The EU's executive branch has privately discussed inserting a proposal that would ban businesses, banks or otherwise, from accepting cash payments of more than €10,000 into a package of anti-money laundering reforms due next month. Since the Fourth AML Directive's finalization in 2015, EU nations have been expected to adopt laws and regulations requiring non-bank businesses and professions already subject to AML rules to conduct due diligence on customers who pay more than €10,000 in cash in a single, one-time transaction or related series of transactions. Some EU countries have exceeded the directive by prohibiting cash transactions above a certain...
Authorities in Greece, Austria, Spain and Britain have arrested dozens of individuals suspected of stealing at least €12 million from 50 U.S. financial institutions and laundering the proceeds back into Europe.
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