Businesses that receive cash payments worth 15,000 euros or more in exchange for goods are known as 'High Value Dealers'. Money Laundering Regulations require High Value Dealers to register with HM Revenue & Customs (HMRC).
This guide will help you decide if you need to register as a High Value Dealer and includes links to more information about how to register.
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The term High Value Dealer has a special meaning under the Money Laundering Regulations 2007. These regulations came into force on 15 December 2007 and describe a High Value Dealer as any business that receives cash payments worth 15,000 euros or more in exchange for goods.
A high value cash payment could be in any currency. And it could be made up of one single transaction or several instalments. It might be one large payment made in exchange for a number of lower value items.
If a customer pays you for high value goods by depositing cash straight into your bank account then this counts as a high value payment that's covered by the regulations.
Sometimes goods don't actually change ownership at the time of the transaction, for example because there's a sale or return agreement. But if you receive the equivalent of 15,000 euros or more in cash when you make the transaction then this still counts as a high value payment.
Certain types of business are particularly likely to be High Value Dealers. Some examples include:
Businesses like builders and kitchen installers become High Value Dealers if they're paid the equivalent of 15,000 euros or more in cash for goods - but not services - that they supply.
Auctioneers and businesses like 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 euros 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's often helpful to have a written policy. Make sure all 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 mustn't accept a high value cash payment until you've 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.