Under the new rules, cash payments above €10,000 for goods will be prohibited and any cash transaction over €3,000 will trigger mandatory identity verification checks.
The changes form part of the EU’s Sixth Anti-Money Laundering Directive and the creation of a new Anti-Money Laundering Authority (AMLA), marking which looks set to be one of the most significant overhauls of financial crime rules in recent years.
The reforms will apply across the bloc and are designed to clamp down on large cash payments and tighten oversight of cryptocurrency transfers.
Full customer identification will also be required for crypto transactions above €1,000, it said.
The Association of Chartered Certified Accountants Ireland (ACCA) has warned that the impact will be felt most sharply in sectors where large cash payments have traditionally been common.
It said businesses should begin preparing now by reviewing payment policies, upgrading reporting systems and providing enhanced anti-money laundering training to staff.
Stephen Noonan, head of ACCA Ireland, said the operational shift for some firms will be significant.
“From 2027, businesses simply will not be able to accept more than €10,000 in cash. That is a major operational change for some sectors,” he said.
“These AML reforms mark a decisive shift in how cash, crypto and high-value transactions are regulated not just in Ireland but across Europe. Businesses that fail to prepare early risk significant operational disruption and regulatory exposure.”
“For many businesses, this will require a rethink of long-standing practices around cash payments, customer onboarding and record-keeping. Those that act now will be best placed to adapt smoothly,” he said.
The measures also introduce tighter rules for consumers. Opening or maintaining bank and credit union accounts will involve more detailed personal data checks.
Buyers and sellers of cryptocurrency will also face strengthened anti-money laundering and counter-terrorist financing controls.
High-value goods covered under the directive include jewellery and gold or silversmith products worth more than €10,000, as well as watches and clocks above the same threshold.
Motor vehicles priced above €250,000, aircraft valued at more than €7.5m and watercraft above €7.5m are also listed in the legislation.
ACCA said the transition period is already under way and warned that firms which fail to adjust in time could face compliance risks once the rules come into force.
While the changes are aimed at tackling organised crime and protecting the integrity of Europe’s financial system they will reshape how large purchases are made in Ireland, particularly where cash has played a role in high-value one-off transactions.
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