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End of the €500 Banknote: a Milestone for European Crime and Compliance

By Gabriel Vedrenne

Individuals seeking to deposit or exchange €500 banknotes should continue drawing enhanced scrutiny from financial institutions following a decision by the European Central Bank, or ECB, to stop issuing them, sources told ACAMS moneylaundering.com. On Jan. 27, four years after having halted printing of new €500 notes due to lack of demand, the ECB and 17 of the 19 central banks in the Eurozone began taking the high-denomination currency out of circulation to clamp down on bulk cash smuggling and other financial crimes, with Germany and Austria's central banks set to follow suit in April. The note will remain legal...

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