27.12.2025 08:35
The implementation of MASAK's regulation aimed at increasing transparency in financial transactions is just a few days away. Starting from January 1, 2026, it will be necessary to provide detailed information regarding the reason for the transfer and the source of the funds for money transfers of 200,000 TL and above.
As part of the regulation prepared by the Financial Crimes Investigation Board (MASAK) under the Ministry of Treasury and Finance, starting from the new year, individuals conducting EFT, wire transfers, and cash transactions of 200,000 TL and above will be required to explain the source of the money and the reason for the transfer. The implementation is expected to come into effect on January 1, 2026.
Accordingly, for EFT, wire transfers, and cash transactions of 200,000 TL and above, a declaration obligation will be required, and for transactions exceeding 2 million TL, a "Cash Transaction Declaration Form" will need to be filled out. For transactions exceeding 20 million TL, this form will need to be prepared with detailed explanations and supporting documents.
FIGHTING THE UNREGISTERED ECONOMY AND TRANSPARENCY
The aim of the regulation is to combat the unregistered economy, increase the traceability of high-value money movements, and strengthen transparency in the financial system.
EMPHASIS ON COMPLIANCE WITH GLOBAL STANDARDS
In a statement from MASAK, it was noted that the regulation aims to ensure compliance with the principles of the Financial Action Task Force (FATF), which sets international financial transparency standards. The statement included the following remarks:
"A General Communiqué Draft has been prepared for monitoring EFT, wire transfers, and cash transactions, taking into account the approaches applied in FATF member countries. In this process, risk-based analyses, the National Risk Assessment Report, and country examples have been evaluated."
GRADUAL SYSTEM TO BE APPLIED IN THE DECLARATION PROCESS
With the new regulation, a gradual system is foreseen in the declaration process.
Accordingly:
- For transactions between 200,000 - 2 million TL, the nature of the transaction will need to be declared.
- For transactions between 2 million - 20 million TL, a Cash Transaction Declaration Form will be filled out.
- For transactions of 20 million TL and above, the form will be supported with detailed explanations and documents.
Additionally, banks and financial institutions will be required to offer declaration options to customers based on the type of transaction. When customers select general terms like "individual payment," they will be required to provide an explanation of at least 20 characters.
SOME TRANSACTIONS EXCLUDED FROM SCOPE
According to the communiqué, transactions of public institutions, transactions between banks, and low-value transactions made via ATMs will be excluded from these obligations.
WHAT WILL CHANGE IN BANK TRANSFERS AND EFTs?
Having a banking system that is exemplary worldwide and allowing every transaction to be conducted instantly via internet banking has made life easier in Turkey. With MASAK's new regulation, transparency will also be introduced to transactions. As of January 1, 2026, the period for writing "payment, money, debt" in the explanation section of wire transfers or EFTs will come to an end.
Banks, payment, and electronic money institutions will create headings under which their customers making money transfers will declare what the transaction is for during the transfer.
These headings will include:
- Real estate purchase payment
- Motor vehicle purchase payment
- Loan giving/loan repayment
- Gift/donation/aid
- Tax/fee/charge payment
- Compensation/insurance payment
- Legal/consulting/advisory payment
- Health payment
- Crypto/digital asset
- Gambling/betting payment
- Entertainment/social media payment.
If the money transfer does not fit any of the above headings, the "other" option will be marked, and an explanation of at least 20 characters will be required.