Find out how much €10,000 is in £ GBP this month.
The official rate to determine if the value of your transaction (including ancillary costs 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:
How to calculate:
> 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.
> Calculate that number by the amount in £ GBP to determine the value in € Euros.
Consider this example:
> You’re conducting a transaction for £8,500.
> In April 2021, the exchange rate is 1.1598.
> Take £8,500 and multiply that by 1.1598.
> The total is £9,858.30, so it falls under the qualifying threshold.