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Turkey financial crime regulation and enforcement

Updated 1 time since CLSTR started tracking revisions of this situation.

What changed

2026-09-23 08:56 UTC → 2026-09-23 18:21 UTC · added removed

Following an investigation by the Istanbul Chief Public Prosecutor’s Office into a money laundering and illegal betting network involving Papel Elektronik Para ve Ödeme Hizmetleri A.Ş., the Central Bank of the Republic of Turkey revoked the company’s electronic money operating license. The Prosecutors claim the company’s infrastructure was used to funnel criminal proceeds through various domestic and international entities, with the investigation reportedly identified identifying a volume of 1.5 billion TL. Consequently, the state-run Savings Deposit Insurance Fund (TMSF) has been appointed as a trustee for the company. In response to broader efforts to combat money laundering and the financing of terrorism and weapons of mass destruction, the Financial Crimes Investigation Board (MASAK) has implemented new financial regulations. These updates include a streamlined process for handling United Nations Security Council sanction lists, with information from the Ministry of Foreign Affairs to be published directly on the MASAK website. Banks and other obligatory entities are now required to report attempted transactions by sanctioned parties without delay. MASAK has also adjusted several monetary thresholds for simplified customer due diligence and reporting. Key changes include raising the 10,000 TL threshold to 20,000 TL and the 25,000 TL limit to 50,000 TL. Specific updates for mobile payments via electronic communications include increasing the single transaction limit from 1,000 TL to 2,500 TL and the monthly total limit from 2,750 TL to 6,500 TL. Additionally, a report from the Financial Action Task Force (FATF) regarding Turkey’s anti-money laundering efforts noted that while financial institutions and cryptocurrency service providers generally understand their obligations, significant implementation gaps remain. The FATF specifically highlighted deficiencies in the monitoring of politically exposed persons (PEPs) and the reporting of suspicious transactions within the cryptocurrency sector.

Versions

  1. 2026-09-23 18:21 UTC Turkey financial crime regulation and enforcement
  2. 2026-09-23 08:56 UTC Turkey financial crime regulation and enforcement

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