Money Transfer and Notification Limits Updated with MASAK Regulation
With the MASAK regulation published in the Official Gazette, financial transaction notification processes for individuals and entities on sanctions lists have been accelerated, while various monetary limits have been increased.
With a new regulation by the Financial Crimes Investigation Board of the Ministry of Treasury and Finance, certain monetary transaction and notification limits in the financial system have been updated, and notification processes regarding transactions of individuals and entities on sanctions lists have been accelerated.
Process Accelerated for Sanctions Lists
Information regarding individuals, institutions, and organizations included in the United Nations Security Council sanctions lists will be shared more rapidly.
Information Flow Through the Ministry of Foreign Affairs
Information transmitted through the Ministry of Foreign Affairs for the purpose of preventing the financing of terrorism and the proliferation of weapons of mass destruction will be published directly on the MASAK website.
Notification Obligation for Financial Institutions
All obliged parties, primarily banks, will report transactions that individuals and entities on the sanctions list attempt to carry out to MASAK without delay.
Monetary Thresholds and New Figures
With the regulation, various monetary thresholds applied in financial transactions were re-determined and increased at different rates. Some transaction limits that were previously 10,000 liras were raised to 20,000 liras, and limits of 25,000 liras were increased to 50,000 liras.