The Tax Agency has intensified its control over cash movements at ATMs. Any deposit exceeding 3,000 euros or withdrawal exceeding 10,000 euros can trigger an automatic alert. The goal is to combat tax fraud and money laundering. Penalties range from 600 euros to 50% of the undeclared amount, so it is advisable to know the limits before operating.
How the automatic alert system works in banking 🏦
Banks report any transaction exceeding the established thresholds to the Tax Agency through the S-1 system. This mechanism digitizes the information of each operation and sends it to the Tax Agency in real time. The software detects cash movement patterns, such as split deposits to avoid the limit, and flags them for review. No prior complaint is needed; the ATM itself generates the alert automatically.
The ATM, your new tax informant 🤖
It turns out the ATM, that friend who gave you money at any hour, is now an official informant. If you withdraw 10,001 euros to pay for a wedding in cash, the Tax Agency will know before the priest says I do. And if you deposit 3,001 euros from selling a bicycle, get ready to explain the origin. Next time, better ask for a loan from the bank. At least they don't snitch.