Moneylaundering-highvaluedealers

Businesses that accept or make large cash payments in exchange for goods, known as high value dealers, fall within scope of money laundering regulations in their own right, separate from the obligations placed on accountants and other professional advisers. This can include dealers in vehicles, jewellery, art and other high-value goods where cash transactions above a set threshold occur.

Falling into this category brings specific duties, including registering with the appropriate supervisory authority, carrying out customer due diligence on relevant transactions, and keeping adequate records, with penalties for businesses that fail to register or comply. We help affected businesses understand whether they fall within scope and put the right registration and controls in place.