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14. August 2021 – 12:05 Watch
fight against money laundering
Bank and savings bank customers will have to adapt to the new rules while depositing cash. By August 9, 2021, the Federal Financial Supervisory Authority (BaFin) will require banks to provide proof of origin of the amount paid for cash deposits in excess of €10,000. It aims to combat money laundering more effectively.
Private customers must submit proof of origin
According to the Savings Bank and Giro Association, private customers are encouraged to present appropriate proof of origin of money or to deposit it immediately when paying more than €10,000 in their own account. This also applies to payments in multiple installments if the amount of installments exceeds EUR 10,000.
In the case of other cash transactions (eg purchases of precious metals, foreign exchange transactions) that are not carried out at the House Bank, it is required by an amount exceeding EUR 2,500. If the customer cannot provide proof of origin for such occasional transactions, the institution should reject the transaction. According to Beankenverband, commercial customers are generally not affected by the new measures.
These receipts must be presented for cash deposits:
According to Baffin, particularly apt evidence might be:
- Current account statement from the customer’s account with any other bank or savings bank showing cash payment
- Cash payment receipts from another bank or savings bank
- Customer’s savings account showing cash payment
- Sales and invoice receipts (such as receipts for the sale of a car or precious metal)
- receipts from different stores
- Will, Certificate of Inheritance or Similar Proof of Inheritance
- Donation contract or donation notice.
In case of missing or insufficient evidence, credit institutions may decline the cash transaction and must comply with the reporting obligations of the Money Laundering Act. (az)
