Starting July 10, 2027, the European Union will implement a bloc-wide ban on cash payments exceeding €10,000 for businesses. This measure, established under Regulation (EU) 2024/1624, aims to combat money laundering and terrorist financing by standardizing rules across all member states.
The regulation introduces a mandatory identity verification requirement for cash transactions exceeding €3,000. Businesses must perform customer due diligence for these payments. The rules also apply to linked transactions, preventing customers from bypassing limits by splitting larger purchases into smaller installments.
Private transactions between non-professional individuals remain exempt from these restrictions. Additionally, payments and deposits made at banks and electronic money issuers are excluded, as these institutions are already subject to separate reporting and identification duties.
Member states retain the authority to set stricter national limits. For instance, Spain will maintain its existing €1,000 cash payment cap. The regulation was formally adopted in May 2024, providing a multi-year transition period before the enforcement date in 2027.
