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Money laundering supervision for high value dealers - high value cash payments

Who should register

You may have to register with HMRC if your business operates as a high value dealer.
A high value dealer under Money Laundering Regulations is any business or sole trader that accepts or makes high value cash payments of €10,000 or more (or equivalent in any currency) in exchange for goods. This includes when a customer deposits cash directly into your bank account, or when they pay cash to a third party for your benefit.
HMRC considers a high value payment to be:
  • a single cash payment of €10,000 or more for goods
  • several cash payments for a single transaction totalling €10,000 or more, including a series of payments and payments on account
  • cash payments totalling €10,000 or more which appear to have been broken down into smaller amounts so that they come below the high value payment limit
You need to register if you accept or make high value payments for the following:
  • single high value cash payments for a large quantity of low value goods
  • high value wholesale or retail transactions
  • a single high value transaction made in instalments or on account
You must not accept or make a high value cash payment until you have registered as a high value dealer.

Dealing in goods

You’re dealing in goods if:
  • you’re an agent or auctioneer who does not own the goods
  • the goods do not change ownership at the time of transaction (for example, sale or return)
  • the transaction involves goods and service and you supply goods with an open market value of €10,000 or more (for example, fitting a kitchen or bathroom)

Who does not need to register

You do not need to register if you:
  • only receive payments for services or for a mix of goods and services where the value of the goods is less than €10,000
  • are only ever paid large amounts by credit card, debit card or cheque
It’s good practice to have a written policy saying you will not accept high value cash payments and to make sure your staff are aware of it.

When to register

You must register with HMRC straight away if you decide that you’ll accept or make high value cash payments. You’ll be able to pay your fees at the same time.

Annual renewal

At the end of each registration period HMRC will send you a renewal notice reminding you to pay the annual fee on all your listed premises. If you do not need your registration to continue then you should tell HMRC.
If you do not pay the correct renewal fee then HMRC may terminate your registration and remove your business from its anti-money laundering register.

Further information

HMRC has published guidance for high value dealers on how to comply with their obligations under the money laundering regulations and related legislation.
The guidance explains what businesses must do to protect themselves from the risks of money laundering and terrorist financing and how to report suspicious activity.
Published 3 June 2013 
Last updated 28 June 2017 

Source: https://www.gov.uk/guidance/money-laundering-regulations-high-value-dealer-registration
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