EU anti-money laundering rules to tighten cash controls by 2027

New European Union regulations regarding anti-money laundering are set to take effect on July 10, 2027, significantly impacting cash transaction protocols in Austria and across the EU. Under the new EU Anti-Money Laundering Regulation (EU 2024/1624), banks will face expanded due diligence requirements. For occasional cash transactions starting at 3,000 euros, banks will be required to verify and document customer identities.

Furthermore, cash deposits of 10,000 euros or more must be reported to the national Financial Intelligence Unit (FIU). The regulation also establishes a 10,000 euro limit for cash payments in business transactions across the EU.

In Austria, while there is currently no general maximum limit for cash deposits, banks already investigate unusually high amounts. Currently, a 15,000 euro threshold is often used in the Austrian financial market under existing money laundering laws. As digital payments rise, cash still accounts for 55 percent of all transactions in Austria, though usage patterns vary significantly by age group and transaction size.