New IBAN transfer rules in Turkey from January 1: explanations required

Turkey’s Ministry of Finance has announced that starting January 1, 2026, new requirements will apply to money transfers using IBAN, aiming to combat the shadow economy and money laundering.

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Under the new regulation, for transfers between 200,000 and 2,000,000 TL, if the transfer reason is designated as “other” or “personal payment,” the sender must provide a description of at least 20 characters.

Transfers from 2 to 20 million TL will require filling out a “Cash Transaction Declaration” form, while transfers exceeding 20 million TL must be accompanied by documentation proving the source of funds.

These rules will also apply to ATM transfers—if the amount exceeds the threshold, the transfer will be blocked unless a valid explanation is given.

The new measures aim to increase transparency in the financial system and inhibit illicit money flows.