Introduction to Assurance: high value dealers: a high value payment (HVP)
HVDs have been required to register with HM Revenue & Customs since 1st April 2004. From this date, businesses should not accept HVPs without first being registered. If a trader has accepted a HVP without first being registered, they must obtain a registration pack from the NAS and when completing the registration form insert the date they accepted the payment as the date they wish their registration to commence. They may be subject to a penalty for failure to register at the correct time.
HVDs are required to pay an annual fee to HMRC (now £110 per premises) and appoint a Nominated Officer to ensure compliance with the regulations by;
- training their staff to be aware of the law and to be aware of the systems the business has in place to prevent money laundering;
- confirming the identity of their customers so they are satisfied the person with whom they are doing business is who they say they are;
- holding relevant records for five years;
- reporting any suspicions they may have to the Serious Organised Crime Agency (SOCA). If they make a report before a transaction takes place, NCIS will advise them whether or not to continue with the transaction. If they make a report after the event, NCIS will decide whether to take any investigative action; and
- take ID from anyone who conducts a cash transaction of €15,000 or more.