Concerns everyone with money in the bank: Effective in 5 days

The Financial Crimes Investigation Board (MASAK) communiqué, which covers a wide segment of the population with bank accounts in Turkey, will begin to be implemented as of January 1, 2026.

The regulation, which has been on the agenda for some time regarding the limits to be observed in daily financial transactions and how high-amount money transfers will be carried out, will enter into force on the first day of the new year.

According to the news on NTV, money transfers made after this date will be carried out based on explanations and document declarations within the framework of the established rules.

With the communiqué prepared by MASAK, which is affiliated with the Ministry of Treasury and Finance, financial movements will be monitored more strictly.

WHY DID THE REGULATION COME TO THE AGENDA?

Recent increases in money laundering, terrorist financing, and illegal betting operations have created a need for MASAK to increase its audits. A comprehensive change has been prepared to combat the informal economy more effectively and to ensure that transactions carried out in Turkey do not constitute criminal elements within the scope of the "Financial Action Task Force" (FATF) criteria. The measures taken were shaped in line with the recommendations of the Financial Action Task Force, of which Turkey is a member.

WHO IS IN THE SCOPE?

The regulation will cover all real and legal persons with accounts in banks and will be valid from January 1, 2026.

It is stated that these steps, taken to harmonize Turkey's money traffic with the global financial system, will not have a negative impact on people who operate within the legal framework. Transactions aimed at illegal activities will be under the surveillance of MASAK.

WHAT IS THE GOAL?

The new regulation aims to prevent the laundering of proceeds of crime, combat the financing of terrorism, and fight the informal economy more effectively.

NEW ERA IN WIRE TRANSFERS AND EFT

Thanks to the digital infrastructure of the banking system in Turkey, transactions can be made instantly. With MASAK's regulation, transparency in these transactions will be increased. As of January 1, 2026, writing general expressions such as "payment," "money," or "debt" in the description section for wire transfers and EFT transactions will not be sufficient.

Banks and payment and electronic money institutions will offer headings during the transfer where customers can select the purpose of the transaction.

These headings will be as follows:

Real estate purchase payment

Motor vehicle purchase payment

Lending / debt repayment

Gift / donation / aid

Tax / duty / fee payment

Compensation / insurance payment

Legal / consultancy / advisory payment

Health payment

Crypto / digital asset

Games of chance / betting payment

Entertainment / social media payment

If the transfer transaction does not coincide with these options, the "other" heading will be selected and an explanation consisting of at least 20 characters will be requested.

HIGH-AMOUNT MONEY MOVEMENTS UNDER SURVEILLANCE

MASAK will not only be limited to explanations and headings but will also monitor high-amount money movements. Cash transactions will also be brought under control within this scope, and cash movements above the determined amounts will be closely followed. As the transaction amount increases, declaration obligations will also increase.

NEW AUDIT SYSTEM FOR CASH TRANSACTIONS

While it is considered that cash usage holds an important place in the informal economy due to the difficulty of tracking it, MASAK aims to audit cash movements above a certain amount more strictly with the new regulation. In the system designed in a tiered structure, the obligation to declare will expand as the transaction amount increases.

DOCUMENT REQUIREMENT FOR HIGH AMOUNTS

Although the scope of the "supporting documents" to be requested for transactions of 20 million lira and above has not been clarified, the request for official documents will be on the agenda. Title deeds for housing purchases, notary documents for vehicle sales, and invoices for goods purchases can be accepted as supporting documents.

NO APPROVAL FOR UNDOCUMENTED TRANSACTIONS

Banks will not carry out money transfers if the necessary documents are not submitted. No flexibility will be applied in this regard.

EXCEPTIONS AND EXEMPTIONS INCLUDED IN THE REGULATION

MASAK has also granted exceptions and exemptions for some transactions made in the ordinary course of daily life.

No documents will be sought for transfers between personal accounts in the same bank. Transactions involving public institutions will also be exempted from the document requirement. Transactions made within the scope of interbank and correspondent banking, as well as cash transactions carried out from ATMs that do not exceed 200,000 lira, will be excluded from the scope of the regulation.

However, it has been stated that MASAK may intervene if these exceptions are abused. For example, if ATM transactions under 200,000 lira are repeated many times in a short period, additional measures may come to the agenda. While these figures are for illustrative purposes, MASAK does not have a set limit on the number of transactions.

News Source: 12punto