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Car Dealers: Do you know your KYC/AML obligations?

Published: March 13, 2015

Car Dealers: Do you know your KYC/AML obligations?, from WordPress.

On March 6th, John Frank Mussari Jr., the owner of a luxury car dealership was sentenced to 2 years in prison for money laundering.

Cars, especially luxury cars, are often used to launder money.  Auto dealers routinely deal in transactions exceeding the AML regulatory limits, usually $10,000 or similar amount in Euros, Pounds or other local currency.

Mussari’s case is a very good example.  Mussari owned a dealership specializing in Ferrari, Lamborghini and other luxury cars.  Mussari developed a relationship with a “good client” who bought several sports cars from him.  Over the course of this relationship, he was paid $132,000 for a Ferrari 360 Spyder, $147,000 for a Porsche 911 Turbo Cabriolet and $320,000 for two Lamborghini Gallardos, among others.

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