European Union to restrict cash payments over 10,000 euros from 2027

Starting July 10, 2027, the European Union will implement new regulations to limit cash transactions in business dealings. Under EU Regulation 2024/1624, merchants and service providers will be prohibited from accepting cash payments of 10,000 euros or more for the purchase of goods and services.

This measure is part of a broader European strategy to combat money laundering and the financing of terrorism. The European Commission noted that while cash remains a legitimate means of payment, its untraceable nature poses risks for large-scale transactions, particularly in the luxury goods sector.

In addition to the transaction cap, the regulation introduces stricter identity verification requirements. Certain merchants and service providers subject to anti-money laundering rules will be required to verify the identity of customers for occasional cash transactions starting from 3,000 euros.