The applicable threshold value for high-value dealers under Anti-Money Laundering and Countering Financing of Terrorism legislation has been set at $10,000.
The Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Amendment Regulations 2019 amend the 2011 principal regulations by inserting a new regulation 5AB to set the applicable threshold value.
"High-value dealer" is defined by section 5 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, to cover a person who buys or sells any of a range of articles by way of a cash transaction or series of related cash transactions, if their total value is equal to or above the applicable threshold value.
The 2019 amendment regulations also insert a new regulation 21AB to exclude certain registered auctioneers from being reporting entities for the purposes of the Act.
Businesses trading in high-value goods are required to comply with the AML/CFT regime from 1 August 2019.