Updated 2 May, 2023

Find out how much €10,000 is in £ GBP this month: May 2023

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-2023-monthly

In May 2023, 1 GBP = 1.1361 EUR.
Therefore, the €10,000 threshold equates to:
£8,802.04.

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 (from April 2022):
> You’re conducting a transaction for £8,250.
> In April 2022, the exchange rate was 1.2008.
> Take £8,250 and multiply that by 1.2008.
> The total is €9,906.60, so it fell 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.