BUSINESSES that accept large sums of money may need to register as “high-value dealers” with the Island’s financial services regulator in a bid to keep Jersey safe from money laundering.
Under financial crime laws in Jersey, high-value dealers are required to register with the Jersey Financial Services Commission to prevent themselves and their businesses from falling victim to financial crime.
A high-value dealer is a business or individual who trades in goods and receives £12,500 or more in cash or virtual assets for a single transaction or linked transactions.
Examples of businesses that may need to register include jewellers, car or yacht dealers, art and antique dealers, and agricultural auctioneers.
The JFSC has created a short, voluntary, questionnaire to help Islanders understand if their business needs to register as a high-value dealer.
It forms part of an outreach project aiming to ensure any retailers who handle large sums of cash and meet the definition of a “high-value dealer” are aware of their obligation to register with the financial services regulator.
The questionnaire can be found online at jerseyfsc.org/news-and-events/are-you-a-high-value-dealer.
