AML screening for high-value dealers.
When the payment is cash, the record matters. Businesses that accept or make cash payments of €10,000 or more for goods, in one go or in linked payments, are high-value dealers under the regulations and must register with HMRC. Cars, jewellery, watches and other luxury goods are typical.
Supervisor
HMRC. High-value dealers must register before accepting high-value cash payments.
Who you’ll screen
- Customers paying €10,000 or more in cash
- Customers making linked payments that together reach the threshold
- Companies buying, and the people behind them
The risks
What supervisors look for in your sector.
Cash
Large cash payments are the reason the regime exists. Each one needs due diligence before the sale completes.
Linked payments
Several smaller payments for the same purchase count together.
Walk-in customers
You may see a customer once. The check has to be quick, and the record has to last five years.
How FirmScreen fits
The screening part of your procedures, done and recorded.
Screening against the UK, UN, OFAC and EU sanctions lists, PEP data and HMRC’s deliberate tax defaulters, in one search. Everything FirmScreen does
- 01A single check at the counter covers every list in one search.
- 02Each check produces a certificate for the sale file.
- 03Five-year retention after the relationship ends (reg 40), then a prompt to delete.
One-off sales don’t create a business relationship to monitor, but regular customers do. FirmScreen lets you choose which customers to monitor.
Five years after the transaction or the end of the relationship. FirmScreen tracks the retention period and prompts you to delete afterwards.