New era begins in gold trading
As of January 1, 2025, a new era has begun for gold trading transactions at jewelers. Presenting identification will be mandatory for gold transactions of 185 thousand Turkish Lira and above. Businesses that do not comply with the regulation will face heavy penalties.
The Financial Crimes Investigation Board (MASAK) had introduced a requirement to present identification for large-scale gold buying and selling transactions at jewelers in order to prevent situations such as fraud and money laundering.
MANDATORY ID PRESENTATION FOR TRANSACTIONS EXCEEDING 185 THOUSAND TL
The Ministry of Treasury and Finance has taken action regarding this previously unimplemented regulation. Presenting identification will be mandatory starting January 1st.
Accordingly, presenting identification is mandatory for gold purchases over 185 thousand lira, and identification must also be provided if interconnected transactions exceed 185 thousand lira. Heavy penalties will be imposed on businesses that do not comply with the regulation.
Public service announcements will be prepared to inform citizens about the matter.
News Source: 12punto
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