Know your customer

To counter money laundering and terrorist financing, the European Union has reached a partial agreement, imposing a €10,000 cap on cash payments. The agreement, struck between member states and the European Parliament, aims to safeguard European citizens and the EU financial system from illicit financial activities.

Since the UK Gambling Commission's regulation required online gambling operators to encourage and permit their customers to use GamStop, this scheme has gained popularity in the gambling industry. In fact, from March 31st, 2020 the commission obliged all the licence holders to persuade their customers who want to remove the temptation to gamble to register at GamStop.

Estate agents, accountants, notaries, the banking sector and money transfer providers are categorized as high-risk for money laundering in Greece, according to a Finance Ministry report on assessing the national risks of money laundering and terrorist financing.