MASAK steps in: Foreign transactions and foreign currency purchases under strict monitoring

The Financial Crimes Investigation Board (MASAK) has responded to allegations that money is being laundered through POS devices.

'POS DEVICES ARE BEING MONITORED VERY STRICTLY'

In the statement, it was pointed out that the use of POS devices is being closely monitored within this framework, and it was recalled that legislative amendments were published in the Official Gazette on December 25, 2024, to prevent the use of POS devices as a tool for laundering proceeds of crime.

The statement, which reported that strict measures regarding payment and electronic money institutions and POS devices were introduced with the changes made, included the following expressions:

"In this context, a requirement for stricter identity verification has been imposed on payment institutions when issuing POS devices. The use of certain payment instruments provided by payment and electronic money institutions has been prohibited outside of locations where the card is physically present or websites that have received a trust seal. Stricter measures have been foreseen for all our obligated parties regarding the issuance and use of POS devices, and control obligations have been introduced to prevent use that is not in accordance with the purpose and outside of the cases permitted by the relevant legislation."

EMPHASIS ON GRAND BAZAAR AND TOURISTIC REGIONS

The statement indicated that inspections are continuing nationwide, and that the inspections carried out in Istanbul have largely focused on businesses serving in the Grand Bazaar and surrounding touristic areas. It was also stated that transactions carried out by foreign nationals via bank cards, credit cards, and cash, as well as foreign currency buying/selling transactions carried out by authorized institutions serving in touristic spots, are being strictly monitored.

News Source: 12punto