New cash rules from 2027: ID checks for large EU payments

From 2027, strict limits on cash payments will be introduced across the European Union, including Poland, aiming to combat money laundering and the financing of crime.

Starting in 2027, significant changes are planned for the cash payment system across the EU.

Photo: frycyk01/Pixaby.com/CC0

A ban on cash transactions over €10,000 will apply to all member states. According to Infor, a Polish business news outlet, identity verification will be required for payments exceeding €3,000, using an ID card or passport.

This requirement will affect sectors particularly vulnerable to criminal activity, such as banks, real estate agencies, casinos, gaming halls, luxury goods dealers, asset managers, and cryptocurrency platforms.

The new regulations aim to eliminate anonymity in larger cash transactions by registering customer data. Poland already enforces a PLN 15,000 (€3,520) cash limit for businesses, but the EU changes may extend such rules to private individuals. Some entities, like sports clubs, will have a transitional period until 2029.

Poland may also introduce identity checks on cash payments earlier than required by EU law, increasing oversight of significant cash purchases.

Read more about this topic:

• EU to cap cash payments at €10,000 under ‘anti-money-laundering’ rules

(mp)

Source: Infor