High Value Goods Dealers (HVGDs) are businesses involved in high value sales where they accept cash payments of €15,000 or more for goods. This can be in one transaction or a series of linked transactions. Examples of these businesses include antique dealers, boat and car sales, dealers in precious stones, jewellers, etc.


The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (as amended) places legal obligations on HVGDs to guard against them being used for money laundering or terrorist financing purposes. Be aware that as a HVGD your business could be used to off-load cash for the purpose of concealing 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’ must guard against their business being used for money laundering or terrorist financing purposes. 

What you need to do:
 


Prior to carrying out a transaction you must get:


You must keep these documents on file with the Sales Order for inspection by an Authorised Officer of the Anti-Money Laundering Compliance Unit (AMLCU).


 

It is important to note that the failure of a ‘designated person’ to comply with the obligations contained in the Act is an offence and a person if convicted is liable to a fine or imprisonment or both.



Please note: