Businesses selling high-value goods will no longer be able to accept more than €10,000 in cash from a single customer under new EU anti-money laundering rules that will reshape how some consumers make large purchases in Ireland.

Businesses selling cars, jewellery, boats, art and other high-value goods will no longer be able to accept more than €10,000 in cash from a single customer under new EU anti-money laundering rules which will fundamentally reshape how large purchases are made in Ireland.

That is the warning from ACCA, which has urged businesses to begin preparing now for a sweeping overhaul of anti-money laundering (AML) laws, some of the most significant regulatory reforms in recent years.

From 2027, under the EU’s Sixth Anti-Money Laundering Directive and the new Anti-Money Laundering Authority (AMLA) framework, customers will be prohibited from making cash payments exceeding €10,000 for goods with any cash transaction above €3,000 also triggering mandatory identity verification checks.

The reforms represent an EU-wide crackdown on the use of large cash payments and tighter oversight of cryptocurrency transactions, with full customer identification required for crypto transfers over €1,000.

ACCA Ireland says the changes will directly affect sectors where large cash transactions have traditionally been common and with the transition period already under way, it is advising firms to review their payment policies, upgrade reporting systems, and provide enhanced AML training to staff to avoid compliance risks once the rules take effect.

Stephen Noonan, Head of ACCA Ireland, said the reforms represent a ‘decisive shift’ in how high-value transactions are regulated:

“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.

“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.”

Consumers can also expect greater scrutiny. Opening or maintaining bank and credit union accounts will involve more detailed personal data checks, while buyers and sellers of cryptocurrency will face strengthened anti-money laundering and counter-terrorist financing controls.

ACCA has warned that while the measures are designed to combat organised crime and protect the integrity of Europe’s financial system, if businesses are unprepared they will feel the impact of the loss of large, one-off transactions.