High Value Dealers (HVDs): Definition of HVDs
The Money Laundering Regulations 2017 do not define ‘goods,’ and we have given them their ordinary, everyday meaning.
A High Value Dealer (HVD) is any business prepared to accept or make high value payments. A high value payment (HVP) is a payment of at least €10,000 (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 or when they pay cash to a third party for your benefit) 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.