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Anti-Money Laundering
Many businesses, from auto dealerships to financial institutions, are subject to anti-money laundering laws. Auto dealerships, in particular, are vulnerable to money laundering schemes due to the high-ticket prices of the goods they sell. Auto dealers are also a favorite target of regulatory enforcement agencies. Participation in a money laundering scheme can result in heavy civil and criminal penalties and even prison for individuals and business owners.
Organizations with high turnover within their sales team may be at risk. New salespeople may not have proper training or information regarding the regulations governing these issues, and the motivation to make a sale and earn a commission may cloud the judgment of sales or F&I personnel, putting the entire business at risk.
Compli's Anti-Money Laundering Program includes:
- Money Laundering/IRS Form 8300 Cash Reporting Online Training
- Money Laundering Policy
- Money Laundering Training Assessment
- Annual Cash Reporting Certification Form
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more