Money laundering supervision for high value dealers
Find out if you’re a high value dealer and need to register with HM Revenue and Customs (HMRC) under Money Laundering Regulations.
Who should register
You may have to register with HMRC if your business operates as a high value dealer.
A high value dealer under Money Laundering Regulations is any business or sole trader that receives high value cash payments of €15,000 or more (or equivalent in any currency) in exchange for goods.
High value payments can be:
- a single cash payment of €15,000 or more
- several cash payments totalling €15,000 or more, including a series of payments and payments on account
- cash paid by a customer totalling €15,000 or more in any 90 day period
- cash payments totalling €15,000 or more which appear to have been broken down into smaller amounts so that they come below the high value payment limit
You must not accept a high value cash payment until you have registered as a high value dealer.
Types of high value dealer business
These types of business are likely to be high value dealers:
- motor dealers
- antique and fine art dealers
- boat dealers
- builders, bathroom and kitchen suppliers
- auctioneers and brokers
Businesses like auctioneers and yacht brokers may not own the goods they sell, but if they receive high value cash payments for them they are high value dealers.
Who doesn’t need to register
You don’t need to register if you:
- only receive payments for services or for a mix of goods and services where the value of the goods is less than €15,000
- are only ever paid large amounts by credit card, debit card or cheque
It’s good practice to have a written policy saying you won’t accept high value cash payments and to make sure your staff are aware of it.
When to register
At the end of each registration period we’ll send you a renewal notice inviting you to renew your registration by paying the annual fee on all your listed premises. If you don’t need your registration to continue then you should notify HMRC.
If you don’t pay the correct renewal fee then HMRC may terminate your registration and remove your business from its anti-money laundering register.