Starting January 1st: A new era in money transfers! It will now be mandatory

The 11th Judicial Package, which has been accepted by the TBMM Justice Commission and will be presented to the General Assembly of Parliament in the final week of the year, will bring fundamental changes to the banking system. Minister of Justice Yılmaz Tunç stated in a post on social media that they have prepared a new action plan to prevent illegal betting activities. In this context, those wishing to open accounts at electronic payment institutions will be required to provide biometric verification or chip-enabled ID confirmation.

ADDITIONAL SECURITY FOR HIGH-VALUE TRANSACTIONS

The new practices, which will come into effect on January 1, 2026, will also bring changes to high-value money transfers. MASAK will make it mandatory for users to provide a description exceeding 20 words for transfers of 200,000 TL and above. Banks may request additional verification methods for transactions above certain limits. These verification processes will be carried out via SMS, biometric data, or chip-enabled ID cards. Thus, it is aimed to prevent fraud cases. The new regulations aim to increase customer security and prevent malicious individuals from taking out loans and transferring money to different accounts.

News Source: 12punto