New money laundering regulations to commence
HM Revenue & Customs to target motorcycle dealers
NEW MONEY laundering regulations which come into effect in December this year will affect any motorcycle dealer prepared to accept cash for premium-priced bikes, according to HM Revenue & Customs.
The Money Laundering Regulations 2007 require 'high-value dealers' to put in place anti-money laundering controls from 15 December. This means they will have to be able to carry out checks on their customers' identities, identify the risk of money laundering posed by a customer and report suspicious activity to the Serious Organised Crime Agency (SOCA).
'High-value dealers' are any businesses that are prepared to accept payment of at least 15,000 euros (about £10,700) in cash for goods, whether it be in a single transaction or in several instalments. Given that many motorcycles are now priced above this level, dealers who are still prepared to take cash will have to comply with the new rules.
