Rules in cash, foreign exchange and jewelery transactions are completely new: The new application came into force today

With the amendment made to the Regulation on Measures for the Prevention of Laundering Proceeds of Crime and Financing of Terrorism, the monetary limits for identification in financial transactions were redefined.

Arrangement; It includes banks, financing and factoring companies, capital market institutions, portfolio management companies, electronic money and payment institutions and jewelers.

LIMIT FOR CASH, FOREIGN EXCHANGE AND JEWELRY TRANSACTIONS IS 370 THOUSAND TL

With the new regulation, the monetary limit requiring identification in cash, foreign currency and jewelery transactions was increased from 185 thousand TL to 370 thousand TL.

Accordingly, if the total amount of a single transaction or more than one interconnected transaction is 370 thousand TL or more, the identity information of the customer and the persons acting on behalf of the customer will need to be obtained and verified.

LIMIT FOR ELECTRONIC TRANSFERS IS 30 THOUSAND TL

The monetary limit on electronic transfers, digital identification and simplified measures has also been increased.

The limit, which was previously 15 thousand TL, was increased to 30 thousand TL with the new regulation.

AUTHENTICATION PERIOD VIA SMS

With the change in regulation, customer verification methods used in transactions carried out by financial institutions via internet and mobile channels were also rearranged.

Accordingly, the customer's identity can be confirmed via a single-use SMS verification code sent to a previously verified mobile phone number.

In transactions where this method is used, a signature sample will not be taken.

VERIFICATION REQUIREMENT ACCORDING TO THE RISK LEVEL

The authentication method used by financial institutions will need to be appropriate to the nature and risk level of the transaction.