UpdatesThe Monetary Limit within the scope of Know Your Customer Policies in the Prevention of Money Laundering and Financing Terrorism of MASAK Obliged Parties Has Been Increased to 85 Thousand Liras

17 June 2022

The Regulation Amending the Regulation on Measures Regarding Prevention of Laundering Proceeds of Crime and Financing of Terrorism (“Regulation”) entered into force after being published in the Official Gazette dated 16 June 2022 and numbered 31868.

The lower monetary limit of transactions of institutions and organizations which are obliged to prevent laundering proceeds of crime and financing of terrorism within the scope of the Regulation in which they are obligated to obtain documents relating to identity and verify their accuracy in scope of the know your customer policies has been increased from 75 thousand liras to 85 thousand liras.

From now on obliged parties are obliged to take the necessary measures to identify the customers and those acting on behalf of their customers, and to determine the true beneficiary of the transaction when the transaction amount or the total amount of more than one interrelated transaction is “eighty-five thousand” TL or more.

You can access the full Turkish text of the Regulation via the link below.