The banking entities maintain a surveillance about certain movements of their clients, and they are obliged to communicate to the Tax Agency certain “suspicious” transactions or movements. They normally correspond to payments, income or transfers in which they exceed the money limits that the Treasury establishes as its margins to investigate a banking operation.
This Treasury control is carried out with the objective of keep control over money flows and prevent criminal activities. For this reason, the treasury establishes some thresholds that is necessary to know to know which movements, both banking and cash, draw the attention of the Tax Agency.
The amount whose movements the Treasury monitors
The Law 7/2012 of October 29 recognizes that the Tax Agency will monitor andBanks must provide information on payments and collections that exceed 3,000 euros. In addition, all money transactions that exceed 10,000 euros and all loans and credits that exceed 6,000 euros will be controlled.
Of these transactions that the bank communicates to the Tax Agency the taxpayer may be held accountablewho if they did not cooperate would face fines of up to 50% of the amount under investigation.
The 500 euro bills, controlled
In addition, the Treasury monitors cash movements carried out with 500 euro bills: if you extract bills of that amount, The bank will issue a notice to the Tax Agencywhich will monitor this cash flow.
On the other hand, the central government approved new regulations at the end of 2020 to deal with fraud and limited cash payments. In this way, the Law 11/2021, of July 9regulates that The maximum amount to pay something in cash is 1,000 euros. If you want to purchase a product or service for a higher value, the customer must use another means of payment.