Cash payment limit. The European Union is preparing new regulations

The European Union wants to limit cash payments. The maximum amount will be standard across the EU. The limit should be 10,000. euros.

The Member States of the European Union and the European Commission have reached an agreement to introduce stricter rules for cash payments.

The aim of the new regulations is to combat money laundering, especially in the context of transactions related to the cryptocurrency and luxury goods markets.

The European Union is preparing a money grab

Across the European Union, a maximum limit for cash payments is set at PLN 10,000. euros. As a result, all transactions above this amount will have to be made via internet banking. In the case of cash transactions worth PLN 3,000 or more euros up to 10 thousand euros, it will be necessary to check the identity of customers.

“Enterprises covered by these provisions, such as financial institutions, banks, brokerage firms, asset managers, casinos and traders, play a key role in combating money laundering and terrorist financing. It is noted that these entities have the greatest capacity to conduct suspicious activities.” – we read in the justification of the European Council.

Cryptocurrency service providers will be required to check and verify customers’ identities for transactions worth at least PLN 1,000. euros. Sellers of metals, gemstones, jewellery, luxury vehicles and works of art will have to carry out checks on customers and report “suspicious transactions”. From 2029, the new regulations also apply to football clubs and football agents. The regulations must be approved by the European Parliament and the EU Council. The EU institutions also want to establish a new anti-money laundering agency.

As the daily newspaper “Fakt” points out, Sweden is the leader in Europe in limiting cash circulation, which plans to completely remove this money from circulation by 2030.

Regulations in force in Poland

In Poland, the limit for cash payments applies to business transactions of entrepreneurs. They cannot pay more than PLN 15,000 in banknotes. zloty. Transactions involving larger amounts must be done by bank transfer.

Provisions imposing a similar restriction on private individuals were included in the Polish Order, but their implementation was rejected.

Source: Do Rzeczy

\