Mandatory Descriptions for Money Transfers Over 400,000 TL to Begin

New Step for Financial Transparency The Banking Regulation and Supervision Agency (BDDK) is implementing a new regulation for money transfers as part of its efforts to combat the informal economy and the financing of illegal betting.
This move, aimed at facilitating the tracking of financial movements and increasing transparency, makes it mandatory to enter a description for transactions above a certain amount.
Lower Limit Set at 400,000 TL The lower limit, which was previously planned as 200,000 TL during the preparation process of the regulation, was increased to 400,000 TL following technical studies and evaluations.
According to the new rule, senders will be required to provide information regarding the transaction details for all money transfers of 400,000 TL and above.
Minimum 20 Character Requirement Under the application, senders will be required to enter a description text consisting of at least 20 characters for transfers above the determined limit.
This text will provide data to audit mechanisms by specifying the purpose and nature of the transfer.
The regulation is planned to be activated in the banking system as of March 15.