Identity verification thresholds updated in regulations to combat crime revenues
With the regulatory amendment published in the Official Gazette, the identity confirmation threshold was raised to 30 thousand liras, while the identity verification threshold for cash and jeweler transactions was increased to 370 thousand liras.
The Regulation on Amending the Regulation on Measures Regarding the Prevention of Laundering Crime Revenues and Financing of Terrorism was published in the Official Gazette and entered into force, resetting identity verification thresholds.
New regulation published in the Official Gazette
The Regulation on Amending the Regulation on Measures Regarding the Prevention of Laundering Crime Revenues and Financing of Terrorism became official after being published in the Official Gazette.
Increase in identity verification thresholds
Within the scope of the regulation, identity verification rules were reorganized for many institutions ranging from banks to factoring companies, brokerage firms to electronic money institutions.
The identity verification threshold for cash, foreign exchange, and jeweler transactions, which was previously applied as 185 thousand liras, was raised to 370 thousand liras.
Electronic transfers and confirmation thresholds
Within the scope of electronic transfers, digital identity verification procedures, and simplified measures, the identity confirmation limit was increased from 15 thousand liras to 30 thousand liras.
New provisions introduced for digital transactions
New provisions regarding the verification transactions to be made by financial institutions through internet or mobile channels and single-use SMS verification codes were also added to the legislation.