Another change in cash payment limits in Italy

Regarding penalties, those who do not respect the limit for cash payments have recently been reformed by Legislative Decree 90/2017. In 2022 the amount of the administrative penalty to be paid for those who do not respect the established threshold will be 2,000 euros again.
From 1 January 2023, then, given that the maximum ceiling for the use of cash will drop to 1,000 euros, the amount of the fine will also be lowered. The situation remains different for professionals who do not report irregularities to the local offices of the Revenue Agency: for these categories, the penalties are much higher and range from a minimum of 3,000 euros to a maximum of 15,000 euros. For transactions exceeding the permitted limit, the bank may ask the user to justify the transaction. Based on the user's response, the bank will decide whether or not to report the transaction to the Banca d'Italia's Financial Information Unit (UIF).