New era for high-value money transfers begins on March 15! The limit has been set...

A significant change is being implemented in banking transactions to increase transparency in the financial system and prevent illegal financial movements. The limit, previously announced as 200,000 TL, has been raised to 400,000 TL as a result of the latest assessment. Thus, starting from March 15, anyone who sends money totaling more than 400,000 TL in a single day via bank, digital, or ATM channels—whether in one go or in installments—will be required to write a description of at least 20 characters explaining the reason for the transaction.

This requirement is based on a regulation presented to the public by the Financial Crimes Investigation Board (MASAK) and updated with additional analyses conducted by the Banking Regulation and Supervision Agency (BDDK). It was known that the implementation, which was expected to come into effect on January 1, 2026, had been previously postponed due to technical preparations. With the latest decision, the aim is to start the implementation in March.

According to the regulation, detailed explanations regarding the purpose of the money transfer will be provided, and if general expressions such as 'other' or 'individual payment' are selected instead of the options presented in the system, an explanation of at least 20 characters will need to be entered. The communiqué included the following statements:

"Banks, as well as payment and electronic money institutions, shall offer the most frequently used transaction types as options to the customer for the declaration of the nature of the transaction in electronic transfer operations and remittances. However, in electronic transfer operations and remittances, the options to be presented for the declaration of the nature of the transaction must include, at a minimum, the following headings in addition to those determined by the Central Bank of the Republic of Turkey for electronic transfers: 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, gambling/betting payment, entertainment/social media payment. In the event that there are other options among those presented to the customer that do not contain concrete information regarding the nature of the transaction, such as general-purpose 'other' or 'individual payment', and these are selected by the customer, a transaction description of at least 20 characters in length regarding the nature of the transaction shall be provided"

Thanks to this practice, the traceability of financial movements, especially regarding unregistered transactions and illegal betting, will be strengthened.

ADDITIONAL DOCUMENTS COMING FOR HIGH-VALUE TRANSFERS

The regulation is not limited to the 400,000 TL threshold. Above this, new phased obligations will be introduced, especially for very high-value transactions. Users will be required to fill out a 'Cash Transaction Declaration Form' for money transfers between 2 million TL and 20 million TL. For transactions of 20 million TL and above, a requirement to provide additional information or documentation regarding the source of the sent money will be sought.

It is stated that if the transfer justification declared by the customer is not found to be appropriate, the transaction will not be approved.

ATM CHANNELS ARE ALSO INCLUDED

The practice, which will come into effect on March 15, will not be limited to internet or mobile banking but will also cover transfers made from ATMs. The same description requirement will also be sought for money transfers made from ATMs, regardless of the bank, that exceed 400,000 TL when totaled within the same day.

In conclusion, with the new regulation, the purpose of transactions in high-value money transfers will be documented more transparently. This change opens a new page in the financial system aimed at both strengthening financial audits and preventing illegal financial activities.

News Source: 12punto