MASAK updates money transfer limits and financial measures
The Financial Crimes Investigation Board increased money transfer limits and implemented a rapid intervention mechanism against sanctions as part of the fight against crime revenues.
The Ministry of Treasury and Finance's Financial Crimes Investigation Board has put new measures to be applied in the financial system into effect by publishing them in the Official Gazette. The regulation ensures rapid intervention in transactions of individuals and entities on sanctions lists while also updating various monetary limits.
Rapid Intervention in Sanction Lists
It is aimed to intervene much faster in financial transactions associated with individuals and entities on the UN Security Council's sanction lists. Information transmitted through the Ministry of Foreign Affairs will be published directly on the MASAK website.
Obligation of Obligated Parties to Report
Banks and other obligated parties within the scope of the regulation will report the transactions that individuals and institutions on the sanction lists want to perform to MASAK without wasting time. Suspicious transactions will be instantly suspended with necessary security measures.
Monetary Limits Increased
With MASAK's regulation, an increase was made in the monetary notification and transaction limits applied in certain financial transactions. The amounts in some limitations, which were previously 10,000 liras, were updated and raised to new levels.
New Amount Thresholds
In line with the changes made, the 25,000 lira limit was raised to 50,000 liras. Simultaneous increases were also made in other monetary thresholds, making financial transactions compatible with the new limits.
Special Transaction Steps
The amounts in certain special transaction and notification steps in the legislation were also redetermined. Within this scope, thresholds of 2,750 liras were updated and put into practice as new financial limits.
Published in the Official Gazette
These comprehensive regulations, which reshape monetary limits and tracking processes in financial transactions, officially entered into force upon publication in the Official Gazette.