Mandatory Declaration for Money Transfers Over 200,000 TL

Mandatory Declaration for Money Transfers Over 200,000 TL: What Does Draft MASAK Communiqué No:30 Bring?

The year 2026 will mark a turning point for Turkey's financial system. The Draft MASAK General Communiqué No:30, expected to enter into force on January 1, 2026, introduces extensive monitoring and mandatory declaration requirements for high-value money transfers and cash transactions. This regulation aims not only to enhance financial transparency but also to combat illicit funds and the informal economy.

 

1. Background: Why This Regulation?

MASAK (Financial Crimes Investigation Board) is Turkey's key authority in the fight against money laundering and the financing of terrorism. This new communiqué has been prepared in line with FATF (Financial Action Task Force) recommendations, making it both a national and international financial security measure.

 

2. Who Will Be Affected?

From individual bank customers to large corporations, anyone engaging in high-value financial transactions will be affected. Bank branches in high-transaction areas are expected to face a significant increase in workload.

 

3. Which Transactions Require a Declaration?

a) Electronic Transfers and Wire Transfers

- 200,000 – 2,000,000 TL: The purpose of the transaction must be declared.

- 2,000,001 – 20,000,000 TL: Declaration plus MASAK’s Cash Transaction Declaration Form.

- 20,000,001 TL and above: Form, detailed explanation, and supporting documents required.

b) Cash Deposits / Withdrawals

- The same thresholds apply. Without providing a clear explanation, large deposits or withdrawals will not be processed.

 

4. What Citizens Must Do

When making a transaction, the customer must choose from predefined categories. If “Other” is selected, a minimum 20-character explanation will be mandatory to prevent vague or unclear reasons.

 

5. Exempt Transactions

Internal transfers between a person’s own accounts, payments to public institutions, interbank transactions, and ATM transactions under 200,000 TL are exempt.

 

6. Declaration Options for Cash Deposits and Withdrawals

- Deposits: Personal savings, business earnings, real estate sale proceeds, inheritance, etc.

- Withdrawals: Loan payments, investment transactions, overseas transfers, business payments, etc.

 

7. Impact on Banks

This regulation will bring an operational burden on banks, requiring staff training, stricter internal audits, and wider use of digital banking channels.

 

8. Key Points for Citizens

All transactions above 200,000 TL require a declaration. Providing false or misleading information may lead to heavy administrative fines under MASAK laws. For commercial transactions, proof of the source of funds (invoices, contracts) may be required.

 

9. Frequently Asked Questions (FAQ)

- If I deposit 199,000 TL, do I need to declare? No, unless linked transactions exceed the threshold.

- Can I avoid declaration by saying “personal payment”? No, further explanation will be required.

- Who fills in the declaration form? The customer or an authorized person.

- How will it work in digital banking? An online form will appear during the transaction.

 

10. Penalties

Under Law No. 5549, individuals or institutions that fail to comply with the declaration obligation will face administrative fines, the amount of which will depend on the transaction size and nature of the violation.

 

Comment:

MASAK Communiqué No:30 may initially seem like extra bureaucracy for citizens and businesses, but in the long run, it will strengthen the security of the financial system. Its deterrent effect on the informal economy and illegal fund flows will be significant. Banks will need to enhance customer communication and make digital banking more accessible to adapt to these changes.

Mustafa Sarbay

11-08-2025