according to Provide UIF – 25 August 2020As of 2022, the IRS is promoting certain verification procedures related to SARA (Anti-Money Laundering Aggregate Reporting). This novelty also affects the transfer of funds by wire transfer.
Today, there is a rigorous process of security standards and verification. Banks are obligated to respect the data transmission methods. Be careful not to exceed a certain amount: it is low but in a short time the tax authorities are scrutinized.
What are the new rules and what do savers need to know? How does financial verification work in money transfers via bank transfers? What are the risks of credit institutions? If they do not adhere to the established rules?
Bank transfer: a new threshold for financial transactions
According to the latest provisions of the UIF dated August 25, 2020, credit institutions must every month Reporting of financial transactions for amounts exceeding 5 thousand euros through SARA . system (Anti Money Laundering Gross Reports). The goal is clear: tighter controls will increase the fight against tax evasion and money laundering.
If banks, post offices, and financial institutions do not respect the new rules, they risk administrative penalties.
The taxpayers They simply need to know that a wire transfer to transfer money for an amount greater than 5 thousand euros can lead to tax control: when filling it out, they must specify Correct causation.
Bank Transfer: Communication Obligations of Banks and Credit Institutions
UIF clause – 25 August 2020, sets for 2022 a strong pressure on valuations related to financial transactions exceeding €5,000.
Threshold is reduced by a third Given that previously, with a savings of 12/23/2013, the value was 15,000 euros.
The new rule states that in 2022, banks, post offices and other intermediaries must periodically communicate with the ILO about financial movements of clients that exceed 5000 Euro.
Let’s be clear. Credit institutions must comply with specific rules for reporting to the UIF (Unit of Financial Information). However, not all transfers over 5 thousand euros sent by brokers automatically lead to tax checks.
A more comprehensive scan is run based on the presence of a series of Specific parameters.
Moreover, even suspicious moves of less than 5 thousand euros can lead to verifications by the revenue agency. Therefore, savers should fully implement money transfers Compliance with current tax legislation.
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