The Ministry of Treasury and Finance is implementing new measures to prevent illegal financial activities. According to the new regulation published by the Financial Crimes Investigation Board (MASAK), a description of at least 20 characters will be required for money transfers of 200,000 TL and above. This rule will cover both mobile banking and ATM transactions.
When the total amount of transfers made to the same person via mobile or internet banking within a single day exceeds 200,000 TL, the user will be asked to provide information regarding the purpose or content of the transaction. At ATMs, users will not be able to complete the transaction without specifying the reason for the transfer via the "smart keyboard" screen.
Authorities state that this regulation will increase transparency in the financial system and create a deterrent effect in the fight against money laundering. Thus, the goal is to make bank transactions more traceable and to prevent illegal financial activities.
News Source: 12punto
