From: PeterSaxton 
Newsgroups: uk.finance
Subject: Re: Changing Money
Date: Tue, 27 Nov 2007 06:08:47 -0800 (PST)
	  
	  
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On 27 Nov, 12:32, "Tim"  wrote:
> > > "PeterSaxton" wrote
> > > > It's not a question of suspicion rather it's
> > > > a question of following the regulations.
> > > > ...
> > > > This is from HMRC:
> > > > ...
> > > > * Money Service Businesses or MSBs - these are bureaux de
> > > > change, money transmitters and third party cheque cashers and
> > > > * High Value Dealers or HVDs - these are businesses that deal in goo=
ds
> > > > and accept (or are prepared to accept) in cash the equivalent of EUR=
O
> > > > 15,000 or more (approximately =A310,000) for any single transaction.=

>
> > > > If you are an MSB or HVD you need to:
> > > > * ...
>
> > "Tim" wrote:
> > > Don't you think it seems a bit silly to require extra constraints
> > > when a 'bureaux de change' changes =A3200 into the equivalent
> > > euros, but not for a shopkeeper accepting =A3250 in payment for
> > > an item costing (say) =A320 and giving the change in euros (where
> > > the regs don't apply because it is not a 'high value' transaction)...?=

>
> "PeterSaxton" wrote
> > What regulations don't apply? ...
>
> Duh - the ones that *you* just quoted!
> [Or are you going to say that you didn't quote them,
> because you didn't put them in quotation marks?!]
>
> "PeterSaxton" wrote
>
> > ... If there is any transaction a person is suspicious of ...
>
> I refer you to your own earlier comment (see top of this post) :-
> 
>    "PeterSaxton" wrote:
>    It's not a question of suspicion rather it's a question of following th=
e
> regulations.
>
> 
>
> Those particular regulations don't need to be followed by the
> shopkeeper, because they only apply to MSBs and HVDs...
> [I was referring to a shopkeeper who is neither a MSB nor a HVD.]
>
> Now would you like to answer my previous question?-

What are you talking about?

If a shopkeeper sells something for =A320 and accepts =A3250 and then
gives Euro's without being registered to do so they are behaving as an
unregistered MSB. They are breaking many laws not just the anti-money
laundering legislation.