MASAK implements new financial transaction limits and anti-crime measures

The Financial Crimes Investigation Board (MASAK), under the Ministry of Treasury and Finance, has implemented new regulations to combat money laundering and the financing of terrorism and weapons of mass destruction.

Key changes include a streamlined process for handling United Nations Security Council (UNSC) sanction lists. Information regarding sanctioned individuals or organizations provided by the Ministry of Foreign Affairs will now be published directly on the MASAK website to ensure financial institutions can respond more rapidly. Obligatory entities, such as banks, must report any attempted transactions by sanctioned parties to MASAK without delay.

Additionally, the regulation updates several monetary thresholds for simplified customer due diligence. Limits for certain transactions have been increased, such as the 10,000 TL threshold rising to 20,000 TL, and the 25,000 TL threshold rising to 50,000 TL. Other limits, such as the 2,750 TL threshold, have been raised to 5,500 TL.

Specific updates also apply to prepaid cards, electronic money, and mobile payments. For mobile payments via electronic communications, the single transaction limit has increased from 1,000 TL to 2,500 TL, while the monthly total limit has risen from 2,750 TL to 6,500 TL. These changes do not affect general credit card spending limits.