The maximum limit for cash payments in the European Union will be 10,000 euros

The website of the Council of the European Union reports that in countries EU a limit on cash payments will be set at 10 thousand euros. In addition, subjects of financial monitoring will have to identify and confirm a person who periodically carries out cash transactions in the amount of 3 to 10 thousand euros.

Agreement on new anti-money laundering package finalized reported Council of the EU and the European Parliament. The measures taken are aimed at protecting EU citizens and the union’s financial system from terrorist financing and money laundering. The law must now be officially approved by EU member states and the European Parliament.

Across the European Union, a maximum cash limit of €10,000 is expected to make it more difficult for criminals to launder dirty money. Member States will have the opportunity to reduce the maximum limit. A preliminary agreement has also been reached that the obligated persons will have to identify the person carrying out cash transactions between EUR 3,000 and EUR 10,000. Luxury merchants and cryptocurrency sellers will now be required to verify customers. Regulations are being tightened on the trade of luxury cars, jewelry, yachts and private jets.

From 2029, the new law will apply to financially strong football clubs. As you know, professional football, with billions of dollars in investment from third countries, is considered a “potential gateway for money laundering in Europe.” But since the sector and its risks are very different, Member States will have the option of delisting them if the risk is low.

Financial institutions, banks, real estate agencies, asset management services, casinos, and retailers will play a central role as intermediaries in the anti-money laundering and counter-terrorism financing system.

The agreement expands the list of subjects of financial monitoring. The new rules will cover much of the crypto sector, forcing crypto asset service providers (CASPs) to conduct due diligence on their clients. Under the agreement, CASPs must apply customer due diligence measures when conducting transactions of €1,000 or more. Financial intelligence units will have immediate and direct access to financial, administrative and law enforcement information, including:

• tax information,
• information on funds and other assets frozen in accordance with targeted financial sanctions,
• information about funds transfers and crypto transfers,
• information on national automobile operations in registers of vehicles, aircraft and watercraft,
• customs data,
• national registers of weapons and weapons, and the like.

National authorities will monitor the new rules, and the European Anti Money Laundering Authority (AMLA) will coordinate them.

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