New limits in the regulation on combating money laundering and terrorist financing
Monetary limits have been redefined in measures against the laundering of crime proceeds and the financing of terrorism.
With the regulatory amendment published in the Official Gazette, the identification threshold for cash, foreign exchange, and jeweler transactions, as well as monetary limits for electronic transfers, have been updated.
Regulation Published in the Official Gazette
The Regulation Amending the Regulation on Measures Regarding the Prevention of Laundering of Crime Proceeds and Financing of Terrorism has been published in the Official Gazette and entered into force.
Institutions Subject to Identification
The new arrangement covers a wide range of obliged parties, from banks to financing and factoring companies, capital market intermediary institutions, portfolio management companies, and electronic money and payment institutions.
New Threshold in Cash and Jeweler Transactions
The identification threshold for cash, foreign exchange, and jeweler transactions, which was previously applied as 185 thousand lira, has been raised to 370 thousand lira with the new regulation.
Obligation to Identify the Beneficial Owner
Institutions are mandated to verify the customer's identity and reveal the beneficial owner of the transaction when the transaction amount or the total of connected transactions reaches 370 thousand lira and above.
Electronic Transfers and Digital Limits
The monetary limit for conducting identification under electronic transfers, digital identification procedures, and simplified measures has been increased from 15 thousand lira to 30 thousand lira.
Verification Transactions via SMS OTP
New provisions have been introduced for transactions conducted by financial institutions over internet or mobile channels using a one-time verification code, and appropriate security measures have been made mandatory.