Identification thresholds for cash, foreign currency, and jewelry transactions have changed
With the new regulation, the identification threshold for cash, foreign currency, and jewelry transactions has been increased to 370 thousand TL, and the threshold for electronic transfers has been raised to 30 thousand TL.
The amendment to the Regulation on Measures Regarding the Prevention of Laundering Proceeds of Crime and the Financing of Terrorism has entered into force. With this regulation, the monetary thresholds used as the basis for identification in financial transactions have been redefined.
The new application covers banks, financing and factoring companies, capital market institutions, portfolio management companies, electronic money and payment institutions, and jewelers.
WHAT ARE THE NEW THRESHOLDS?
The threshold requiring identification for cash, foreign currency, and jewelry transactions has been raised from 185 thousand TL to 370 thousand TL. Accordingly, when the total amount of a single transaction or multiple interconnected transactions is 370 thousand TL or more, it will be necessary to obtain and verify the identity information of the customer and the persons acting on behalf of the customer.
| Transaction type | Old limit | New limit |
|---|---|---|
| Cash, foreign currency, and jewelry transactions | 185 thousand TL | 370 thousand TL |
| Electronic transfers, digital identification, and simplified measures | 15 thousand TL | 30 thousand TL |
The monetary threshold applied to electronic transfers, digital identification, and simplified measures has also been increased from 15 thousand TL to 30 thousand TL. Thus, identity verification processes to be applied in transactions made through digital channels will also be carried out according to the new thresholds.
The regulation amendment also regulated the customer verification methods used in transactions made via internet and mobile channels. The customer's identity can be confirmed with a one-time SMS code to be sent to a previously verified mobile phone number.
In transactions where the SMS verification method is used, a signature sample will not be taken. However, it will be mandatory for the verification method chosen by financial institutions to be appropriate for the nature and risk level of the transaction.
Institutions will be required to provide sufficient assurance that the person performing the transaction is the previously identified customer and to implement necessary security measures against the risk of unauthorized persons performing transactions on behalf of the customer.
News Source: 12punto
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