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Banks will identify the holders of 500€ banknotes

Banks will identify the holders of 500€ banknotes

The banks are obliged to implement a detailed documentation of both the data and the transactions of their clients when they exchange banknotes of 500 euros, also crosschecking their previous transactions. The bank of Greece, through the recording of all the transactions of high-value banknotes, aims to a prudential supervision on money-laundering.