August 9 was the deadline for banks.
Since then, they have had to scrutinize cash deposits from customers more closely.
If you are not an existing customer, you have to put up with questions from 2,500 euros.
Bonn - During the Corona crisis, the proportion of cash payments in Germany fell.
In 2020, customers made around 41 percent of all counter-payments in cash, a year earlier it was 47 percent.
This was the result of a study by the EHI.
However, there was a push for contactless payment, which is considered particularly hygienic.
Because consumers only hold the card to the reader and in some cases do not even have to enter a PIN.
A rule that came into force on August 9th now focuses on cash deposits on private accounts.
This could accelerate the Germans turning away from cash.
Banks can request this proof of the origin of cash
The Federal Financial Supervisory Authority, or BaFin for short, will require proof of the origin of the money from August 9 for cash deposits of 10,000 euros or more. The limit of over 10,000 euros only applies to existing customers. Occasional customers must provide evidence of the origin of the cash for amounts over EUR 2,500. Simply dividing the amount of money into smaller sums does not usually help to outsmart the system. Because the rule clearly stipulates that proof must be provided if the total amount of the cash deposit exceeds 10,000 euros.
Valid receipts are, for example, a cash payment receipt from another bank account or movements in the savings book.
Anyone who has sold valuables - for example a car - and received the money in cash must also provide evidence of this if the money is to be deposited into the account.
If the grandma has distributed the cash to the grandchildren under her mattress, a donation agreement is required as proof, provided that the sum is over 2,500 or 10,000 euros.
In the case of inheritance, documents from the probate court prove the origin of the money.
The EU is also currently considering limiting cash payments in general.
The upper limit for cash could therefore soon be generally 10,000 euros in Germany as well:
What happens if customers cannot provide evidence?
Banks do not have to do any detective work when checking the receipts; from BaFin's point of view, the origin of the money should simply be "plausible". If the financial house does not find the explanation to be coherent, it may not accept the cash deposit. In addition, the bank must report "suspected money laundering" to the Central Office for Financial Transaction Investigations. This is not optional, because the obligation to report is stipulated in Section 43 of the Money Laundering Act.
Money laundering experts sit
in the so-called
Financial Intelligence Unit
, who then take a closer look at the case. The institution was launched after September 11, 2001, among other things to track down terrorist financing.
In Germany, around 100 billion euros are laundered every year, according to estimates by experts. "Money laundering is a serious problem in our country," emphasizes Olaf Scholz. In the fight against money laundering and as a declaration of war against cryptocurrencies, the European Central Bank is also currently testing the digital euro. Although it is not officially intended to replace cash, experts advise remaining vigilant.
A look at other European countries shows what the future might look like: Sweden could go from the first country to print banknotes - that was in 1661 - to the first country without cash.
In no other country in the world do people pay so little with coins and bills as in Sweden.
It is estimated that Swedes only make one out of seven payments at the cash register, which is only around 15 percent.
From 2023, cash could then be completely abolished in the Kingdom.
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