Dealers in High Value Goods
Supervision under the 2020 Act
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Supervision of dealers in high value goods transferred from the Financial Intelligence Agency to the Registrar of Companies under the Registrar of Companies (Supervision and Regulation) Act 2020.
Who must register
A dealer in high value goods must apply to us and be included in our register before carrying on business. Dealers in high value goods include:
- jewelry dealers
- dealers in cars, boats and motorcycles
- dealers in precious metals and precious stones
- antique dealers
- auctioneers
| Registration application fee | |
| Sole Trader | $100 |
| Business with 2 to3 employees | $200 |
| Business with 4 to 5 employees | $200 |
| Business with 6 to 15 employees | $300 |
| Business with 16 or more employees | $400 |
| Annual registration fee | |
| Sole Trader | $150 |
| Business with 2 to 3 employees | $350 |
| Business with 4 to 5 employees | $350 |
| Business with 6 to 15 employees | $750 |
| Business with 16 or more employees | $1000 |
Fees are scaled by the size of the business and are prescribed by the Government Fees Regulations 1976.
AML and ATF obligations
Dealers in high value goods are relevant persons under the anti-money laundering regime and must verify the identity of the customer, understand its ownership and control structure and identify its beneficial owners, understand the purpose and intended nature of the business relationship, conduct ongoing monitoring, apply enhanced due diligence to politically exposed persons and high-risk jurisdictions, and retain records for at least five years.
That also makes them obliged entities for the purposes of access to beneficial ownership information.
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Our supervisory powers
Section 3 of the 2020 Act sets out our supervisory functions and duties, including assisting with the detection and prevention of financial crime and operating a risk-based anti-money laundering and anti-terrorist financing supervisory and monitoring program for dealers in high value goods.
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The Registrar's compliance and enforcement powers →
Contact Details
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