Money laundering through money remittance ... - Council of Europe

Money Laundering through Money Remittance and Currency Exchange Providers - 2010
„Foreign exchange centres‟ (centros cambiarios) are either natural or legal persons that
do not require a license in order to engage in currency transactions, but whose operations
are limited to the equivalent of USD 10 000.00 per customer per day. They must be
registered with the Tax Administration Service.
38. In Slovakia there are three types of foreign currency exchange providers:
Currency exchanges – require a „simple FX license‟ that authorises natural or legal
persons to purchase or sell local currency against foreign currency (money transfers are
not included);
FX business providers I – legal persons with a minimum capital requirement of
EUR 333 333. Their license allows them to both purchase and sell local currency against
foreign currency on their own or their client´s behalf but only in cashless form. They are
permitted to make only domestic money transfers; and
FX business providers II – legal persons with minimum capital requirement of
EUR 33 333. Their license authorises them to carry out or intermediate cross-border
money transfers both in local or foreign currency in cash. They are permitted to make
foreign money transfers through banks only.
39. Regarding customer identification, the same thresholds apply as for MR in most countries.
The exceptions are:
Table 5. Threshold Exceptions to Applicable Customer Identification Requirements
COUNTRY THRESHOLD (as of 2008)
Croatia HRK 105 000, i.e. appr. EUR 15 000
Estonia EEK 100 000, ie. appr. EUR 6 400
France EUR 8 000
Japan YEN 2 000 000, i.e. EUR 15 566
Germany
EUR 2 500 threshold applies if the transaction is carried out through an
account other than the customer‟s account;
Georgia GEL 3 000, i.e. appr. EUR 1 400
Greece (and Italy, Malta, Poland,
Sweden, United Kingdom)
Table Notes:
EUR 15 000
Latvia LVL 5 000, i.e. appr. EUR 7 117
Lithuania EUR 6 000
Moldova MLD LEI 50,000 (approx. EUR 3 500)
Macau, China MOP 20 000 , i.e. appr. EUR 1 740
Mexico Thresholds vary for transactions involving cash or travellers‟ cheques
Slovakia EUR 1 000
United States USD 1 000, i.e. appr. EUR 820
1. In Mexico there are three different thresholds in order to require information for individual cash operations or with
travellers cheques, as follows:
- between USD 500 - 3000, information is requested;
- between USD 3000 – 5000, information is requested along with a copy of the official identification (identical threshold
applicable also to MR);
- for USD 5000 or more, information is requested and a whole file is integrated to the system (identical threshold
applicable also to MR).
© 2011 MONEYVAL and FATF/OECD - 17