HALISTER1: Greek Banks to Record Clients Changing EU500 Notes: Kathimerini

Greek Banks to Record Clients Changing EU500 Notes: Kathimerini

(Bloomberg) -- Lenders to keep records of clients changing EU500 notes for lower denominations following instructions from Bank of Greece, Kathimerini reports, w/o citing anyone.
  • Instructions are result of money-laundering concerns
  • Greek banks charge 0.1% commission to exchange EU500 notes; min. commission EU3, max. EU250
    • No commission if clients deposit EU500 notes to their bank accounts
  • Banks also asked to cross-check other transactions of clients asking to change EU500 notes to avert money- laundering, tax evasion
  • NOTE: March 8, Here’s Exhibit A for ECB’s Mersch on Those 500-Euro Notes
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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