The European Union is preparing one of its biggest anti-money laundering reforms in years. Starting in July 2027, the new Anti-Money Laundering Regulation (EU) 2024/1624 will introduce stricter controls on cash payments, cryptocurrency transactions, and several high-risk industries.
The goal is to create a single rulebook across all EU member states and make it harder for criminals to move money through traditional finance or digital assets.
EU Introduces €10,000 Cash Payment Limit
One of the most significant changes is a bloc-wide limit on large cash transactions.
Under the new regulation, businesses will no longer be allowed to accept commercial cash payments above €10,000. While some EU countries already have their own cash restrictions, this creates a common rule across the entire bloc.
Member states can still introduce lower limits if they choose. The regulation also introduces additional checks for smaller transactions.
- Businesses will be required to verify customer identities for cash payments of €3,000 or more.
- Private transactions between individuals remain exempt.
- Bank deposits and payments through regulated financial institutions are also not affected.
Meanwhile, EU regulators believe large cash transactions remain one of the easiest ways to hide illicit funds. Therefore, setting cash limits is an important part of the new framework.
Crypto Exchanges Face Tougher KYC Rules
The regulation also introduces major changes for crypto companies operating in Europe.
Crypto-Asset Service Providers (CASPs), including exchanges and other regulated crypto businesses, will need to perform enhanced Know Your Customer (KYC) checks on certain transactions.
Under the new rules, occasional or one-time crypto transactions worth €1,000 or more will trigger stricter identity verification requirements.