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:

• Money laundering

• Illegal betting and gambling proceeds

• Terrorism financing

• Abuse of the banking system for informal or undocumented transactions

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:

• Transaction purpose

• Source of funds

• Consistency with the customer’s financial profile

• Supporting documents, where applicable

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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