The amount from which the bank requires proof

Bank transfer is one of the most common transactions. In France, when the transfer amount exceeds a certain threshold, the customer must provide proof.

The government requires banks to provide supporting documents for any transaction that exceeds regulatory limits. A measure that is part of the fight against fraud, money laundering and the financing of terrorism. However, it does not mean that transferring amounts above this threshold by bank transfer is prohibited. This type of transaction is only subject to strict rules.

Specifically, when the authorized limit is exceeded, the bank must analyze certain elements, such as the identity of the recipient and the origin of the money sent. Similarly, a banking institution may request proof of residence for transfers made outside the Euro Zone, i.e. outside the European Economic Area (EEA). If the bank is suspicious about the transaction, it can notify the authorities. To avoid this kind of inconvenience, customers are required to provide evidence for all transfers whose amount exceeds the threshold set by law in France.

Regulatory thresholds for bank transfers

In France, the regulatory threshold for bank transfers is set at 8,000 euros. Apart from this amount, proof is required to finalize the transaction. This proof may, for example, take the form of a contract in the case of a business transaction. If the customer refuses to provide proof, the bank will block the transaction. It also has to inform intelligence services to fight tax fraud, money laundering and financing of terrorism.

This organization will then be responsible for contacting the customer who will have to justify their transaction. If he does not cooperate, his bank account will be blocked. The banking institution, in case of suspicion of fraud or other illegal practice, may also initiate legal action against the customer. In France, more and more measures are being taken to combat fraudulent banking transactions. Therefore, customers are invited to show cooperation by preparing their supporting documents for transfers over 8,000 euros.