Non-Financial Business (Designation) Notice (S.I. 14/2008, 2020 Revision)

Summary

This Notice, made under section 27(2)(c) of the Anti-money Laundering Regulations, designates certain dealers in high value goods as businesses vulnerable to money laundering and terrorist financing when they accept large cash payments. Once designated, these businesses must comply with the Anti-money Laundering and Terrorist Financing Code of Practice as if they were regulated financial businesses.

• Designated activity: Buying and selling boats, vehicles, jewellery, or other high valued goods (defined as furniture, machinery and art of intrinsic value).
• Trigger threshold: The designation applies only where the transaction involves accepting a cash payment of $15,000 or more, or the equivalent in another currency.
• Effect of designation: A designated entity is treated as vulnerable to money laundering and terrorist financing and must comply with the AML/CFT Code of Practice.

Key obligations

• Persons engaged in buying and selling boats, vehicles, jewellery or other high valued goods must comply with the Anti-money Laundering and Terrorist Financing Code of Practice whenever they accept a cash payment of $15,000 or more (or the equivalent in another currency) for such a transaction.

Applies to

dealers in boats, dealers in vehicles, dealers in jewellery, dealers in other high valued goods (furniture, machinery, art)