The limit on cash payments in the EU is set at the level of 10 thousand euros, and merchants are obliged to carry out customer check. The EU Council and Parliament have reported the finalization of the Agreement on a new package of measures to combat money laundering. From now on, the EU has a maximum limit for cash payments of 10,000 euros, and Member States have the opportunity to reduce this limit at will. Persons who perform cash transactions from 3,000 to 10,000 euros must be identified and confirmed.
According to the previous agreement, financial monitoring entities should identify persons who regularly carry out cash transactions in the specified amount of amounts, ie from 3,000 to 10,000 euros. They are also obliged to identify and confirm the person of customers of merchant merchants and cryptocurrency sellers.
The new agreement expands the list of financial monitoring entities, including cryptoactive service providers (CASP). They should carry out a comprehensive check of customers when transactions worth 1000 euros or more. There are also measures to reduce risks associated with transactions with autonomous wallets.
Under new rules, comprehensive customer and reporting responsibilities are expanded to luxury traders such as precious metals, precious stones, jewelers, watches, as well as sellers of luxury cars, aircraft, yachts and cultural items. The new agreement also recognizes the football sector as a high -risk object and expands the list of obligatory persons to professional football clubs and agents.
The law is expected to be officially approved by the European Parliament and EU countries.
