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HMRC is the supervisory authority for high value dealers (HVDs) – i.e. those making or receiving cash payments for goods totalling £10,000 or more in a single transaction or linked transactions – unless the business is already supervised by the Financial Conduct Authority (FCA). The reference to £10,000 was inserted into The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017) from 30 June 2026 - before this the amount was 10,000 Euros.

HVDs are required to register with HMRC immediately if they decide to accept or make high value cash payments and cannot accept or make a high value cash payment until they have submitted their application for registration.

Registration is not required if:

• The business only receives payments for services or for a mix of goods and services where the value of the goods is less than £10,000.
• It is a cash business making or receiving payments of less than £10,000.
• The business is only ever paid by credit card, debit card or cheque.

Businesses are required to update their registration and pay their annual declaration fee.

In situations where there is more than one supervisor for a business, the supervisory authorities may agree between them who will act as supervisor. For further information on dual supervision see ECSH42000.