Identity verification limits for banking transactions doubled
With a decision published in the Official Gazette, financial transaction limits were increased by amending the regulation on combating crime revenues.
With the amendment to the regulation aimed at preventing laundering proceeds of crime and financing of terrorism, identity verification limits in banking transactions were doubled and the wet signature requirement in digital banking was relaxed.
Regulation Amendment and Official Gazette
It was announced that changes were made to the regulation aimed at preventing the laundering of crime revenues and the financing of terrorism.
The new regulation, which entered into force with the Presidential decree published in the Official Gazette, closely concerns the financial sector.
Increase in Identity Verification Limits
With the new regulation, the basic identity verification transaction limit, previously 185 thousand liras, was raised to 370 thousand liras.
Limits applied as a lower limit of 15 thousand liras were updated to 30 thousand liras.
Wet Signature Convenience in Digital Banking
An important convenience has been implemented for citizens using internet or mobile banking.
In the event of transactions being carried out with a single-use verification code, banks may no longer request a separate wet signature sample from the customer.
Reduction of Bureaucracy in Audit Processes
It was emphasized that reporting was simplified in order to reduce bureaucracy in institutions' audit processes.
If rule violations are detected during inspections, this situation will be compiled into a single report and processes will progress faster.