Anti-Money Laundering for High-Value Goods Dealers in Ireland

If your business sells goods and accepts large cash payments, Irish anti-money laundering (AML) law may apply to you even though you are not a bank, accountant or solicitor. High value goods dealers (HVGDs) are named as "designated persons" in the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended, and are supervised by the Department of Justice's Anti-Money Laundering Compliance Unit (AMLCU). This guide explains, from the official pages, who counts as an HVGD, what the cash threshold is, what the AMLCU expects and what it checks. It applies equally to a jeweller in Dublin and a car dealer anywhere else in the State. For the wider legal framework, including the training duty, see our guide to AML training under the Criminal Justice Act 2010.

Who is a high value goods dealer?

The AMLCU's HVGD page (its metadata shows a modification date of 23 March 2023) describes HVGDs as businesses that sell high-value goods and accept cash payments of EUR 10,000 in a single transaction or in a series of linked transactions. It gives antique dealers, boat and car sales businesses, precious stone dealers and jewellers as examples.

The statute is more precise. The consolidated version of section 25 of the 2010 Act, on the Law Reform Commission's revised-acts site, describes "any person trading in goods" as a designated person, but only in respect of transactions involving payments to or by the person in cash of a total of at least EUR 10,000, whether in one transaction or in a series that are or appear to be linked. That consolidation shows no "updated to" date, and the original 2010 text on the Irish Statute Book used a different figure (EUR 15,000), which is a reminder that thresholds were amended after enactment. Always check the current text of the Act as amended.

Two practical points follow from that wording.

• Cash only. The definition is tied to cash payments. A business that never takes cash would not be caught by this limb of the definition, although you should confirm that against the Act and the AMLCU's guidance before relying on it.
• Payments to or by the business. The wording covers cash paid to the business and cash paid by it, so, on our reading, cash the business pays out (for example, buying second-hand goods for cash) can also count towards the total.

Who supervises HVGDs?

The AMLCU's page on gov.ie says the unit supervises compliance with the AML and counter-terrorist financing framework in the 2010 Act, as amended. It says the Minister for Justice is a State Competent Authority and has delegated that function to AMLCU officials. The sectors the page lists are high value goods dealers, trust or company service providers not otherwise supervised, art traders, private members' clubs where gambling is carried on, gambling service providers, notaries public, and tax advisers and accountants not otherwise supervised. The page shows no published or updated date.

The gov.ie page does not mention registration or cash thresholds, and the HVGD page we read does not mention any registration requirement with the AMLCU either. If you are unsure whether your business needs to notify or register with anyone, ask the AMLCU directly; its HVGD page gives contact details.

What the AMLCU says an HVGD should do

The HVGD page sets out practical steps. As it stood when we read it, it said to:

• apply customer due diligence (CDD) to all cash transactions of EUR 10,000 or more, obtaining a copy of the customer's photo ID and a recent utility bill in the customer's name before the transaction;
• keep those documents on file with the sales order so that an AMLCU Authorised Officer can inspect them;
• record the payment method (cash, cheque, electronic transfer) for every transaction on the invoice and in the sales or cash book;
• complete the AMLCU's cash transaction form for each transaction, especially those of EUR 10,000 or more;
• keep all transaction documentation for five years;
• maintain an AML file holding policies, guides and correspondence, and (the page recommends) adopt a written money laundering policy statement; and
• report suspicions to the Financial Intelligence Unit (FIU) and the Revenue Commissioners.

The page also warns that a disclosure likely to prejudice an investigation, other than to the FIU and Revenue, is an offence, and that failure to comply is an offence. It states the maximum on summary conviction as a fine of EUR 5,000, 12 months' imprisonment, or both, and on conviction on indictment a fine, up to five years' imprisonment, or both. That is how the page stated it at the time of writing; penalties can be amended, so check the Act.

If you want to understand what identification and verification involves in practice, our explainer on customer due diligence and KYC walks through the core steps, although the AMLCU's own page is the best guide to what it expects from an HVGD.

The AMLCU's 2024 guidelines

The AMLCU also published "Guidelines for Designated Persons" (version 1.0, 28 March 2024). Key points from the part we could read:

• Business risk assessment. Identify and assess the business's money laundering and terrorist financing risks, document the assessment, repeat it yearly, record who wrote it and have it approved at an appropriate management level.
• Customer risk assessment. Rate each customer and use the rating to decide whether simplified, standard or enhanced due diligence is needed.
• Enhanced due diligence. Higher-risk situations include customers who are not physically present, transactions involving high-risk third countries and politically exposed persons (PEPs), where the guidelines call for senior management approval, checks on source of wealth and funds, and closer monitoring.
• Suspicious transaction reports. Report to the FIU and the Revenue Commissioners as soon as practicable once there is knowledge, suspicion or reasonable grounds to suspect, using the goAML and ROS systems.
• Policies, training and records. Keep documented policies reviewed yearly, instruct everyone involved in the business on the law, keep training records, and keep CDD records and transaction histories for at least five years.

The guidelines say a first review is due within one year of publication, so look for a newer version. They apply to designated persons the AMLCU supervises, and the HVGD page and the guidelines are separate documents, so if you are unsure how they fit together, ask the AMLCU. Our guide to suspicious transaction reports and the FIU covers the reporting step.

What an inspection looks at

The AMLCU's inspections page (last modified 28 January 2022) says inspections check compliance with the 2010 Act as amended, assess the business's AML policies and procedures, and produce a report for the State Competent Authority. For HVGDs it lists the documents reviewed: written policies and procedures, the business risk assessment, staff training manuals, internal and external audits, bank statements, and customer and transaction records showing due diligence checks.

It adds that the Authorised Officer raises urgent concerns on the spot, that a letter from the State Competent Authority then lists required actions, usually with a reasonable period to comply, and that a further inspection may follow. The page gives no inspection dates or schedules.

A practical checklist

These are our suggestions for turning the above into routine, not legal requirements.

• Our suggestion: brief the sales floor on the cash rule. The moment a customer mentions paying a large amount in cash is the moment to start CDD, not after the deal is agreed.
• Our suggestion: add a "payment method" field to your invoice template so that the AMLCU's record-keeping step happens by default.
• Our suggestion: keep ID copies and cash forms with the sales order in a single folder or system, so an inspector can see the whole file at once.
• Our suggestion: diarise an annual review of the business risk assessment and the AML policy statement, and record who attended any staff training.
• Our suggestion: decide in advance who in the business receives internal concerns and who files the report, because the pages we read do not set out an internal reporting structure.

What we could not confirm

We have not read the EU's new AML Regulation, including any provisions on goods traders or cash limits, and do not describe it here. We also did not verify whether the cash threshold, definitions or penalties have been amended since the pages above were last edited. Check the AMLCU site and the Irish Statute Book on the day you rely on a figure.

Learnsignal's offices are off Baggot Street in Dublin, and we offer in-person training from there. For current details, see our CPD pages.

Frequently asked questions

Which body supervises high value goods dealers in Ireland?

The gov.ie page on the Anti-Money Laundering Compliance Unit lists high value goods dealers among the sectors it supervises under the 2010 Act, as amended.

What is the cash threshold?

The AMLCU's HVGD page and the consolidated text of the Act both show EUR 10,000 in cash, whether in one transaction or linked transactions. Check the current text before relying on it.

How long should we keep transaction records?

The AMLCU's HVGD page says five years, and the 2024 guidelines refer to not less than five years for CDD records and transaction histories.

Do we have to register with the AMLCU?

The AMLCU pages we opened do not mention a registration requirement. Ask the AMLCU if you are unsure.

Where do we report a suspicion?

The AMLCU says suspicions are reported to the Financial Intelligence Unit and the Revenue Commissioners.

In short: know whether your cash payments reach the threshold, do the identity checks before the sale, write down your policy, and keep the paperwork where an inspector can find it.