Making bank transfers is not exempt from surveillance by banks, which are obliged to communicate to the Tax Agency certain ‘suspicious’ movements of their clients in order to avoid and detect illegal activities, such as money laundering and tax fraud. Therefore, it is important to know what limits are established by the Treasury to investigate a banking operation.
In this context, it is very important to keep in mind that no one can avoid their fiscal responsibility when making a transfer and the law is very clear in this regard: article 6.1 of the Civil Code, points out: that “Ignorance of the laws is not an excuse for not complying with them.” This means that not being aware of the existence of a law does not justify not complying with it.
The maximum amounts for the Treasury
Law 7/2012 of October 29, recognizes that the Tax Agency will monitor and banks must provide information on payments and charges exceeding 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, accounts may be requested from the taxpayer, who If you do not cooperate you would face fines of up to 50% of the amount object of the investigation.
In addition, the Treasury monitors cash movements carried out with 500 euro bills: If you withdraw bills of that amount, the bank will issue a notice to the Tax Agencywhich will monitor this cash flow.