The European Union introduces new regulations
The EU has adopted new regulations restricting cash payments and introducing mandatory customer verification for large expenses. According to the new rules, cash payments will only be possible up to 10,000. euro, which corresponds to approximately 43 thousand zlotys. Additionally, people making cash payments over 3,000 euro (approximately PLN 13,000) for various services or products will be identified.
Belgian Finance Minister Vincent Van Peteghem emphasized that new and more stringent regulations will strengthen systems to combat money laundering and terrorist financing. A package of laws strengthening EU tools in this area was previously adopted by the European Parliament.
Once the EU has made a decision, the changes will be published in the Official Journal of the European Union. Although the new rules will enter into force immediately, Member States will have three years to fully comply.
Additionally, in mid-2025, the new Anti-Money Laundering and Terrorism Financing Authority (AMLA) will start operating in Frankfurt, which will be another step in the fight against illegal flows of funds.
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