Foreign exchange / gold sector "high risk" for MASAK; Internal control and reporting error 500K-3M TL penalty.
High risk signs
- One-time cash transaction of 500K+ TL.
- Visits to more than one branch on the same day.
- Source that does not comply with the declaration.
Practical controls
- KYC: TR ID photocopy + address declaration + profession.
- Instant reporting after the transaction (T+0).
- Sanctions list scanning.
Frequently asked
If the customer says "I do not want to specify the source"?
The transaction is rejected + STR is removed.
The same customer comes every day; Is it a problem?
Even if the amount is small, the pattern STR is the reason.
Cash limit for gold/bar purchase?
Registration above 5K TL; Declaration above 75K TL.
Relevant legislation
- Law No. 5549 on the Prevention of Laundering Proceeds of Crime Article 19 — 7-day temporary measure in suspicious transactions.
- 5549 SK article 13 — Administrative fines (obliged person, manager, employee).
- Turkish Penal Code art.282 — Laundering of proceeds of crime (3-7 years + judicial money).
- CMK article 128 — Confiscation of goods and rights; peace penalty approval.
- 5549 SK Implementation Regulation — Suspicious transaction reporting (STR), regular activity reporting.
Legal notice: This article is for general information purposes; A meeting with a lawyer is required for a concrete case.