New Limits and Regulations in Banking Transactions Have Come into Force
Identity verification limits for financial transactions have been increased, wet signature convenience has been introduced in mobile banking, and audit reports have been streamlined.
The new regulation prepared for the prevention of laundering proceeds of crime and the financing of terrorism has been published in the Official Gazette and entered into force. With the new arrangement, the basic identity verification limit has been raised to 370,000 TL.
Identity Verification Limits Increased
With the new regulation, the monetary limits that require mandatory identity verification in financial transactions have been increased. The basic identity verification limit, which was previously 185,000 TL, has been doubled to 370,000 TL.
Lower Limits and Exceptions
Certain lower limits that were previously applied as 15,000 TL have also been raised to 30,000 TL. Identity verification processes for financial transactions remaining below these determined amounts can be applied in a more limited manner.
Signature Convenience in Mobile Banking
Changes were also made to the verification methods used in internet and mobile banking transactions. When a transaction is made using a one-time code sent to a registered mobile phone, banks may not request a wet signature.
Security and Risk Conditions
A condition was introduced that the method to be used must be appropriate to the nature and risk level of the transaction. It is required to ensure assurance that the person performing the transaction is a verified customer and to include security measures.
Simplification in Audit Reports
With the new regulation, the audit processes of financial institutions were also reorganized. In order to reduce bureaucracy, audit reports were streamlined, and rule violations are envisioned to be compiled in a single report.
Enforcement and Implementation
This new regulation, to be executed by the Ministry of Treasury and Finance, entered into force as of the day it was published in the Official Gazette and became applicable for banks and financial institutions.