ATM Payments: Checks are triggered. What are the risks

The start of 2022 brought with it a series of changes on the financial front. One of the main new rules concerns the maximum allowed cash payments, which goes back to 1,000 euros. Lowering the threshold for using physical currency coincides with the government’s desire to check the transparency of operations, and to push for traceable payments to avoid so-called “blackness” as much as possible. theAnti-Money Laundering Authority, which would trigger a red light in the event that an amount exceeding 1,000 euros is paid into an individual’s current account.

Checks at ATMs

Instead of withdrawing money from your bank account,revenue agency The Guardia di Finanza focus mainly on payments: the fear is that it may sometimes be the result of a series of undisclosed activities and that – being “in the black” – will therefore result in an escape from the tax system. As I mentioned Online business, the targets set by the tax authorities are clear: to recover about 16 billion euros in revenue (specifically 15.8) through 390,000 audits by the Revenue Agency and 170,000 in cooperation with Yellow Flame. The reference is the three-year period between 2021 and 2023.

He plays an important role before interbank system, allowing to monitor the status of account holders regardless of whether they conduct transactions in their bank or not. Thus, check magnifying glass can be used for bank transfers, online payments, overseas withdrawals, bank debit services, contactless payments, check books, and bank cards.

Penalties

As mentioned earlier, payments over €1,000 to your checking account may raise an AML warning bell. It is clear that penalties are visualized if actual anomalies are found at the end of appropriate checks: you may encounter more Which ranges from 1,000 to 50,000 euros if it is confirmed that there is a real violation in the process.

It is also worth remembering the penalties for the use of cash: those who do not comply with the rules are subject to penalties of 1,000 euros (in the case of ordinary citizens who exceed the limit) and between 3 thousand and 15,000 euros (for professionals) . The €1,000 limit does not apply to bank withdrawals and deposits, as these are not transactions between two subjects but rather transactions on a personal current account. Instead, the minimum should not be exceeded – but not limited to – in convenience stores, grocery stores, electricians, vets and dentists.