To continue taking payment for goods in cash sums above €15,000 (around £10,000 at current exchange rates), businesses will need to register with HM Customs and Excise (HMCE). Though the procedures must be in place by 1 March 2004, the deadline for registration is 1 April 2004.
HMCE are to be given powers to inspect company records and visit businesses to ensure that they are complying with the regulations. Dealers should contact the HMCE to obtain a registration pack and guide (MLR6; MLR7). The registration certificate should arrive within 45 days, but no cash transactions over £10,000 (€15,000) should be accepted until it has arrived.
Registration will not be mandatory, but dealers who choose not to enrol will need to have a clear policy that in case of need provides proof that they do not accept cash payments.