From 10 July 2027, new rules for cash payments will take effect across the European Union. This is not a ban on cash. It is about making it more traceable. If a business accepts a higher cash amount, simply taking the banknotes and issuing a receipt will no longer be enough. In certain cases, the business will need to verify the customer's identity and retain their details. This change is part of the new European anti-money laundering (AML) legislation that harmonises rules across the EU.
Table of contents
What changes from 2027
The new regime introduces two key rules that will affect every business accepting higher cash payments.
1️⃣ Customer identification from €3,000
If a customer pays €3,000 or more in cash (approx. CZK 70,000), the business must:
- verify the customer's identity
- record identification data
- retain these data for at least 5 years
- make them available to supervisory authorities upon request
This obligation applies to both one-off and linked transactions.
2️⃣ Ban on cash payments over €10,000
Cash payments over €10,000 (approx. CZK 250,000) will be banned across the EU. Higher amounts will need to be settled by bank transfer or another traceable method.
Member states may retain even lower limits. In the Czech Republic, a limit of CZK 270,000 already applies today.
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Who is most affected
The new rules will impact businesses that routinely accept higher cash amounts, for example:
- car dealers
- luxury goods traders
- galleries and antique dealers
- the real estate sector
- construction and trade services
- certain professional service providers
In other words: anyone who may accept larger cash payments.
Why the EU is tightening the rules
Cash has long been one of the instruments used to launder proceeds of crime. The aim of the new regulation is to:
- limit the anonymous movement of large sums
- make money laundering more difficult
- harmonise rules across the EU
- enable retrospective review of suspicious transactions
The reform also includes the establishment of a new European supervisory authority, AMLA, which will coordinate oversight of AML rule compliance.
Does this mean the end of cash?
No. Cash remains a standard means of payment. The change only affects higher amounts where there is an increased risk of misuse.
For everyday purchases, nothing changes.
What it means for businesses
If you accept cash, prepare for these obligations:
- Get ready for mandatory customer identification from €3,000
- Set up a process for recording and archiving data
- Review your AML obligations
- Make sure your procedures comply with the new legislation
Businesses that fail to comply face sanctions and regulatory risks.
One final sentence
From 2027, higher cash payments in the EU will no longer be anonymous — and the responsibility for proper customer identification will rest with the business.