High Value Goods Dealers (HVGDs) are businesses involved in the sale of goods of high value where the trader accepts cash payments of €10,000 (the current ‘high value’ threshold) either in one transaction or a series of linked transactions. Examples of these businesses include jewellers, antique dealers, boat and car sales and dealers in precious stones.
The Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 to 2021 (the Act), place legal obligations on HVGDs to help prevent money laundering or terrorist financing.
HVGDs could be used to conceal the proceeds of criminal activity or for the purpose of evading tax. Under the Act, a HVGD is referred to as a ‘designated person’. A designated person is obliged to guard against their business being used for money laundering or terrorist financing purposes.
HVGDs must register as designated persons with the AML Compliance Unit of the Department of Justice and must also apply Customer Due Diligence (CDD) to all cash transactions of €10,000 including the retention of certain customer identity documents, have an AML Policies & Procedures Manual and provide staff with regular AML training.
Are your AML Policies Controls & Procedures up to date?
We have just released our latest Anti-Money Laundering Policies Controls & Procedures Manual (March 2022) – View the Table of Contents click here.
To ensure your letters of engagement and similar templates are up to date visit our site here where immediate downloads are available in Word format. A bulk discount is available for orders of five or more items if bought together.
For our latest Audit Quality Control Manual (October 2021) (implementing the latest Irish Audit & Accounting Supervisory Authority standards including ISQC1 on audit quality control) click here. View the Table of Contents here.