New era in financial transactions from MASAK: Reporting limits increased
With the regulation published in the Official Gazette, certain monetary reporting thresholds have been raised; a rapid reporting process has been introduced for transactions involving individuals or entities on the UNSC sanctions list.
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The Financial Crimes Investigation Board (MASAK) of the Ministry of Treasury and Finance has put into effect new regulations regarding financial transactions as part of the fight against money laundering, the financing of terrorism, and the financing of the proliferation of weapons of mass destruction.
With the regulations published in the Official Gazette, the process to ensure faster intervention in transactions linked to individuals, institutions, and organizations on the United Nations Security Council (UNSC) sanctions lists has been clarified.
Accordingly, information regarding individuals and institutions on sanctions lists, transmitted via the Ministry of Foreign Affairs, will be published directly on the MASAK website. Obligated entities, primarily banks and financial institutions, will report transactions that these individuals and institutions wish to carry out to MASAK without delay.
It was stated that necessary security measures for the postponement of transactions linked to the sanctions list will also be implemented within the scope of the regulation. Thus, the aim is to accelerate the reporting and intervention process of institutions for financial movements deemed risky.
With another regulation by MASAK, the monetary reporting and transaction limits applied to certain financial transactions have also been increased. Some thresholds previously applied at 10 thousand liras have been raised to 20 thousand liras, while some thresholds of 25 thousand liras have been increased to 50 thousand liras.
Additionally, a threshold of 2 thousand 750 liras has been raised to 5 thousand 500 liras, while the 1,000 lira amount in some special transaction and reporting steps has been updated to 2 thousand 500 liras. Another 2 thousand 750 lira threshold has been increased to 6 thousand 500 liras.