High value dealers have their cash threshold – $10,000. High value dealers who accept cash payments for their products or services at or above $10,000 have some AML/CFT compliance obligations.
This was confirmed in last week’s issuing of The Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Amendment Regulations 2019 (AML Amendment Regulations).
I can’t remember if I’m supposed to do something with this?
Only if you’re a high value dealer, or have high value dealers as a part of your designated business group (DBG) or third party agent network.
Remind yourself what a high value dealers is here.
This is fascinating stuff, tell me something else I can bust out at the next compliance meeting to look cool!
Oh, I’ve got some cool compliance stuff for you. Did you know, that the definition of cash in the AML/CFT Act includes bearer-negotiable instruments which include cheques?!
I know you think nobody uses cheques anymore but apparently they are still heavily used by customers in the high-value dealer world. Calm down, everybody!
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