BRUSSELS, July 26 (UPI) -- The European Commission Tuesday unveiled a proposal that would oblige banks to register personal details related to any money transfer in the EU.
The regulation is designed to cut off funding for terrorist actions by tightening controls on money transfers. It would oblige banks and money remitters to register the name, address and account number of any money transfer in the EU.
Banks and money remitters would have to transmit information on the sender regardless of the amounts involved, the commission said.
A simpler proposal for money transfers within the EU has also been tabled to avoid putting at risk efforts to build a single market for payments.
The British Presidency of the Union has given its backing to the proposal and discussions are set to begin shortly.
