New Era in Money Transfers: Mandatory Explanations and Documentation for Over 400,000 TL

New Steps for Financial Transparency As part of efforts to combat the informal economy and the financing of illegal betting in Turkey, audits on money transfers are being tightened.
Under a new regulation prepared by the Banking Regulation and Supervision Agency (BDDK), the threshold for mandatory explanations in transfers has been increased from 200,000 TL to 400,000 TL.
Explanation Requirement for Over 400,000 TL According to the new system planned for implementation on March 15, for transfers of 400,000 TL and above carried out via internet banking, mobile branches, and ATMs, the sender will be required to enter an explanation of at least 20 characters specifying the purpose of the transaction.
This rule will apply to single transactions made during the day as well as multiple transfers that exceed the limit in total.
Documentation Period for Million-Lira Transfers The regulation gradually increases obligations as the transfer amount rises.
For transactions between 2 million TL and 20 million TL, a "Cash Transaction Declaration Form" must be filled out.
For transfers exceeding 20 million TL, it will become mandatory to provide official information and documents regarding the source of the money.
Banks will have the authority to refuse the transaction if the provided explanations or documents are deemed insufficient.
This application, carried out under the coordination of the Financial Crimes Investigation Board (MASAK), aims to more effectively track suspicious money movements in the financial system and increase transparency.