Recording of those who exchange 500 euro bills

Recording of those who exchange 500 euro bills

Athens, March 22, 2016/Independent Balkan News Agency

By Spiros Sideris

Banks will proceed with the recording of the information of the transactions of those who exchange banknotes of 500 euro bills, combining the above with cross examination for other transactions of the same customer, according to the daily “Kathimerini”.

The aim is the prudential supervision for money laundering, which seems to be hiding behind some valuable notes exchange movements.

This is provided in a circular of the Bank of Greece, writes the article and adds that the turnout of citizens to bank tellers to exchange 500 euro banknotes was pronounced after the statements of the central banker Mario Draghi that the ECB intends to proceed with their gradual withdrawal.

The said intention, which was endorsed by the head of the Eurogroup Jeroen Dijsselbloem, is part of the effort to reduce cash transactions and growth of electronic payments.

Although the announcement was not accompanied by a clear timetable, there were many people in Greece who rushed to withdraw 500 euro bills from the chests and boxes.

Most of them preferred to break bills into smaller 50s or 20s and then take them back for safe keeping at their homes, refraining from depositing them in a bank account.