The Bank of Greece has announced the immediate enforcement of a sweeping new regulatory framework for money and digital asset transfers, marking a major shift in the country's approach to crypto and blockchain transactions. The move brings Greece in line with recent European Union standards, specifically the guidelines issued by the European Banking Authority (EBA/GL/2024/11) and Regulation (EU) 2023/1113.
At the heart of the new framework is a requirement for complete identification of both the sender and the recipient in every transaction—regardless of the amount involved. For the first time, all transfers, including those previously considered too small to trigger scrutiny, must now include full names, addresses, account or wallet identifiers, and, where relevant, legal entity identifiers. Transactions that fail to meet these data requirements will be rejected, suspended, or returned.
The regulation also targets the widespread practice of "smurfing," in which users deliberately break up transactions into smaller amounts to avoid detection. Transfers below €1,000, once unlikely to draw regulatory attention, are now subject to greater scrutiny. Providers are now required to identify patterns of linked or repeated transactions and treat them as a single, higher-risk transfer.
The rules go far beyond identification. They impose strict technological requirements on all service providers handling funds or digital assets, including banks, crypto platforms, and blockchain-based services. Providers must now ensure their systems are secure, interoperable, and capable of transmitting complete data accurately. If existing infrastructure falls short, providers are mandated to adopt alternative technological solutions—such as standardized APIs or real-time data exchange mechanisms—to meet compliance standards.
Another key change is the formal standardization of the information transmitted in each transaction. The use of vague or placeholder identifiers like “Client XXXX” or “Known Sender” is now banned. Only fully formatted and verifiable data will be accepted. Transactions submitted with incomplete or improperly formatted information will be automatically rejected.
Perhaps most significantly, the new framework explicitly defines the responsibilities of every party involved in a transaction. Previously, it was often unclear who bore the responsibility if data was missing or incomplete. Under the new rules, each provider along the transfer chain is accountable. For example, if a bank receives a transaction without full identification data, it must either reject the transaction or request immediate correction. It can no longer choose to process the transfer at its own risk.
Until now, cross-border transfers of money or crypto could take place in Greece with minimal oversight and often without full identification of either party. These loopholes are now closed. What might have been a simple transfer showing only initials or a generic customer label is no longer acceptable. Transactions must now include verified and complete personal details, such as full name, physical address, and a unique identifying number.
