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The measures have a much wider scope than the current Money Laundering Regulations and apply to dealers in goods of any description, including agency work. Dealers and auctioneers who may wish to accept cash payments of £10,000 or more in a transaction will need to follow strict identification, record-keeping and internal reporting procedures.

Additionally, when accepting large cash payments the recipient must register with the Commissioner of Customs and Excise (after June 15 and before September) and be subject to a system of compliance enforced by HM Customs and Excise.

The RICS are currently drafting guidance, due to be published shortly, to help their members implement the new obligations.