Yes. Historically, AML regulations were indeed focused on cash transactions, but due to the evolution of financial crime, regulators have expanded their scope to include electronic and digital payments.
High-value purchases made via bank transfers or card payments, especially common in luxury interior design, now also come under regulatory scrutiny.
If your transactions regularly involve sums over the €10,000 threshold, compliance with AML regulations, including customer due diligence and sanctions screening, becomes mandatory irrespective of the payment method used.
Private escrow accounts provide security, trust and transparency to ongoing or ad-hoc payment requirements.
Third-Party Managed Accounts (TPMA's) are a convenient way to manage complex, high-value or even routine payment operations.
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