New regulation requires detailed proof for high-value bank transfers

ANKARA

Money transfers of 200,000 Turkish Liras (around $4,600) and above will require banks to record both the source of the funds and the stated purpose of the transaction starting Jan. 1, 2026, under a new regulation introduced by Türkiye’s Financial Crimes Investigation Board (MASAK).

In line with international standards, the move aims to distinguish routine financial activity from large-scale money movements that may carry higher financial crime risks. It applies to all individual and corporate bank account holders.

Under the new framework, banks will no longer accept generic transfer descriptions for high-value transactions.

Customers will be required to specify why the money is being sent, selecting from defined categories that reflect common financial activities, such as loan transactions or gambling-related payments.

If a transaction does not fit any of the predefined purposes, the sender will have to provide a written explanation to describe the nature of the transfer.

MASAK will also expand its scrutiny of large cash movements.

High-value deposits and withdrawals will be monitored more closely, with disclosure requirements increasing as transaction amounts rise.

For transactions of 20 million liras ($467,000) or more, banks will be required to request supporting documentation, such as property title deeds.

This new regulation comes amid a intensified crackdown on money laundering, the financing of terrorism and illegal gambling operations, all of which have underscored the urgent need to combat the informal economy.