Find out how much 10,000 is in £ GBP this month:
May 2022

The official rate to determine if the value of your transaction (including directly associated costs such as VAT and the total from ‘linked transactions’) totals 10,000 and thus triggers the requirement to conduct AML checks under the Money Laundering Regulations 2017 is the HMRC monthly exchange rates published on gov.uk:

https://www.gov.uk/government/publications/hmrc-exchange-rates-for-2022-monthly

To get the triggering value:

> The current month should be listed at the top of the list under ‘monthly exchange rates’.
> Click ‘view online’ next to that month listing.
> Looking at the left column, ‘Country/Territories’, scroll down to ‘Eurozone’ (noting that the list is in alphabetical order).
> See the rate listed (in the column ‘Currency units per £1).
> Divide 10,000 by that number to get the current conversion into £ GBP.

To work out the conversion to EUR for a transaction in £GBP:

> On the gov.uk currency conversion page, the current month is listed at the top of the list under ‘monthly exchange rates’.
> Click ‘view online’ next to that month listing.
> Looking at the left column, ‘Country/Territories’, scroll down to ‘Eurozone’ (noting that the list is in alphabetical order).
> See the rate listed.
> Multiply that number by the amount in £ GBP to determine the value in Euros.

Consider this example:

> You’re conducting a transaction for £8,250.
> In April 2022, the exchange rate is 1.2008.
> Take £8,250 and multiply that by 1.2008.
> The total is €9,906.60, so falls under the qualifying threshold of 10,000 EUR.

Important note: As a regulated business, you might still decide to conduct due diligence. If you potentially detect any suspicious activity, you are required to conduct due diligence, regardless of value or type of art being sold. You are also legally obligated to swiftly submit a Suspicious Activity Report (“SAR”) to the National Crime Agency (“NCA”) if it is determined by the Nominated Officer (or their Deputy in the NO’s absence) that there is suspicious activity.

For May 2022 the €10,000 threshold equates to:

£8,327.78