quora
Read More about fast-id page

Shufti globally launches webinr-icon - a new kind of identity solution!

Shufti globally launches - a new kind of identity solution!

Read more

EU Legislation Bans On-cash Deals Over €10,000 Due to Money Laundering Threats

EU

The European Union’s ban on cash payments over €10,000 for transactions such as car payments is expected to come into effect within three years.  

The EU legislation is being considered in an attempt to prevent cross-border money laundering on a wider European basis. Sources revealed that EU’s regulatory framework has banned cash payments over €10,000 for transactions like car purchases, funeral bills or home improvements. The ban is expected to come into effect within three years. 

The EU’s attempt is considered in an attempt to prevent cross-border money laundering activities on a wider European basis affecting a large section who operate solely on cash. 

Mairead McGuinness, Irish EU Commissioner is responsible for making anti-money laundering laws more rigid. She told the Irish Independent, 

“The proposed measures extend the capping for large cash payments to services too, so that for example funeral services above €10,000 would have to be paid through card or via a bank.”  

Mairead says that the focus for FinCrime prevention must go beyond large-scale businesses and financial infrastructures and target antiques, car purchases, jewellery, and unusual items like funeral charges. 

The ban not only aims at fighting money laundering but also focuses on fighting criminal activities in the digital society that the European authorities are looking forward to in the years ahead. The Commissioner also added that the European Central Bank (ECB) is examining the digital euro and the potential risks it will bring into the economy. 

Heaviest cash users of the EU reside in Germany and Austria. However, digital payments predominate in Sweden and Ireland lies between the two extremes. Some businesses prefer cash payments to avoid income tax, however rules on how people can spend money might raise privacy and civil liberties concerns.

Last month, Ms McGuinness also revealed that a new EU Anti-Money Laundering Agency will be established. It was a recognition that free movement of capital across the EU opens gates for many criminal activities and so, cross-border cooperation needs tougher regulations.

The Commission also mentioned, 

“As things stand all these businesses are subject to supervision at national level to ensure that they apply anti-money laundering requirements. Our plan is to extend the scope of EU rules to traders in precious metals and stones, professionals assisting third country nationals in obtaining golden visas, and mortgage and consumer credit providers or intermediaries that are not licensed as financial institutions.”

19 member states already have cash limits in place and 18 of these have limits for €10,000 or less. 

Related Posts

News

Japan Calls for Disclosure of Major Company Shareholders

Japan’s Ministry of Justice will require firms to submit details of their major shareholders, als...

Japan Calls for Disclosure of Major Company Shareholders Explore More

News

HKMA Reveals Phishing Fraud Went Up by 145% in 2021

Statistics revealed by HKMA show that phishing fraud rose by 145% in the first half of 2021.  Hon...

HKMA Reveals Phishing Fraud Went Up by 145% in 2021 Explore More

News

Major US Twitter accounts hacked in Bitcoin scam

Billionaires Elon Musk, Jeff Bezos, Barack Obama, Joe Biden and Bill Gates are among the many US ...

Major US Twitter accounts hacked in Bitcoin scam Explore More

News

World economic forum considers using blockchain to solve supply chain crisis

The World Economic Forum (WEF) stated on Monday that blockchain and digitization can help supply ...

World economic forum considers using blockchain to solve supply chain crisis Explore More

News

Customers warned of scams by the UK banking lobby amid COVID-19

Banking customers should be aware of fraudsters who are exploiting the COVID-19 epidemic to carry...

Customers warned of scams by the UK banking lobby amid COVID-19 Explore More

News

Moroccan Charity, Najiba Foundation, Faces Account Termination by ING Bank for AML Failures

Internationale Nederlanden Groep (ING) wants to terminate one of the largest Moroccan charity fou...

Moroccan Charity, Najiba Foundation, Faces Account Termination by ING Bank for AML Failures Explore More

News

UK to Propose Regulatory Protocols for Stablecoins

The government of the UK has declared incoming regulations for stable coins currency. It has also...

UK to Propose Regulatory Protocols for Stablecoins Explore More

News

MFSA, SEC, Along with FCA Introduces New AML Guidelines for Money Laundering Officers and Virtual Asset Service Providers

The Malta Financial Services Authority (MFSA), Securities and Exchange Commission (SEC), and Fina...

MFSA, SEC, Along with FCA Introduces New AML Guidelines for Money Laundering Officers and Virtual Asset Service Providers Explore More

News

British Government Prepares Task Force to Halt Financial Crimes

After observing a 70% increase in push-payment fraud, the UK’s government has devised a tas...

British Government Prepares Task Force to Halt Financial Crimes Explore More

News

The market for Digital Identity Solutions expected to double by 2024

The market for Digital Identity Solutions is predicted to double between 2019 and 2024, as report...

The market for Digital Identity Solutions expected to double by 2024 Explore More

News

US Blocks Tornado Cash Investors for Money Laundering Risks & Links to Korean Hackers

The United States has frozen the assets of crypto investors from Tornado Cash Service, saying it ...

US Blocks Tornado Cash Investors for Money Laundering Risks & Links to Korean Hackers Explore More

News

UAE Central Bank Imposes Dh352k Fine on Currency Exchange

The Central Bank of the UAE has fined an exchange house with a total of Dh352,000 for shortcoming...

UAE Central Bank Imposes Dh352k Fine on Currency Exchange Explore More

News

Singapore to Strengthen Security Measures Against Phishing Scams

Singapore is taking steps to introduce additional security measures to detect suspicious transact...

Singapore to Strengthen Security Measures Against Phishing Scams Explore More

News

CSSF Imposed a €226,000 Fine on Maitland Over AML Compliance Failure

Maitland Luxembourg SA received a penalty of €226,000 over anti-money laundering and customer due...

CSSF Imposed a €226,000 Fine on Maitland Over AML Compliance Failure Explore More

News

Malta-based Pilatus Bank Fined €5m Over AML & Terrorism Breaches

Pilatus Bank failed on various accounts, including identity verification of customer businesses, ...

Malta-based Pilatus Bank Fined €5m Over AML & Terrorism Breaches Explore More

News

Scammers and Hackers Use Cloud Mining to Launder Cryptocurrencies

According to new research, the use of cloud mining methods to conceal crypto funds has intensifie...

Scammers and Hackers Use Cloud Mining to Launder Cryptocurrencies Explore More

News

FATF to Publish Revised Guidelines For Virtual Assets Service Providers

The Financial Action Task Force is all set to publish updated guidelines on virtual assets on Oct...

FATF to Publish Revised Guidelines For Virtual Assets Service Providers Explore More

News

North Korean bankers charged in $2.5 billion money-laundering scheme

The US Department of Justice recently revealed criminal charges against about twenty-four North K...

North Korean bankers charged in $2.5 billion money-laundering scheme Explore More

News

Texans to be Among the Most Affected Nations in Global Cybercrime Operation, Warns FBI

According to the Federal Bureau of Investigation (FBI), Texans are likely to be among nations tha...

Texans to be Among the Most Affected Nations in Global Cybercrime Operation, Warns FBI Explore More

News

Bipartisan Senators Propose Amendment of the National Defense Authorization Act to Prevent Crypto Money Laundering

Bipartisan lawmakers in the US amended the obligations of anti-money laundering and updated the N...

Bipartisan Senators Propose Amendment of the National Defense Authorization Act to Prevent Crypto Money Laundering Explore More

News

Tech Analysts Say Elgin Data Breach May Prove “Devastating” for Those Vulnerable to Identity Fraud

Technology experts raise questions about the lack of transparency of the municipality in dealing ...

Tech Analysts Say Elgin Data Breach May Prove “Devastating” for Those Vulnerable to Identity Fraud Explore More

News

HKMA Issues Mandate to Encourage Innovation in AML/CFT

Hong Kong’s Monetary Authority is set to launch interactive lab sessions to experiment with innov...

HKMA Issues Mandate to Encourage Innovation in AML/CFT Explore More

News

Major Law Enforcement Operation Seizes 300 Crime Rings, Millions In Crypto Recovered

Millions in crypto seized, 300 criminal syndicates raided and arrested.  In today’s financial cri...

Major Law Enforcement Operation Seizes 300 Crime Rings, Millions In Crypto Recovered Explore More

News

Scotland Police Give Warnings Due to the Rise in Cybercrime

Highland Police is taking a major initiative to warn the businesses of a spike in cybercrime and ...

Scotland Police Give Warnings Due to the Rise in Cybercrime Explore More

News

Swedish gambling regulator seeks high money-laundering fines

The Swedish Gambling Authority (SGA) has taken a tough stance against money laundering and reques...

Swedish gambling regulator seeks high money-laundering fines Explore More

News

Research for Implications of CBDC on the Rise in Australia

As of the November 2 announcement of the Reserve Bank of Australia, the country has partnered wit...

Research for Implications of CBDC on the Rise in Australia Explore More

News

Monetary System of Nation-States at Systematic Risk due to Stablecoins, Says FSB

With the introduction of global stablecoin like Facebook’s Libra, G20’s watchdog, the Financial S...

Monetary System of Nation-States at Systematic Risk due to Stablecoins, Says FSB Explore More

News

Hong Kong’s SFC Plans to Regulate Digital Asset Trading Platforms

Hong Kong’s Securities and Future Commission has proposed strict rules for digital asset exchange...

Hong Kong’s SFC Plans to Regulate Digital Asset Trading Platforms Explore More

News

Anti-Fraud Experts Advise the CBN to Reconsider its Decision to Ban Crypto

One year after the Central Bank Nigeria (CBN), imposed a ban on digital currencies, anti-fraud ex...

Anti-Fraud Experts Advise the CBN to Reconsider its Decision to Ban Crypto Explore More

News

ECOWAS Partners with Interpol to Tackle Money Laundering

ECOWAS (Economic Community of West African States) partners with INTERPOL (International Criminal...

ECOWAS Partners with Interpol to Tackle Money Laundering Explore More

News

UAE Convenes Summit on Curbing Money Laundering and Terrorism Financing

The UAE convened an international summit on money laundering and terrorist financing prevention i...

UAE Convenes Summit on Curbing Money Laundering and Terrorism Financing Explore More

News

Central Bank Of China Tightens Financial Regulations to Curb Money Laundering

The Central Bank of China is tightening financial regulation to put limits on transactions, aimin...

Central Bank Of China Tightens Financial Regulations to Curb Money Laundering Explore More

News

Qatar Takes Steps to Strengthen its AML/CFT and Sanctions Compliance

A webinar organised by ICC Qatar emphasised the efforts of Qatar to strengthen its AML/CFT and sa...

Qatar Takes Steps to Strengthen its AML/CFT and Sanctions Compliance Explore More

News

Irish Businessmen lost More than €10 Million in Invoice Redirect Fraud

Sophisticated invoice redirect fraud in Ireland has resulted in the loss of €10 Million for busin...

Irish Businessmen lost More than €10 Million in Invoice Redirect Fraud Explore More

News

Brace for Home Visits, FCA Warns Remote Traders and Bankers

UK’s Financial Conduct Authority has issued a warning for all hybrid-working financial institutio...

Brace for Home Visits, FCA Warns Remote Traders and Bankers Explore More

News

Texans to be Among the Most Affected Nations in Global Cybercrime Operation, Warns FBI

According to the Federal Bureau of Investigation (FBI), Texans are likely to be among nations tha...

Texans to be Among the Most Affected Nations in Global Cybercrime Operation, Warns FBI Explore More

News

US DOJ Stresses Disclosure of Beneficial Ownership Information to Curb Illicit Finance

The US says that it is important for countries and governments to embrace a policy of disclosing ...

US DOJ Stresses Disclosure of Beneficial Ownership Information to Curb Illicit Finance Explore More

News

Lloyds Bank of UK Issues Warning Over Increasing Threat of Crypto Scams

Lloyds Bank revealed a rise in cryptocurrency investment scams and reported a 23% increase compar...

Lloyds Bank of UK Issues Warning Over Increasing Threat of Crypto Scams Explore More

News

WHO Warns about Online Job Scams during COVID-19 Pandemic

A message shared on WhatsApp and Facebook claims that the World Health Organization (WHO) is adve...

WHO Warns about Online Job Scams during COVID-19 Pandemic Explore More

News

Malaysia Leads Southeast Asian Peers in Implementing Anti-Money Laundering and Counter-Terrorism Financing Regulations

Malaysian financial institutes are leading other South Asian countries in complying with anti-mon...

Malaysia Leads Southeast Asian Peers in Implementing Anti-Money Laundering and Counter-Terrorism Financing Regulations Explore More

News

UK FCA Orders Illegal Crypto Service Providers to Shut Down ATMs

The UK’s Financial Conduct Authority has ordered crypto firms operating illegally in the country ...

UK FCA Orders Illegal Crypto Service Providers to Shut Down ATMs Explore More

News

NAB Updating KYC Data of 9M Customers

Project Apollo has been initiated by NAB in an attempt to meet AML obligations.  In August 2021, ...

NAB Updating KYC Data of 9M Customers Explore More

News

Investment Bank Fined by FCA for Failing with Due Diligence Requirements

An Investment Bank in London, Sapien Captial, has been penalised by the financial regulator, Fina...

Investment Bank Fined by FCA for Failing with Due Diligence Requirements Explore More

News

FinTech Market Gaining Traction in Asia, Slowing Down in US

The Financial Technology (FinTech) market is booming in Asia, especially in China according to a ...

FinTech Market Gaining Traction in Asia, Slowing Down in US Explore More

News

UK Treasury Committee Launches Inquiry into the Role of Crypto Assets and the Associated Risks

The Treasury Committee of the UK’s House of Commons has urged the public to submit their take and...

UK Treasury Committee Launches Inquiry into the Role of Crypto Assets and the Associated Risks Explore More

News

Pokies are Safe Havens for Criminals to Clean Dirty Money – Says NSW Crime Commission

According to findings of a multi-agency investigation released by the NSW Crime Commission, pubs ...

Pokies are Safe Havens for Criminals to Clean Dirty Money – Says NSW Crime Commission Explore More

News

FinCEN Says Russia Cannot Evade Sanctions with Crypto

Global lawmakers are taking a closer look at digital assets and how they can or cannot be used to...

FinCEN Says Russia Cannot Evade Sanctions with Crypto Explore More

News

Saudi Arabia Uncovers Massive Fraud worth SR11.5 Billion

Law enforcement authorities in Saudi Arabia arrested at least 32 suspects including businessmen, ...

Saudi Arabia Uncovers Massive Fraud worth SR11.5 Billion Explore More

News

Council of Europe Urges Montenegro to Step Up AML Measures

The Council of Europe stated in a recent report that Montenegro lacks sufficient measures to inve...

Council of Europe Urges Montenegro to Step Up AML Measures Explore More

News

RBI Gives Stark Warning Against Emerging KYC Fraud

RBI states that sensitive details should not be disclosed via unverified or unauthorised channels...

RBI Gives Stark Warning Against Emerging KYC Fraud Explore More

News

EU Sets a New Limit on Cash Transactions to Curb Financial Crimes

The EU countries have signed an agreement according to which the crypto-service providers must co...

EU Sets a New Limit on Cash Transactions to Curb Financial Crimes Explore More

News

FCA Fines Santander and Metro Bank for AML Compliance Gaps

The financial market regulator FCA has found compliance gaps in Anti Money Laundering (AML) syste...

FCA Fines Santander and Metro Bank for AML Compliance Gaps Explore More

News

Two of Singapore’s Banking Giants Involved in Billion-Dollar Money Laundering Case

The two well-known banks in Singapore, Development Bank Singapore (DBS) and Overseas Chinese Bank...

Two of Singapore’s Banking Giants Involved in Billion-Dollar Money Laundering Case Explore More

News

2 Men & 5 Companies to Face Trial for €20 Million Money Laundering Case

A magistrate has found substantial evidence of two Libyan men and five companies involved in laun...

2 Men & 5 Companies to Face Trial for €20 Million Money Laundering Case Explore More

News

US Treasury Official Urges Iraq’s Central Bank to Act Against Money Laundering

The US Treasury officials stated Iraq’s central bank should design new measures to combat the mis...

US Treasury Official Urges Iraq’s Central Bank to Act Against Money Laundering Explore More

News

Japan’s Airports Run Face Verification Trials for Passenger Onboarding

Tokyo’s Narita airport is running trials for a face recognition system for international travelle...

Japan’s Airports Run Face Verification Trials for Passenger Onboarding Explore More

News

RBI Gives Stark Warning Against Emerging KYC Fraud

RBI states that sensitive details should not be disclosed via unverified or unauthorised channels...

RBI Gives Stark Warning Against Emerging KYC Fraud Explore More

News

Federal Court Fines Digitex Futures $15M for KYC and AML Failings

The Commodity Futures Trading Commission (CFTC) has made it public that the US District Court has...

Federal Court Fines Digitex Futures $15M for KYC and AML Failings Explore More

News

SEC Unfolds Strict Regulations to Prevent Financial Crimes in Stock Market

SEC (Securities Exchange Commission) is to implement tough regulations to prevent money launderin...

SEC Unfolds Strict Regulations to Prevent Financial Crimes in Stock Market Explore More

News

RICS Urges Firms to Adopt ‘Extremely Careful’ Due Diligence Measures

The RICS has issued a statement for its members urging them to adopt ‘extremely careful’ measures...

RICS Urges Firms to Adopt ‘Extremely Careful’ Due Diligence Measures Explore More

News

IMF Advocates CBDC and Global Crypto Regulations for Financial Stability

The new policies advocated by the IMF seek to minimize financial risks associated with the global...

IMF Advocates CBDC and Global Crypto Regulations for Financial Stability Explore More

News

US Regulators to Sharpen AML Expectations For Crypto Sector

The US regulators are increasing the AML compliance expectations within the crypto sector to ensu...

US Regulators to Sharpen AML Expectations For Crypto Sector Explore More

News

Japan to Enforce Strict Anti-Money Laundering Laws on Cryptocurrency

A stringent set of anti-money laundering measures will be implemented in Japan starting June 1st,...

Japan to Enforce Strict Anti-Money Laundering Laws on Cryptocurrency Explore More

News

Singaporean Banks Enhance Security to Combat Financial Crime

The Monetary Authority of Singapore (MAS) stated that the country’s banks are enhancing security ...

Singaporean Banks Enhance Security to Combat Financial Crime Explore More

News

India and the United States Collaborate to Combat Financial Crime

The US-India Dialogue on Anti-Money Laundering and Countering Terrorism Financing, jointly chaire...

India and the United States Collaborate to Combat Financial Crime Explore More

News

Phase One of the Crypto Regulatory Framework in Switzerland Begins

As of today, phase one of the regulatory framework regarding the cryptocurrency and blockchain in...

Phase One of the Crypto Regulatory Framework in Switzerland Begins Explore More

News

FBI Reveals North Korea’s Lazarus Group Involvement in $41 Million Stake Hack

US Federal Bureau Investigation (FBI) has revealed that the North Korean hacking group, Lazarus, ...

FBI Reveals North Korea’s Lazarus Group Involvement in $41 Million Stake Hack Explore More

News

£78 Million Stolen in Investment Scams, Warns FCA

FCA- Financial Conductive Authority has given out a warning as the investment scams regarding ‘cl...

£78 Million Stolen in Investment Scams, Warns FCA Explore More

News

Regulators in Hong Kong Urge Banks to Accept Cryptocurrencies

Hong Kong banks are worried about regulatory repercussions for their crypto clients if money laun...

Regulators in Hong Kong Urge Banks to Accept Cryptocurrencies Explore More

News

Taiwan Finalise New Regulations for Offshore Crypto Exchanges

Taiwan is set to disclose new obligations for offshore crypto exchange companies, with rigid Anti...

Taiwan Finalise New Regulations for Offshore Crypto Exchanges Explore More

News

EU Legislates Rigid Traceability Rules for Crypto Transfers to Fight Money Laundering

The EU on Thursday legislates more strict traceability rules for cryptocurrencies transfer, in a ...

EU Legislates Rigid Traceability Rules for Crypto Transfers to Fight Money Laundering Explore More

News

UAE Issues Guidance to Registered Unlicensed Crypto Firms

UAE’s regulatory authorities stated all unlicensed Virtual Service Providers (VASPs) companies wi...

UAE Issues Guidance to Registered Unlicensed Crypto Firms Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started