MASAK Monetary Border Regulation

The “Regulation Modifying the Regulation on Measures Related to the Prevention of the Laundering of the Proceeds of Crime and Financing of Terrorism” was published in the Official Gazette, prepared by the Financial Crimes Investigation Board (MASAK) of the Ministry of Finance and Finance.

From banks to factoring and finance companies, from capital market intermediary institutions and portfolio management companies to electronic money institutions, from investment trusts to insurance companies, from leasing companies to cargo companies, from jewelry stores to which they buy and sell historical artifacts, sports regulations were carried out in the procedures that institutions and organizations, from clubs to notaries, must carry out in terms of identification during their activities.

Such institutions, in transactions where the total amount is equal to or greater than TL 185,000, or when the total transaction amount exceeds TL 185,000 in more than one interconnected transaction, to determine the identity of their clients and those acting in on behalf of or on behalf of their clients, by obtaining identity information and confirming the accuracy of this information and will be required to take the necessary steps to reveal the true beneficiary of the transaction.

Previously, the lower monetary limit was applied at 85 thousand lira.

FROM 7 thousand 500 TL to 15 thousand TL

In addition, the limit required for the identification and confirmation of the transaction amount in electronic transfers or the total amount of multiple related transactions was increased from 7,500 liras to 15,000 liras.

The regulation will enter into force on February 1 in order to give the obligated subjects time to adapt to these monetary limits. (AA)