Communiqué Amending the Communiqué on the General Communiqué of the Financial Crimes Investigation Board (Serial No: 5) (Serial No: 31)
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This Turkish regulation, published on 7 January 2026, introduces several amendments to the MASAK General Communiqué No. 5 on customer due diligence and identity verification. Key updates include enhanced scrutiny for customers who are foreign politically exposed persons (PEPs). Insurance and pension companies are granted simplified identity verification procedures when making claim payments to third parties, provided identity details are verified via the Ministry of Interior database and payments are made to matching bank accounts. New mandatory bank transfer verification requirements are imposed before onboarding new customers for certain financial services; a verification transfer from a bank or credit card account matching the customer's identity to a specially created validation account is now required, and no services may be provided until completed. Special exemptions from full customer due diligence, ongoing monitoring, and record-keeping obligations are created for bank accounts opened at the written request of public institutions to make mandatory payments to beneficiaries, provided basic identity data is collected and verified via the official database before any payment is made.
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Key Changes
- Added enhanced due diligence requirement for foreign politically exposed persons (PEPs) in customer transactions (effective upon publication)
- Insurance/pension companies exempt from full ID verification and signature sample for third-party claim payments if verified via Interior Ministry database and paid to matching bank account
- Mandatory verification money transfer from customer's matching bank/credit card account to obliged party's validation account required before customer acceptance; no services until transfer completed (effective 1 February 2026 for 2.2.10)
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Obligations
What this law requires
Apply enhanced scrutiny to customers who are foreign politically exposed persons (PEPs) during customer due diligence and evaluation of transactions
Insurance and pension companies must verify identity information (name, surname, date of birth, nationality, ID numbers) through the Ministry of Interior Population and Citizenship Affairs database before making claim payments to third parties
Insurance and pension companies must ensure that claim payments to third parties are made exclusively to bank accounts matching the third party's verified identity information
Before onboarding new customers for financial services, conduct a mandatory verification transfer from the customer's matching bank or credit card account to a validation account created by the obligated party; no customer may be accepted and no services provided until this transfer is completed
For bank accounts opened at the written request of public institutions to make mandatory payments to beneficiaries, collect and verify basic identity data (name, surname, date of birth, nationality, ID numbers for individuals; company name, trade registry number, tax ID for entities) via the official database before making any payment