Türkiye raised the threshold for jewelry transactions to 370,000.
Türkiye has raised monetary thresholds for identity verification and introduced new security rules for digital customer validation used by financial institutions to combat money laundering and terrorist financing.
The amendment, published in the Official Gazette, reorganized ID checks that banks, factoring companies, brokerage houses, portfolio management firms and payment entities must perform during transactions.
The verification threshold for cash, foreign exchange and jewelry transactions rose to 370,000 Turkish Liras ($7,517). Institutions must identify customers, verify information and take measures to establish the ultimate beneficial owner when single or linked transactions reach 370,000 liras ($7,517). The previous limit was 185,000 liras ($3,759).
Meanwhile, the limit for electronic transfers, digital identity verification and simplified measures doubled from 15,000 liras ($305) to 30,000 liras ($610).
The legislation also introduces new provisions for verification through internet or mobile channels using a one-time password (SMS OTP) sent to previously verified mobile numbers.
Any verification method must match the transaction’s nature and risk level, provide sufficient assurance that the user is a previously identified customer and include safeguards against unauthorized transactions.
Financial institutions may waive physical signature requirements for verification through internet or mobile channels or SMS OTP, provided the chosen method meets the stated security and risk criteria.
