Anonymous luxury shopping to end above 10,000 euros with new EU rules

Anonymous luxury shopping is set to end for high-value transactions in the European Union. Starting July 10, 2027, new EU Anti-Money Laundering Regulations (AMLR) will mandate identity verification for purchases exceeding 10,000 euros (approximately 43,000 Polish złoty).

The new rules require sellers of luxury goods, including watches, jewelry, and art, as well as art galleries and auction houses, to implement rigorous customer due diligence (CDD) procedures. This means customers will need to present identification, such as a PESEL number in Poland, and potentially provide details about the source of their funds.

These measures are part of a broader EU effort to strengthen the financial system against money laundering. While banks have long adhered to strict verification protocols, these regulations extend similar standards to sectors previously less scrutinized. For cash transactions, the threshold for simplified CDD is even lower, starting at 3,000 euros, further limiting anonymous purchases.

Sellers will be obligated to identify customers, verify their identity, and determine if they are acting on behalf of a hidden beneficial owner. In cases of high-value transactions, proof of wealth may be requested. The regulations also address situations where purchases are split into smaller amounts to circumvent the threshold, requiring sellers to treat these as linked transactions.