People making money transfers through IBAN in Turkey are being warned to pay attention to the description field on their bank transfers.
Extract from the article:
People making money transfers through IBAN in Turkey are being warned to pay attention to the description field on their bank transfers, as financial authorities continue to strengthen checks aimed at tackling the informal economy.
The increasing use of digital banking has made transferring money easier, but experts warn that certain IBAN transactions can create tax or legal problems, particularly when the purpose of a payment is unclear.
According to reports, the Treasury and Finance Ministry and the Financial Crimes Investigation Board (MASAK) are increasing scrutiny of bank transfers. The wording used in the payment description, or leaving the field empty, can become important when a transaction is reviewed.
