In an attempt to cut off funding for terrorist networks, the European Commission will propose on Tuesday that banks register the name, address and account number of everybody making a money transfer in the European Union.

The new requirement would apply to even the smallest amounts of money, and would include all transfers made from abroad into the EU and from the EU to accounts outside Europe. A simpler version of the regime will apply to money transfers within the EU, so as not to endanger the Union’s efforts to build a single market for payments.