Controls by the Revenue Agency and fines of up to 50,000 euros for those who perform this operation at an ATM

Many know the feeling of having their backs frozen when we see the dreaded “green envelope” from the Revenue Agency in the mailbox. This, in effect, means that you will be notified of an implementing law that mandates the payment of fines and penalties stipulated in the assessment after a breach has occurred. Surprises of this kind are not unusual, and, unfortunately, they can sometimes occur due to errors made inadvertently.

However, more and more checks are being made by the Internal Revenue Service on suspicious moves that could portend wrongdoing. In fact, it may be a certain operation performed at the ATM to make the revenue agency suspicious and you risk severe penalties.

Represents over 390,000 verifications

In recent years, the issue of combating tax evasion and fraud has become increasingly important. The implementation of Directive 2005/60/EC on the prevention of money laundering activities began in 2007 and has recently undergone further changes. Faced with the so-called “blacks”, the tax officer has set himself the goal of recovering nearly 16 billion euros between 2021 and 2023.

In fact, as of January 1, 2022, they are up and running new restrictions on the use of cash. The reason is more than obvious because it is precisely through cash payments that many taxes are evaded.

As of January 1, 2022, cash can no longer be used for transactions equal to or greater than €1,000. This also applies to cases of donation or loan to friends or relatives who, in any case, must be traced by bank transfer or check.

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Controls by the Revenue Agency and fines of up to 50,000 euros for those who perform this operation at an ATM

Moreover, withdrawals of amounts equal to or more than 1,000 euros may attract the attention of the Revenue Agency, but they do not end there. In fact, in addition to withdrawals, even cash payments can trigger checks to verify the transparency of the deposit.

By depositing more than 999.99 euros into the account via an ATM, we can risk the review of the competent supervisory bodies including the Guardia di Finanza.

Therefore, there may be checks by the Revenue Agency and fines of up to 50,000 euros for those who carry out this operation at ATMs.

In fact, if any irregularities are found after the check, fines of between 1,000 and 50,000 euros may be imposed.

Of course, the penalty only comes after the proven violation, but the payment alone can lead to investigations to understand the nature of the cash just deposited.

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Thelma Binder

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