[REVISION HISTORY]

Turkey financial crime regulation and enforcement

4 recorded revisions of this situation.

What changed

2026-10-07 07:42 UTC → 2026-10-22 09:04 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. Prosecutors claim the company’s infrastructure was used to funnel criminal proceeds through various domestic and international entities, with the investigation 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 several regulatory updates. These 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 adjusted several monetary thresholds for simplified customer due diligence and reporting. Previous updates raised the 10,000 TL threshold to 20,000 TL and the 25,000 TL limit to 50,000 TL. For mobile payments via electronic communications, the single transaction limit increased from 1,000 TL to 2,500 TL, and the monthly total limit from 2,750 TL to 6,500 TL. Recent amendments published in the Official Gazette have further increased the mandatory identity verification threshold for transactions involving cash, foreign exchange, and precious metals from 185,000 lira to 370,000 lira. Additionally, thresholds for certain electronic fund transfers and simplified audit notifications rose from 15,000 lira to 30,000 lira. To streamline digital banking, financial institutions may now use one-time passwords (SMS OTP) to verify transactions via internet or mobile channels without requiring a physical signature sample.

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