HMRC clobbers garage for not complying with anti-money laundering laws

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Your business will need to register with HMRC if it takes a single cash payment of €10,000.

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Your business will need to register with HMRC if it takes:

  • 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

And yes, it is in euros and not in pounds.  At the time of writing, 10,000 euros is approximately £8800 and includes payments directly into your bank account as well as in notes over the counter.

The complete list of who needs to and who does not need to register is found here: https://www.gov.uk/guidance/money-laundering-regulations-high-value-dealer-registration

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Jason WilliamsLegal AdvisorRead More by this author

Related Legal Updates

High value motor dealers – beware!

Not all businesses that receive payments worth €15,000 or more need to register as High Value Dealers.

OFT and Anti Money Laundering

For dealers offering consumer credit, they should be aware of the content of these regulations and ensure compliance at all times.

Penalty for money laundering by motor dealer

A high quality motor dealer recently appealed a decision by HMRC to impose a £5,000 (later reduced to £1,000) penalty for failing to register as a ‘high volume dealer’ (ie someone carrying out cash transactions of 15,000 euros or more).

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