Money laundering prevention / Sanction regulation

The Act on the Tracing of Profits from Serious Crime defines dealers in high-value goods as “obligated parties” and thus stipulates due diligence obligations for the car trade.

The obligations are mainly in the following areas:

• Risk analysis and management
• Training for employees in contact with customers, in particular to identify suspicious cases
• Regulations on handling cash
• Obligations under KYC (Know your customer), identification of customers and their beneficial owners (especially corporate customers) and compliance analysis (determination of PEP and sanction status) regardless of the respective payment type

COMDO supports the car trade in fulfilling these very complex requirements through consulting and training as well as systemically in the important area of customer identification and its documentation.

COMDO's specialized web services can be used to automatically determine all essential customer identification information for the Money Laundering Act from the sales contract data and feed it into the sales process.

The result is seamless documentation of compliance with KYC requirements as a legally compliant basis for money laundering checks.

COMDO's consultants are certified as money laundering officers and are always up to date with the current legal situation.

The services are based on many years of relevant experience in the implementation of legal requirements in large car dealership chains, such as the manufacturer's own BMW branches in Germany.