High value dealers need to register for cash payments
Recent changes to regulations mean that companies accepting cash payments on or above the threshold limit (or equivalent in sterling) will be classed as high value dealers.
Transactions that are considered high value payments include:
- single cash payments of €10,000 or more for goods
- several payments for a single transaction totalling €10,000 or more
- payments of €10,000 or more divided into smaller amounts so they come below the high value payment limit.
The types of businesses that may be classed as high value dealers include:
- dealers in cars, boats, art or antiques
- bathroom or kitchen suppliers
- auctioneers and brokers.
If your company is currently accepting or making high value cash payments then you are immediately obliged to register with HMRC under MLR.
There is a non-refundable fee of £100 when you first register and you must pay £115 for each of the premises you include in your application.
You will not need to register under MLR if your business:
- only receives payments for services or for a mix of goods and services where the value of the goods is less than €10,000
- only accepts large payments by credit card, debit card or cheque.
For further information on money laundering regulations, please contact Arthur Bell on 023 8046 1258.