You are a High Value Dealer if you deal in goods and accept (or you are prepared to accept) a cash payment of at least 15,000 euros in total whether this is single transaction or several transactions that are or appear to be linked. High Value Dealers must be registered with HM Revenue and Customs (HMRC) and the Money Laundering Regulations apply to High Value Dealers.
Some examples of businesses that are likely to accept cash payments as detailed above are many wholesale businesses (including businesses in the alcohol industry) and retailers of high value goods; jewellery, yachts, cars, caravans, antiques, auctioneers etc. This list is not exhaustive and any businesses accepting cash payments in this way are required to register as High Value Dealers.
High Value Dealers must:
- Register with HM Revenue and Customs (HMRC) as High Value Dealers and obtain a Certificate of Registration for Money Laundering Regulations.
- Individually register every premises operated by the business where cash payments are accepted from customers.
- Comply with the Money Laundering Regulations 2007.
The requirement for registration as a High Value Dealer has been in place since 1st March 2004. If you have failed to register then HMRC can impose an unlimited financial civil penalty and/or commence a criminal prosecution.
As mentioned above as a High Value Dealer you must comply with the Money Laundering Regulations 2007 which have been in effect since 15th December 2007. This means as a High Value Dealer you now have numerous obligations enforceable by law. The failure to meet these obligations and comply with these regulations means you could be liable to criminal prosecution and/or unlimited fines. These penalties can be enforced against both your Company and any members of staff within the Company seen not to be meeting their personal obligations under the regulations.
Have you failed to register as a High Value Dealer?
If you have failed to do so then we can assist, please us on 0844 561 6852 or email us direct for further information. If you have failed to register because you did not know about the requirement and you voluntarily register now then HMRC may waive any penalty.
Money Laundering Requirements
As a High Value Dealer you must comply with the Money Laundering Regulations 2007. With our extensive range of services we can assist you with all aspects of compliance and ensure that you meet all your obligations under the regulations. For information or assistance with compliance please see our services page or contact us on 0844 561 6852 or email us.
