Newsletters
Türkiye's financial intelligence unit has drafted new regulations requiring mandatory declarations for electronic fund transfers, money transfers and cash transactions exceeding ₺200,000 ($5,900) as part of efforts to combat the informal economy.
The Financial Crimes Investigation Board (MASAK), operating under the Treasury and Finance Ministry, announced the draft regulation Monday, with implementation scheduled for Jan. 1, 2026. The measure aims to enhance financial system security, prevent undocumented transactions and increase transparency.
Under the proposed framework, transactions between ₺2 million and ₺20 million will require completion of a "cash transaction declaration form." For transactions exceeding ₺20 million, the form must include detailed explanations and supporting documentation.
The regulation establishes a graduated system based on transaction amounts:
Banks and financial institutions will be required to provide declaration options to customers based on transaction type. When customers select general descriptions like "individual payment," they must provide explanations of at least 20 characters.
MASAK emphasized the regulation's alignment with Financial Action Task Force (FATF) principles for international financial transparency standards.
"A General Communique Draft has been prepared for monitoring EFT, money transfer and cash transactions, taking into account approaches applied in FATF member countries," the agency stated. "Risk-based analyses, the National Risk Assessment Report and country examples were evaluated in this process."
Several transaction types will be exempt from the requirements, including government agency transactions, interbank transfers, and low-value ATM transactions.
Financial institutions failing to comply with the requirements will face administrative sanctions under Law No. 5549 once the regulation takes effect.
8 min read
