European Union to implement new anti-money laundering rules for high-value purchases

New European Union regulations aimed at combating money laundering and terrorist financing are set to change how high-value transactions are conducted. Starting July 10, 2027, sellers of certain goods and services may be required to verify the identity of customers for significant purchases.

Under the new rules, customers may be asked to provide identification documents, such as a PESEL number in Poland, their date of birth, and full name. In some instances, sellers might even request information regarding the source of funds. These requirements will apply regardless of whether the payment is made via cash, card, or bank transfer.

The regulations specifically target sectors including real estate, art, financial services, crypto-assets, and high-value goods such as jewelry, luxury watches, and certain vehicles. A key threshold mentioned is 10,000 euros, approximately 43,000 PLN, above which identity verification may be mandatory for businesses subject to these anti-money laundering (AML) obligations.