A ban on paying in cash above 10,000 euro
A ban on paying in cash in the case of transactions over 10,000 euro will come into force in 2027. In the case of sports clubs, however, the transitional period will not end only in 2029. However, with transactions worth from 3,000 to EUR 10,000 check identity client and, if necessary, report his suspicious behavior. The European Parliament adopted these provisions in April last year.
Who will the limit concern?
The limit in cash payments applies to transactions between entrepreneurs and between the client and the entrepreneur. Will not apply However, the turnover between themselves consumers. In addition, luxury goods traders, such as metals and precious stones, jewelers, watchmakers and goldsmiths, traders of luxury cars, aircraft and yachts, as well as cultural goods (e.g. works of art) will have to keep “due diligence” during transaction.
Why were these provisions introduced?
Cash payment limits are one of the reforms adjustment packagewhich is to help in the fight against Washing dirty money and financing of terrorism. “The new regulations ensure that persons with a legitimate interest, including journalists, media employees, civil society organizations, competent state authorities and supervisory authorities, will have immediate, non -tagged, direct and free access to information on real owners stored in national registers, which will also include at EU level. In addition to current information, the registers will also include data reaching at least five years back” – the European Union informed.
Read also: “Euronet introduces payments at ATMs. UOKiK will deal with the matter “
Sources: Next.gazeta.pl 1 and 2