News in Brief

Cash Limit Proposed Across the EU

The European Union has developed plans to reduce money laundering. This includes a limit on cash payments of €10,000 (versus €3,000 as previously proposed). Member states may set a lower limit if they wish.

Inspectors will get more powers of inspection where money laundering and terrorist financing is suspected including broader powers to suspend suspicious transactions and accounts. The plan needs to be passed by the European Parliament and by leaders of each member state at the European Council.

Additional rules on crypto-asset providers, traders of luxury goods, football clubs and agents are to be included, moving beyond banks, real estate agencies and casinos.

Re-investing in Cash and Cash Systems

The year when America had the most ATMs, 470,000 ATMs, was 2019. By the end of 203, according to Euromonitor International, there were 451,000. At the same time though, the number of reverse ATMs (machines where you can put in cash and pay a mobile phone bill, utility bill or a virtual card to use online) is steadily growing. This trend appears to be driven by the growing ban on cash-free shops and the large number of people for whom the financial system doesn’t work well.