MASAK Updated Identity Information Threshold for Fund Transfers
With a new regulation issued by the Financial Crimes Investigation Board, the transaction and transfer limits requiring customer identity information in the financial system have been increased.
The identity verification and transfer limits in financial transactions have been raised through a new regulation prepared by the Financial Crimes Investigation Board of the Ministry of Treasury and Finance.
New Regulation Published in the Official Gazette
The Regulation Amending the Regulation on Measures Regarding the Prevention of Laundering Proceeds of Crime and the Financing of Terrorism, prepared by the Financial Crimes Investigation Board of the Ministry of Treasury and Finance, has been published in the Official Gazette and entered into force.
Amount Requiring Identity Information Increased
Within the scope of the new arrangement, the monetary thresholds applied within the framework of the obligation to know your customer were redetermined. Accordingly, the transaction amount for which identity information must be obtained from the customer was raised from 185 thousand liras to 370 thousand liras.
EFT and Crypto Asset Transfer Limits Raised
The lower limit applied to electronic fund transfers and crypto asset transfers was also changed. The amount in this area was updated by being raised from 15 thousand liras to 30 thousand liras.
New Convenience Regarding Signature Requirement
With the regulation, the obligation to obtain a signature specimen has been lifted for subsequent transactions of customers whose identity has been previously verified, in cases where the customer's identity can be verified through secure authentication methods such as internet or mobile banking.