Advice on registering your business as a high value dealer

Do you need to register your business to be regulated for money laundering and terrorism financing?

Read our advice including alternative options.

• Any business trading in goods and associated services that accepts cash or virtual currency over the £12,500 is required to register as a high value dealer. It is important to note that this requirement includes businesses that only occasionally accept large sums of cash.

Read more about how to register as high value dealer.

 

• Businesses registered as high value dealers need to apply the requirements of the Money Laundering (Jersey) Order 2008 to their transactions and activities on a risk-based approach. However, as part of demonstrating good practice, high value dealers may wish to consider applying Client Due Diligence (CDD) measures to any transactions and activities that will be paid in cash or virtual currency with a value of £1,500 or more.

 

• Some businesses may decide not to register as high value dealers as they will simply not accept payments over £12,500. In this case, they should have a documented policy known to all staff, to refuse any significant cash or the virtual currency payments. The only accepted payments being a debit or credit card, or a bank transfer.
  These businesses might still be vulnerable to money laundering. See Case Studies for examples.