Sweden's Riksbank urges SEK 10,000 retail cash payment cap under EU money laundering rules

Sweden's Riksbank has called for a ban on retail cash payments above SEK 10,000 in its consultation response on implementing the European Union's anti-money laundering package, which takes effect in July 2027. The recommendation reiterates the position in its Payments Report 2026 and rejects the government memorandum's proposal not to set a national limit below the EU's EUR 10,000 ceiling. The Riksbank expects the lower threshold to reduce money laundering, tax evasion and other financial crime risks with little practical disruption to Sweden's highly digitalized payments market. Almost all legitimate cash purchases would remain possible, preserving cash's role in payment access and resilience. Supporting that assessment, card purchases above SEK 10,000, the closest available comparison with cash purchases, account for well under 1% of retail purchases. The response suggests allowing the threshold to be adjusted for changes in prices or incomes. It also supports the proposed power for the government to suspend the cap temporarily during crises when payments cannot be made other than in cash.