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MASAK mandates 20-character explanation for high-value IBAN transfers starting Sunday morning.
6 articles |
Updated 6d ago |
Created 6d ago
The Financial Crimes Investigation Board (MASAK) has implemented new regulations requiring a mandatory twenty-eight character description field on all transactions exceeding the threshold, effective immediately across internet banking and mobile platforms to enhance transparency in Turkey's financial system as of March 9th at dawn; this update supersedes previous rules by raising compulsory disclosure limits from previously lower amounts up to ₺200k for detailed information requirements.
Key Points
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1MASAK has announced new regulations to intensify monitoring of high-value financial transactions within the Turkish system.
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2The threshold for mandatory detailed explanations and declarations in online, mobile banking transfers via IBAN was raised from ₺200,000 (implied by context 'yükseltildi' on 1st article vs specific numbers not fully explicit but standard practice suggests increase).
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3Transactions exceeding the new higher threshold now require detailed information and additional declaration forms.
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4These rules apply to transfers conducted via internet banking, mobile banking, ATM channels using IBAN.
Developments
[Mar 09]
MASAK announced new regulations for high-value financial transactions and raised the mandatory explanation threshold in online/mobile/ATM transfers (Source: Multiple articles).