The use of cards, digital wallets and other electronic means of payment has become dominant among consumers. Still, many people continue to resort to raising values in cash, either out of necessity or convenience. In some cases, the amount of money raised in a crowd may draw the attention of the authorities.
The appeal to cash remains useful for certain transactions and to ensure that you always have some physical value available. However, certain cash operations are subject to specific controls by finances.
Communication rules to the authorities
In Spain, there is no absolute legal limit for money lifting. However, operations above certain values require banks to communicate the information to the tax agency.
Since 2010, any survey or deposit in cash more than 3,000 euros has to be reported, explains the Spanish online newspaper News Work. This obligation is registered in the legislation and aims to increase control over movements considered relevant.
Mandatory identification
In addition to this communication, the Spanish Capital Blackage Prevention Law states that, from 1,000 euros, the financial institution must identify the client. This applies to either the survey or the cash deposit, reveals the same source.
The measure aims to prevent fraud and operations with unlavoded funds, as well as reinforce customer safety.
Control and Investigations
Finance may initiate an investigation if they consider suspicion a cash operation suspicious. The goal is to verify the origin and destination of the funds.
When a movement exceeds 3,000 euros, detailed analysis probabilities increase significantly and supporting support documentation can be requested.
Preventive measures
Banks, for safety reasons, set daily limits for cash surveys in automatic boxes. These limits can be changed upon customer order.
If it is necessary to raise a high amount, it is advisable to inform the institution in advance to avoid embarrassment.
Recommended documentation
Banking entities recommend that whenever they are raised or deposit a high amount of money in a multibanco, a proof is obtained, the. This document may be useful if the operation is necessary to be justified before the authorities.
Bank of Spain’s statements
The Bank of Spain clarifies that the institutions are required to deliver the requested amount provided that there is sufficient balance. However, if the amount is high, a notice may be required.
As for deposits, the bank may require identification in any operation and is required to do so from 1,000 euros.
Consequences for the customer
A high value cash survey may imply data sharing with the tax agency. This sharing does not automatically result in penalty, but may lead to additional information. Upon knowing these rules, the customer can prepare better and avoid surprises.
Importance of Transparency
Operating with transparency and having justification documentation is fundamental for those who move relevant amounts in cash. Thus, even if the operation is analyzed, it will be simpler to prove its legitimacy.
The rules in force show that, despite the freedom to move cash, certain amounts of money raised in a multibanco always imply special attention from the tax authorities.
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