Before the summer, the Upper House passed the bill banning the acceptance of cash payments above €3,000. This ban will take effect from 1 January 2026, according to the now-published entry into force decision.
The obligation to accept cash (up to €3,000), also included in the bill, will take effect at a later date, as the decree regulating the exceptions to this rule is still in preparation. This decree has since been filed for internet consultation.
Traders
The ban applies to all traders in goods. Service providers are not covered by the ban (but often have further obligations under the Wwft). And the ban does not apply to individuals trading among themselves either.
The ban will also apply to art dealers. These dealers will also remain subject to the current Wwft rules. These stipulate that upon receipt of payments through the bank of €10,000 or more, (further) customer due diligence must be carried out. If an unusual transaction is involved, it must be reported to the FIU.
Dealers in precious metals, precious stones, high-value goods or cultural goods will be subject to further obligations under EU regulations from 10 July 2027. Under the new EU-AML rules, they will have the same core obligations as financial institutions.
Ban
Cash payments above €3,000 need not be reported anywhere. After the new scheme is introduced, these payments will simply be prohibited.
Violation of the ban can be punished with a (hefty) administrative fine, the amount of which depends on the nature and severity of the offence. Violation of the ban has also been classified as an economic offence, which can be criminally prosecuted.