Banking ‘Filters’ / Putting unjustified money in banks has become more difficult
In recent years, the legal framework for the prevention of money laundering has undergone frequent changes, with the aim of tightening measures and adding filters for money coming from illegal activities.
The procedures and filters applied by banks towards the customer have changed. Customers today have to submit justified documentation for deposits or transfers in large amounts.
Although the procedures followed are based on banks’ internal regulations and there is no limit expressly set out in law or regulation, banks generally use the limit beyond which transactions are reported to the Directorate of Prevention of Money Laundering and require justification documents for value over 1 million ALL or the equivalent amount in foreign currency.
Meanwhile, for amounts lower than ALL 1 million, self-declaration may be required, but limits vary from bank to bank. The law requires all transfers or transactions worth over ALL 100,000 to be subject to precautionary measures, which means that above this amount banks may require a statement of source of money.
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