In total, more than 1.5 million euros in cash were seized. in connection with the corruption scandal in the European Parliament. How is it possible to raise such sums in cash? What is it allowed to do? Bank regulations are very strict to prevent money laundering.
In Belgium, there are 3 different ways to withdraw money. First, at classic ticket machines. It varies from bank to bank, but the withdrawal limit is between 625 and 650 euros per day and it varies between 1250 and 2500 euros per week. A ceiling rarely reached by the majority of users. “I have already withdrawn 600 euros, no more“, declares a lady at the exit of the bank.I prefer to keep my money on my card, it’s safer“says a passerby.
If you want to withdraw more money from the ATM, you must go through the 2nd solution by increasing your withdrawal limit yourself on your online bank.
Beyond the authorized amounts, it is the bank that must be contacted to make a withdrawal on the spot.
But the more the amounts increase, the more the banks must be vigilant. Since 2017, the law once morest money laundering requires banks to respect a particular methodology when making large withdrawals. “Withdrawing large amounts of cash may increase the risk of money laundering”, explains Charline Gorez, spokesperson for FEBELFIN. “When a transaction is considered atypical, the bank has criteria and will ask customers to justify.“
Each bank has a withdrawal limit from which justification is requested. It varies between 10 and 15,000 euros depending on the establishment.