Any business which accepts cash payments of ay least € 15,000 (or equivalent in any currency) in exchange for goods is a High Value Dealer and must register with HM Revenue & Customs (HMRC) for supervision under the Money Laundering Regulations 2007.
This guide will help you decide if you need to register as a High Value Dealer and includes links to information on how to register.
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The term High Value Dealer has a special meaning under The Money Laundering Regulations 2007. The Regulations describe a High Value Dealer as any firm or sole trader that receives high value payments of €15,000 or more in cash in exchange for goods.
A high value payment is a payment in any currency equivalent to €15,000 which is made either in a single transaction or in several installments which are linked. Cash payments made to you in person or directly into a bank account are high value payments if they meet the above criteria.
Below is a summary of all the circumstance that HMRC class as High Value Payments:
Certain types of business are particularly likely to be High Value Dealers examples include:
Businesses such as auctioneers and yacht brokers may not ever own the goods they sell. But if they receive high value cash payments for them then they are High Value Dealers.
Not all businesses that receive payments worth €15,000 or more need to register with HMRC as High Value Dealers. You won't need to register if:
If you don't intend to accept high value cash payments then it is good practice l to have a written policy and to make sure your staff are aware of your policy on high value payments.
If you decide that you will accept high value cash payments you should register with HMRC straight away. You must not accept a high value cash payment until you have registered as a High Value Dealer.
To register you'll need to fill in a registration form and provide all the information requested. You can find out more about how to do this by following the link below.