Anti-money laundering for goods traders

The trade of high value goods, which includes the trade of jewellery, art and vehicles as obligated parties under the Money Laundering Act, is still a cash-intensive business today. Here is where money launderers like to start. Funds from illegal activities can be funnelled in by buying jewellery, art or cars, then disguised and consequently channelled into the regular economic cycle.

The Money Laundering Act sets correspondingly high standards for goods traders to prevent this form of money laundering.

Kerberos Compliance supports the cost-effective, digital and simple implementation to meet the legal requirements.

Our solutions for goods traders

Simple, affordable and actionable.

We digitally identify your business partners and take over your documentation obligations.

KYC checks

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We train your employees at regular intervals with learning materials tailored to your needs.

Employee training

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We take care of all aspects from the appointment of money laundering reporting officers to the communication with the authorities.

Money Laundering Reporting Officers

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We ensure that your measures withstand regulatory audits.

Risk analyses

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For goods traders, we offer a 360° AML-compliance according to the Money Laundering Act using standardised procedures. Our risk analyses are automatically adapted to your business operations. Requirements and risks can differ depending on the location, value and type of goods. We take this into account in our risk analyses and recommendations for action.

Leveraging risk management, Kerberos ensures the implementation of both internal and external due diligence requirements in online and stationary goods traders. Our compliance packages are flexible and suitable for self-employed persons up to franchisors and franchisees. We take over the custom-fit and regular training as well as the verification of employees and simultaneously provide you with digital solutions for identifying your contractual and business partners.

The reporting obligations set out in the Money Laundering Act can also be outsourced to Kerberos. We provide you with everything in this respect: from anonymous whistleblower platforms to money laundering reporting officers.

Money laundering for freight brokers

High-value goods offer money launderers many opportunities.

28,000 suspected cases

of money laundering per year are estimated for the non-financial sector.

Why are goods traders so attractive for money launderers? 

Money laundering is a transnational issue and amplified by the open borders in the European Union. This means that money launderers have quickly realised the added value, which the Union offers them, and which structures are necessary for this purpose. Today, these structures are exploited to launder illegally obtained money by buying goods such as jewellery, cars, art, precious metals or even rare stamps and coins.

Germany is particularly well suited for this. There is hardly any other European country where so many transactions are carried out in cash, some of them involving large amounts. This makes it possible to channel illegally generated cash turnover into the legal economy unnoticed by investing in high-quality goods, then exporting and reselling them.

For this reason, goods traders are particularly dependent on good risk analyses, fast KYC checks and a comprehensive documentation of all measures taken.

Which precautions against money laundering are taken by lawgiver?

The existing measures include the expansion of the obligated parties in the Money Laundering Act and stricter requirements for the prevention of money laundering. In addition, the supervisory authorities of the federal states are cooperating more closely in order to interpret and apply the provisions of the Money Laundering Act in the same way countrywide as well as to monitor the implementation of the obligations uniformly.

Especially in the non-financial sector, it can be observed that so-called task forces are increasingly being commissioned. It was discovered that non-compliance with money laundering regulations is widespread. This observation leads to the likelihood that even more of these task forces will be deployed in the future.

Another widely discussed measure that would particularly affect the freight brokers is the demand for a so-called cash cap. This is repeatedly demanded, as it has already been implemented in some European countries such as Italy. Here, for example, no amounts above a value of 2,999.99 euros may be paid in cash since July 2020. In Germany, only an identification obligation starting at a threshold value of 10,000 euros applies instead. This threshold value is also frequently criticised. For this reason, the Money Laundering Act also requires customer identification, if the threshold value has not yet been exceeded, but a connection between several transactions below the threshold value cannot be excluded.

Request a free, non-binding consultation now.

Your point of contact for goods traders – Yama Etminan

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