubled.
Regulatory Amendment
The new regulation prepared for the prevention of laundering crime proceeds and the financing of terrorism has been published in the Official Gazette and entered into force. Within this scope, comprehensive adjustments were made in the rules applied to financial transactions.
New Limits
With the arrangement made, the basic identification transaction limit, which was previously 185 thousand TL, was raised to the level of 370 thousand TL. The amount applied as the lower limit in transactions, which was 15 thousand TL, was increased to 30 thousand TL.
Signature Practices
The new regulation also includes adjustments in signature processes concerning internet and mobile banking users. Wet signature conditions in transactions carried out via mobile banking and SMS confirmation codes were relaxed.