The European Union has drawn a clear line in the sand: cash payments above €10,000 are now off-limits without proof of identity and source of funds.
The new cap, part of sweeping anti-money laundering reforms, signals a push to choke off illicit transactions often hidden in the shadows of untraceable banknotes.
While most big purchases today—from cars to luxury electronics—already flow through cards and bank transfers, many Europeans still squirrel away cash for major buys. That just got complicated.
Transactions above the limit now demand ID and financial disclosure, or risk being blocked entirely, with possible legal consequences.
Businesses and some private sales may be exempt, but authorities urge all high-value transfers to go digital. It’s not just bureaucratic caution; it’s a fight for financial transparency.
Critics warn it chips away at financial privacy. But for the EU, the stakes are higher: stop money laundering at the source—even if it’s tucked in an envelope.