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ARTICLE · 03 MARCH 2023

Increase In Monetary Limits For Know Your Customer Requirements

Norton Rose Fulbright
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Some of the monetary limits under the Regulation on Measures Regarding Prevention of Laundering Proceeds of Crime and Financing of Terrorism (published in the Official Gazette...

United KingdomFinance and Banking
Norton Rose Fulbright
Norton Rose Fulbright

Some of the monetary limits under the Regulation on Measures Regarding Prevention of Laundering Proceeds of Crime and Financing of Terrorism (published in the Official Gazette dated 09/01/2008 with the number 26751) ("Regulation"), with respect to customer identification requirements and wire transfer limitations are increased to be effective as ofFebruary 1, 2023.

Regarding customer identification, obliged parties shall identify their customers or those who act on behalf or for the benefit of their customers by receiving their identification information and verifying it and take necessary measures for revealing the beneficial owner of the transaction if the amount of a single transaction or the total amount of multiple linked transactions is equal to or more than TL 185,000. Previous threshold was TL 85,000.

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