High Value Dealers (HVDs): Definition of HVDs
The Money Laundering Regulations 2007 do not define ‘goods,’ and we have given them their ordinary, everyday meaning.
A High Value Dealer (HVD) is any business prepared to accept high value payments. A high value payment (HVP) is a payment of at least €15,000 (or equivalent in any currency) in cash for goods. Examples of HVDs may include auctioneers, car dealers, jewellers, antique dealers etc.
If a business intends to accept such payments (this includes circumstances where the customer deposits cash directly into their bank account) then they will need to register. The transaction may be carried out in a single operation or in several operations which may be linked. HVDs must not carry on business as a HVD unless they are included on the HMRC register.
If a business does not intend to accept HVPs they should consider having a written policy to this effect and ensure that their employees are aware of the policy.