New identification limits established for cash, foreign exchange, and jewelry transactions
New monetary thresholds requiring identification have been announced to prevent the laundering of crime revenues in financial transactions and the jewelry sector.
Within the scope of legal regulations aimed at preventing money laundering and the financing of terrorism, the amount making identification mandatory for cash, foreign exchange, and jewelry transactions has been updated. With the new decision, transaction limits at financial institutions have also been doubled.
Identification Limits Raised
Amendments were made to the legislation aimed at preventing money laundering and the financing of terrorism, clarifying new monetary limits for various financial transactions.
New Amount in Jewelry and Foreign Exchange Transactions
With the new regulation, the amount that makes identification mandatory in cash, foreign exchange, and jewelry sector transactions has been increased from 185 thousand liras to 370 thousand Turkish liras.
Updated Limit for Electronic Transfers
The monetary limit applied within the framework of electronic transfers, digital identity verification, and simplified measures has been raised from 15 thousand liras to 30 thousand liras.
Mandate for Transactions of 370 Thousand Liras and Above
In the event that the transaction amount, or the total of multiple interconnected transactions, reaches or exceeds 370 thousand liras, conducting identification has become a legal obligation.
Collection and Verification of Customer Information
Within the framework of the new application rules, it will be required to completely obtain and verify the identity information not only of the customers but also of the individuals executing transactions on behalf of the customers.
New Verification Rules in Digital Channels
New rules based on SMS codes have also been put into effect for customer verification processes carried out by financial institutions via the internet and mobile applications.