Regulatory Alerts2005-07-12
Bank of Greece Decision 202/1/2005 on Supplementary Services and Banking Cooperation for Money Transfer Intermediaries and Bureaux de Change
The Banking and Credit Committee of the Bank of Greece issued Decision 202/1/2005 to amend regulations governing money transfer intermediaries and bureaux de change. The decision authorizes these entities to offer supplementary services, including foreign exchange purchases for the central bank, credit card cash advances, bill payments, ticket sales, travel services, and telecommunications products. It also establishes strict operational boundaries for cooperation with credit institutions, prohibiting affiliated intermediaries from undertaking statutorily reserved banking activities or advertising restricted products, with full implementation scheduled for October 2005.
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