Germany ends anonymous cash payments over 3,000 euros
Starting from July 10, 2027, Germany will implement new strict rules on large cash payments. Anyone paying an amount of 3,000 euros or more in cash will be required to prove their identity, ending high-value anonymous transactions under a new European regulation.
This change is based on Regulation (EU) 2024/1624, which is part of the European Union framework for combating money laundering. Until now, Germany has allowed large cash payments with little restriction, but that will change to comply with stricter European standards.
This procedure applies to all commercial transactions, including car dealerships, watch and jewelry stores, and craft businesses. Companies will be required to verify official identification documents and record customer data for any cash payment exceeding 3,000 euros.
Cash payments exceeding this amount will remain legal, but they will take longer and leave a trace of personal data. In cases of suspicion or heightened risk levels, companies may be required to conduct additional checks.
Identity data collected must be retained for five years in general after the completion of the transaction or the end of the business relationship. Authorities may request a longer retention period in specific cases and within legal limits. The report was written by Dana Newman.