New era in IBAN money transfers begins on January 1st! Those who don't do this won't be able to send

MASAK, under the Ministry of Treasury and Finance, has brought a comprehensive draft communiqué to the agenda to increase transparency in financial transactions and prevent unregistered money flow. With the new regulation, a declaration requirement is being introduced for EFT, wire transfers, and cash transactions of 200 thousand TL and above. The system will be put into effect as of January 1, 2026, and high-amount transactions will gradually enter a stricter monitoring process.

GRADUAL DECLARATION SYSTEM

According to the communiqué, a three-stage declaration structure will be applied to money movements:

• A short description will be required for transactions between 200 thousand TL and 2 million TL.
• A "Cash Transaction Declaration Form" will be used for transactions between 2 million TL and 20 million TL.
• For amounts exceeding 20 million TL, the form will be supported by detailed statements and relevant documents.

Banks will show customers the appropriate declaration options according to the transaction performed, and a minimum 20-character statement requirement will be sought for general descriptions such as "individual payment".

News Source: 12punto