Putting you in the driving seat when it comes to the prevention of money laundering and terrorist financing

The automotive industry - a prime target for money laundering

HM Revenues and Customs (HMRC) have identified the automotive trade as a prime target for money laundering and terrorist financing, highlighting 'High Value Dealers' as those most at risk. According to the HMRC, you are a 'High Value Dealer' if you deal in new or second hand vehicles and are prepared to accept a cash payment of at least €15,000, whether this is a single transaction or several transactions that are or appear to be linked.

Adhere to regulatory compliance and safeguard your business from money laundering

As a High Value Dealer you must be registered with the HMRC and are legally obliged to comply with the Money Laundering Regulations 2007. Non-compliance can result in financial penalties or even criminal prosecution. To comply there are five main obligations:

  • Manage the risks by having an anti-money laundering system in place
  • Appoint a money laundering reporting officer, or designate the responsibility to someone
  • Train staff members on the processes
  • Confirm the identity of the customer or the 'beneficial' owner by carrying out effective Customer Due Diligence (CDD)
  • Hold all records for at least five years as a fully traceable audit trail

Giving you a helping hand with an easy online check

TransUnion's online anti-money laundering solution, CallML, is easy to use and can be used to perform a quick and effortless due diligence check on customers. It's as simple as just inputting the customer's name and address, and within a matter of seconds the system will deliver a 'Pass' or 'Refer' decision as well as providing a comprehensive list of the datasets used to make the decision.

CallML allows direct access to a range of robust data sets including the Full Electoral Roll and personal data pooled from a closed user group of UK lenders and financial institutions. PEP's and Sanctions Files are also checked as a matter of course.

Our best practice solutions access a full range of positive, corroborative, negative and value added data sources to help you identify whether your customer is:

• A Beneficial Owner
• A Politically Exposed Person (PEP) - Domestically or Internationally
• Presenting a Stolen Passport
• Listed on CIFAS for known Identity and Impersonation Fraud
• Subject to HM Treasury Sanctions
• On The Specially Designated Nationals List (OFAC)
• Known as Deceased
Subject to CCJs or Personal Insolvencies
• Plus many more…

In addition, you can also use the system to validate paper documents should you choose to carry on taking them. Furthermore, it doesn't matter when your dealership is open as the system is available online, 24 hours a day, 7 days a week, and 365 days a year.

To ensure you can prove you've done the necessary checks, CallML automatically produces an AML Report which provides a full audit of the input and returned data as well as  the decision and date. This can be easily printed and filed away or converted to a PDF to file on your computer system.

To find out more about our Anti-Money Laundering Solutions please contact us and one of our experts will contact you shortly.

Contact us