Spanish authorities now require bank customers to report cash withdrawals exceeding €3,000 in advance, with fines ranging from €600 to €150,000 for non-compliance, under new measures aimed at combating financial crime.
The regulations mandate at least 72 hours’ notice for withdrawals of €100,000 or more, and 24 hours for smaller amounts above €3,000, according to the tax agency.
Banks now must block withdrawals if customers fail to provide proper documentation through the agency’s digital platform using required identification methods. Failure to comply can result in fines of 1%-10% of the withdrawn amount, with penalties scaling based on severity of violation.
The measures form part of a broader government strategy to combat tax fraud, money laundering and terrorism financing. Required notification information includes withdrawal amount, purpose, and personal identification details. Banks will forward detailed cash movement data to treasury authorities regularly.
Public response has been mixed, with some citizens viewing the measures as government overreach while others support the anti-fraud initiative.
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