Large Cash Transactions and Funds Transfers

As part of the latest revisions of the AML Directive (Fifth AML Directive), the Large Cash Transactions and Funds Transfers report provides information on Cash Transactions (i.e. Deposits / Withdrawals) as well as Wire Transfers (Incoming and Outgoing). The LCTFT Report is submitted to the authorities on a Monthly Basis.

The initial requirements focused on Large Transactions against pre-specified thresholds, that is, Cash Transactions in Excess of 10,000 EUR and Wire Transfers to and from foreign countries in excess of 500,000 EUR.

The latest updates to the Report however require a full analysis of all Wire Transfers performed within the Reporting Period broken down by:
  • Currency and Country Code (Origin or Destination, depending on the type of transfer);
  • Currency and Payment Channel Analysis
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