Major Changes to Money Transfers in Turkey: Strict MASAK Oversight for High-Value Transactions Starting 2026
Effective from 1 January 2026, Turkey is introducing a fundamental overhaul of IBAN-based money transfers, including wire transfers and EFT transactions. Under the new framework issued by MASAK (Financial Crimes Investigation Board), high-value transfers will be subject to enhanced disclosure, purpose-based classification, and—at certain thresholds—mandatory supporting documentation.
The regulation represents one of the most comprehensive anti-money laundering (AML) reforms in Turkey’s recent financial history and will directly affect individuals, companies, and financial institutions operating within the Turkish banking system.
Why Is Turkey Tightening Controls on IBAN Transfers?
The new MASAK regulation is a direct response to the sharp increase in investigations related to:
The reform aligns Turkey’s AML regime with the recommendations of the Financial Action Task Force (FATF), of which Turkey is a member. The overarching objective is to combat the shadow economy, enhance transaction traceability, and prevent criminal proceeds from circulating within the formal financial system.
Scope of the New Regulation: Who Is Affected?
The regulation applies broadly and without exception to:
All individuals holding bank accounts in Turkey
Turkish and foreign-owned companies
Banks and electronic money institutions
Payment service providers operating in Turkey
Authorities have emphasized that law-abiding users conducting transparent transactions will not be negatively impacted. However, transactions lacking economic justification, proper disclosure, or documentation will face heightened scrutiny or rejection.
What Will Change in IBAN Wire Transfers and EFT Transactions?
Mandatory Purpose Declaration
From 1 January 2026 onward, generic payment descriptions such as “payment,” “transfer,” or “debt” will no longer be acceptable for IBAN-based transactions.
Instead, users must explicitly state the purpose of the transfer, either by selecting from predefined categories or by providing a detailed description.
Banks and electronic money institutions will present standardized purpose options, including:
Real estate purchase payments
Motor vehicle purchase payments
Loan disbursement or loan repayment
Gifts, donations, or financial aid
Tax, duty, and fee payments
Compensation or insurance payouts
Legal, consultancy, and professional service fees
Healthcare expenses
Crypto-asset and digital asset transactions
Betting and gaming-related payments
Entertainment and social media payments
If a transaction does not fall under any listed category, the “Other” option may be selected, subject to a minimum 20-character free-text explanation.
Enhanced Monitoring for High-Value Transfers
MASAK’s oversight will extend beyond transaction descriptions. The higher the transaction amount, the stricter the disclosure and documentation requirements.
High-value transfers will be assessed based on:
Cash Transactions Also Under Tight Control
Cash deposits and withdrawals—traditionally vulnerable to abuse due to limited traceability—will receive special attention under the new framework.
For cash transactions exceeding certain thresholds:
More detailed explanations will be required
Banks may request supporting documentation
Suspicious patterns may trigger enhanced due diligence
Transactions Above TRY 20 Million: Documentation Is Mandatory
For transactions equal to or exceeding TRY 20 million, banks will require official supporting documentation before executing the transfer.
Acceptable documents may include:
Title deeds for real estate purchases
Notarial sale agreements for vehicle transactions
Commercial invoices for goods or services
Contractual agreements evidencing the transaction
No Documentation, No Transaction
If the required documents are not submitted, banks will be legally obliged to reject the transaction. The regulation grants no discretionary flexibility to financial institutions in this respect.
Exempt Transactions: What Falls Outside the Scope?
To preserve the practicality of daily financial activity, certain transactions are exempt from documentation requirements:
Transfers between a person’s own accounts within the same bank
Transactions involving public institutions
Interbank and correspondent banking transactions
ATM cash withdrawals or deposits below TRY 200,000
However, authorities have expressly stated that abuse of these exemptions may lead to additional monitoring measures or individual restrictions.
What Is the Broader Objective?
With this reform, MASAK aims to:
Prevent laundering of criminal proceeds
Disrupt terrorism financing channels
Narrow the informal economy
Increase transparency in financial transactions
As of 2026, IBAN transfers in Turkey will no longer be evaluated solely on amount, but on economic substance, declared purpose, and documentary support.
Practical Takeaway for Individuals and Companies
For businesses, investors, freelancers, and high-net-worth individuals operating in Turkey, this regulation signals a clear shift:
Every significant transfer must now be defensible, documented, and economically coherent.
Early adaptation—by aligning internal payment processes, contract documentation, and accounting practices—will be critical to ensuring uninterrupted banking operations under the new regime.
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