EU to ban cash business payments of €10,000 or more by 2027

The European Union is set to implement new regulations regarding cash transactions starting July 10, 2027. As part of a legislative package aimed at combating money laundering and terrorism financing, business cash payments of €10,000 or more will be prohibited.

Under these rules, merchants must verify the identity of customers for occasional cash transactions amounting to at least €3,000, requiring the presentation of a personal identification document. These restrictions do not apply to private transactions between individuals not engaged in professional or business activities. Member states retain the authority to implement even stricter limits within their jurisdictions.