$10,000+ cash transactions prohibited

High-value dealers prohibited from buying or selling goods with cash transactions of $10,000 or more.

From 11th May 2023, any person in trade/business that buys or sells high-value goods will be prohibited from doing so using cash transactions of $10,000 or more. The following are considered high-value goods:

• Jewellery
• Watches
• Gold, silver, or other precious metals
• Diamonds, sapphires, or other precious stones
• Motor vehicles
• Boats/ships

This prohibition has been introduced under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act). The intention is to make it harder for criminals to use or move cash anonymously through the purchase or sale of these high-value items.

For more information on the above, please contact AML Solutions or see the DIA website update below.