SEK 10,000 cash limit proposed for Swedish retail payments
A SEK 10,000 limit on retail cash payments would reduce financial crime risks with little practical impact, according to the Riksbank. It urges Sweden's government to set a lower ceiling than the EU's EUR 10,000 limit.
A lower ceiling for Sweden
The Riksbank recommends a SEK 10,000 ceiling on cash payments in retail transactions in its consultation response on the European Union's anti-money laundering package.
The EU legislation sets a EUR 10,000 limit but explicitly permits national governments to introduce lower ceilings.
The Riksbank urges Sweden's government to use that option rather than adopt the EU threshold.
A government memorandum sets out the legislative changes needed to bring Swedish law into line with the package, which comes into force in July 2027.
The central bank welcomes implementation of the new regulations, saying the reforms will strengthen efforts to combat money laundering and terrorist financing.
Digital payments limit the impact
Sweden's highly digitalized payments market underpins the Riksbank's assessment that a SEK 10,000 cash limit would have little practical impact.
The bank nevertheless sees benefits in reducing the risks of money laundering, tax evasion and other financial crime.
Its response therefore supports implementing the EU rules while calling for a tighter national restriction on retail cash transactions.
The SEK 10,000 ceiling is a recommendation, not an adopted measure.
National discretion matters
The EU ceiling leaves Sweden room to impose a tighter retail cash limit.
The Riksbank's case rests on reducing financial crime risks while limiting disruption in a highly digitalized market.
The proposed SEK 10,000 threshold remains a matter for the government.
Source: Introduce a cash limit of SEK 10,000
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