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BoG clarification on 500€ bank notes, particulars of holders

The Bank of Greece (BoG) clarified this week that it has requested that commercial banks in Greece record the particulars of anonymous customers attempting to cash 500-euro bank notes, not of depositors whose information is already registered.

Attempts to curb money laundering were initially given as the reason for the measure, as capital controls are still in place in the country.

Additionally, the controversial practice of charging a commission to break a 500-euro bill into smaller denominations was again broached.

According to reports, commissions vary, with the lowest rate being a flat 3-euro fee – ostensibly for the work done by the attending cashier. There is no commission when depositing the bank notes into an account.