European Commission proposes strict money transfer rules to halt terror funding

[JURIST] The European Commission [official website] announced a proposal [press release; PDF proposal text] Tuesday that would require all customers making money transfers within the EU to register their name, address, and account number with the bank in an effort to stop the funding of terrorism. The information would be required regardless of the transfer amount [UPI report] and banks would ultimately reject any transfer lacking the required information though a simpler version of the system will apply to money transfers within the EU, so as not to hinder the Union’s efforts to build a single market for payments. The Financial Times has more.



 

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