EU to restrict cash purchases to 10,000 euros
- Alitheia
- Jan 26, 2023
- 1 min read
By DARREN SMITH
UNDER the guise of anti-money laundering (AML) regulations, the Council of the EU announced on December 7, 2022 that large cash payments of €10,000 or more will become impossible.
According to the official press release, the new rules will be extended to the entire crypto sector, obliging all crypto-asset service providers (CASPs) to conduct due diligence on their customers, ending any notion of anonymity using cryptocurrency.
“This means that they will have to verify information about their customers. CASPs must apply due diligence measures when carrying out transactions of €1000 or more, and add measures to mitigate risks in relation to transactions with self-hosted wallets.”
The Council also introduced specific enhanced due diligence measures for cross-border correspondent relationships for crypto-asset service providers.
“Trying to stay anonymous when buying or seling crypto assets will become much more difficult. It will even become difficult to launder dirty money via jewellers or goldsmiths,” said Czechia’s Minister for Finance, Zbynek Stanjura.
Despite HSBC being caught and fined over laundering huge sums of money for drug cartels among many other criminal activities, now the ordinary, law-abiding European citizen is having his right to privacy removed again.
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