EU: Money laundering threshold figures 2003

Under the Money Laundering Directive 1991, EU countries must require financial institutions to identify prospective customers in relation to transactions, or series of transactions, in which the value exceeds Euro 15,000 or its equivalent in local currency.

For those countries in the EU but which are not members of the Euro, the figure for each year is that set by the exchange rate between their own currency and the Euro as published in the EU's Official Journal on the 30 October each year.

For countries which are in the European Economic Area, or are in the process of seeking membership of the EU, it is necessary for them to put in place measures that are in accordance with the EU's 1991 Directive. Accordingly, they must also identify prospective customers in relation to transactions, or series of transactions, in which the value exceeds the equivalent of Euro 15,000.

For countries outside the above groups, the failure to have in place a measure to identify such customers is likely to be regarded as failing to meet appropriate counter-money laundering safeguards.

NOTE: This is not a trigger figure for cash transaction reporting requirements. Nor is is a figure below which no suspicion may be presumed.

The figures below are the local equivalent figures for 2003. USA (dollar) 14,730
Japan (yen) 1,818,150
Denmark (krone) 11,148.15
UK (Pound sterling) 9,460.5
Sweden (krona) 136,584
Switzerland (franc) 21,985.5
Iceland (krona) 1,300,650
Norway (krone) 118,965
Bulgaria (lev) 29,191.5
Cyprus (pound) 8,578.35
Czech Republic (koruna) 463,770
Estonia (kroon) 2,346,990,000
Hungarian (forint) 3,622,200
Lithuania (litas) 51,784.5
Latvia (lats) 8,934
Malta (lira) 6,195
Poland (zloty) 59,622
Romania (leu) 493,605,000
Slovenia (tolar) 3,438,019.5
Turkey (lira) 24,675,000,000
Australia (dollar) 26,368.5
Canada (dollar) 22,993.5
Hong Kong (dollar) 114,882
New Zealand (dollar) 30,322.5
Singapore (dollar) 26,080.5
South Korea (won) 18,006,000
South Africa (rand) 147,936

Countries not listed do not have an official rate as published in the Official Journal. The exchange rate is per the European Central Bank. The equivalence figures set out above are calculated by GlobalKYC.Com.

Source: GlobalKYC.Com

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