Latest law obliges Greek banks to take due diligence measures for transactions exceeding 1,000 euros

Monday, 30 July 2018 21:34
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By G. Palaitsakis

A recently passed law in Parliament obliges banks and other credit institutions in Greece to exercise "due diligence measures" for every non-regularly recurring money transfer, even between accounts belonging to the same depositor.

The provision is the latest "weapon" in the cash-starved Greek state's arsenal to curtail money laundering from illegal activities.  

The same law foresees that due diligence measures for every transaction exceeding 2,000 euros with a internet gaming and sports betting firm.   

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