According to the Money Laundering Act, any person who sells goods commercially is to be classified as a goods trader.
Many different sectors are included, such as ships, aircraft, motor vehicles, precious metals, and stones, among many others.
The risk of money laundering has been assessed by the Federal Ministry of Finance as “medium-high” for the trade in goods, and violations of the Money Laundering Act can be severely sanctioned by fines in the millions as well as public naming and shaming.
This is why Regpit provides simplified AML and KYC processes, facilitating the seamless verification of the identities of your clients, contractors, and partners.
