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General Rule: Cash Limit €10,000
For cash transactions of €10,000 or more, legal obligations apply:
| Case | Required Action |
|---|---|
| Purchase of goods ≥ €10,000 | Verify customer identity (ID required) |
| Cash deposit ≥ €10,000 at bank | Proof of source of funds |
| Receiving cash ≥ €10,000 from customer | Keep documentation for 5 years |
| Large external cash transfer | Immediate suspicious activity report if necessary |
Who must comply?
-
Gold, car, watch dealers → Yes
-
Real estate agents → Yes
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Money transfer companies → Yes
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Banks → Yes, continuous monitoring
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Private sellers → No, unless strong suspicion
Suspicious Activity Report (Verdachtsmeldung to FIU): Mandatory if:
-
Customer refuses to provide ID → Yes
-
Source of funds unclear/suspicious → Yes
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Link to high-risk country (FATF list) → Yes
-
Transaction unusual for business → Yes
Important: Customer must not be informed of the report.
Documents to keep for transactions ≥ €10,000:
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Copy of ID (passport or national ID)
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Detailed description of transaction
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Date, amount, signature, payment method
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Proof of source of funds (e.g., property contract, salary, bank withdrawal) → Must be kept for at least 5 years
Penalties for violations:
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Fines up to €1,000,000
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Revocation of business license (repeat cases)
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Criminal prosecution for money laundering
Example: Car dealer in Berlin sells a used car for €12,500 cash →
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Copy buyer’s ID
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Ask about source of funds if suspicious
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Record transaction in system
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Possibly report to FIU if red flags exist
