Re-registering as a High Value Dealer

Frequently Asked Questions

• Why do I need to register again?
• Do I need to send payment?
• What if I don’t want to re-register?
• What will you do with the information I give you?
• Will you refuse to register me if you don’t like the answers I give?
• What if I choose not to answer the questions?
• Where can I find more information?

Why do I need to register again?

The new Regulations create a register that is legally distinct from the old one, so all businesses that are already registered with us need to apply again. We have also introduced new questions to find out more about your business – we need to ask these to all businesses, regardless of whether they have been registered in the past.

Do I need to send payment?

You need to send your annual renewal fee before your registration lapses. You will receive a separate renewal notice in a few days time. This will tell you how much you need to pay and when to pay by. We would prefer it if you sent payment in the same envelope as your re-registration form, but we will of course accept them if they arrive separately.

What if I don’t want to re-register?

If you don’t want to re-register under the new Regulations, please let us know in writing. This will save us from having to contact you to check if you want to re-register. Remember – if you choose not to re-register, you won’t legally be able to accept large cash payments for goods.

What will you do with the information I give you?

We will use the answers you give us on the form to assess the risk that your business may be targeted by organised criminals or terrorists to launder funds. This will help us to give you the right information and support to prevent your business being used for money laundering.

Will you refuse to register me if you don’t like the answers I give?

No. As long as you answer all the questions, we will register your business.

What if I choose not to answer the questions?

We won’t be able to register your business. The Money Laundering Regulations give us the legal authority to ask these questions before registering a business, and if the information we need is not supplied then we must refuse the application.

Where can I find more information?

You can find:

• more information on re-registration – MLR 9 guide to registration (PDF 1.0MB)
• up-to-date guidance on what you need to do to ensure your business complies with the new Regulations in our MLR 8 (PDF 7.9MB)
• further copies of the form

If you don’t have access to the internet, you can call our National Advice Service on 0845 010 9000.