The long-anticipated regulation covering money transfers is moving closer to implementation. The date has now been clarified for a draft prepared by MASAK aimed at preventing money laundering and fraud, which will introduce a mandatory explanation requirement for transfers made via mobile banking, internet banking, and ATMs.
Draft Regulation Targets Fraud and Money Laundering
The Ministry of Treasury and Finance has been continuing its work on a draft regulation that was announced to the public in recent months. The goal is to curb fraud and money laundering activities carried out through digital financial infrastructures, particularly transactions made through electronic banking channels.
According to the information shared, starting in the new year, money transfers such as EFT, FAST, and wire transfers carried out via ATMs, mobile applications, or internet banking will be subject to a minimum explanation requirement of at least 20 characters.
Gradual Implementation Planned
Sector representatives will be consulted until December 31, after which the regulation is expected to be rolled out gradually. The planned transition dates for implementation are March 1 and July 1, allowing financial institutions time to adapt their systems.
MASAK’s Earlier Statement and FATF Alignment
In a statement released by MASAK last September regarding the draft communiqué, it was emphasized that the regulation aims to strengthen Turkey’s compliance with FATF (Financial Action Task Force) standards. The draft was prepared to improve the detection of criminal proceeds, prevent the transfer and laundering of illicit funds abroad, and combat the informal economy, while also taking into account practices applied in other FATF member countries.
The proposed framework introduces a phased approach for cash transactions conducted through financial institutions, starting with customer declarations and moving toward formal documentation for higher transaction amounts.
Minimum 20-Character Explanation for Certain Transfers
According to the draft communiqué published on the Ministry’s website, cash transactions ranging between 200,000 TL and 2 million TL will require the selection of a transaction type. If customers choose general options such as “other” or “personal payment,” they will be required to provide an explanation of at least 20 characters. It is also being discussed that the lower threshold of 200,000 TL may be increased to 400,000 TL.
Higher Amounts Will Require Formal Declarations
For cash transactions between 2 million TL and 20 million TL, customers will be required to fill out a Cash Transaction Declaration Form. If generic options are selected on the form, an additional explanation of at least 20 characters describing the nature of the transaction will be mandatory.
Source of Funds Required for Transfers Above 20 Million TL
For transactions exceeding 20 million TL, or for multiple linked transactions whose total surpasses this amount, financial institutions will be obligated to obtain a fully detailed Cash Transaction Declaration Form along with supporting documents. In these cases, customers will also be required to clearly explain the source of the funds.
Planned to Take Effect on January 1, 2026
The draft regulation, which is currently open for public consultation, is planned to enter into force on January 1, 2026. MASAK has stated that work on refining and finalizing the draft is ongoing, and opinions or suggestions regarding the regulation can be submitted until August 18, 2025, via the official contact address.
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