June 10, 2025
Article
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. At today’s rate that would be approximately £8,250.
The onus is on businesses to be aware and if necessary, register for this scheme. There is no flexibility for registration and registration is a complex process. HMRC states “You must not accept or make a high value cash payment until you have registered as a high value dealer.”
For further information please use this link: Money laundering supervision for high value dealers - GOV.UK
Whilst it’s quite unusual for cash to be used in business these days we do still see some instances where higher value cash amounts are being received and paid out. In part, this is being fuelled by a reduction of high street banks and increasing bank charges for paying cash into an account.
If you accept or make cash payments of €10,000 - currently around £8,250 or more (or equivalent in any currency) in exchange for goods, registration will be necessary.
Should you have any questions regarding this please do not hesitate to contact us.