AML and KYC Compliance for Vehicle Dealers
Sell the car, not the risk: verify the buyer and document the payment before the keys change hands.
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COX gives a dealership of new or used vehicles a buyer file in minutes: identity read from the document, sanctions and PEP screening and a risk score that says when the sale needs a closer look. Each sale is then recorded with its parties, the vehicle and the payments, and prints as a sealed record.
Where compliance hurts
- A buyer who pays in cash wants to leave with the car the same day
- The same customer buys several vehicles in a short period through different names
- Sellers of used cars bring vehicles whose ownership history nobody checked
- The sales team is not a compliance team and has no time for manual searches
- The sale lives in a folder of photocopies, and nobody can show which vehicle, at what price and how it was paid
An activity the region watches
In several countries of the region the sale of vehicles, boats and aircraft is an activity subject to anti-money laundering and know-your-customer duties. Each dealer confirms its own obligations with its supervisor; COX helps it know the customer and keep the record of each sale.
High-value goods, easy to resell
Land vehicles, boats and aircraft hold their value and change hands quickly, which is why the rules of several countries name their sale.
Your supervisor sets your obligations
Whether your dealership is an obligated entity, and what it has to report and to whom, depends on where it operates: confirm it with your supervisor.
COX keeps the evidence
Whatever your obligations, the buyer's file and the record of each sale are kept with their date and author, ready when someone asks for them.
COX files nothing with any authority: it keeps the file and the record your supervisor may ask for.
Why they choose COX
As fast as the sale
The seller sends the buyer a link from the showroom; the file is ready before the paperwork is printed.
The vehicle and the payments, in one record
Each sale records the vehicle (land, sea or air; make, model, year, color, VIN or serial, plate or registration and its country, armor and its level) with the customer's role and the agreed price, and every payment with its form and monetary instrument, virtual assets included.
The buyer, with their file
The parties of the sale are cards, and the customer's card is linked to their due diligence file and shows its status and risk level. A confirmed sale no longer changes, and its sealed PDF leaves a trace in the history each time it is printed.
How It Works
Three steps from a new customer to a documented file
Collect
Send the customer a secure onboarding link. They upload their identity document, proof of address and source of funds from any device, and the platform reads the document for them.
- Document reading and prefill
- Selfie and liveness check
- Beneficial owner declaration
Verify
Sanctions, PEP and restrictive lists are searched at once, adverse media on request, and the risk matrix scores the customer with the weights your policy sets.
- Sanctions, PEP and watchlists
- Risk matrix by country and activity
- Enhanced due diligence when required
Document
Every search, decision and document stays in the file with its date and author. Print the due diligence report or the screening certificate when the regulator asks.
- Immutable audit trail
- Sealed PDF reports
- Renewal reminders
Red flags the file has to document
- Cash payments split into several deposits just under the reporting threshold
- A buyer who pays for a vehicle registered in the name of someone else
- Several high-value vehicles bought in a short period with no business reason
- A buyer with no visible income who does not explain the origin of the funds
- Immediate resale or export of the vehicle right after the purchase
What the platform gives you
Everything a non-financial obligated entity needs, without a compliance department
Identity verification
Documents read automatically, selfie with liveness check and the data proposed for the officer to confirm.
List screening
Sanctions, PEP, restrictive and open-data lists, with a certificate that says which edition of each list was consulted.
Risk matrix
Country, activity, product, channel and PEP status weighted the way your manual says, with the result explained.
Adverse media
News about the customer ranked by how surely it names the same person, never a list of homonyms.
Due diligence files
Natural and legal persons, beneficial owners, related parties, documents with expiry dates and renewal alerts.
Reports for the regulator
Due diligence report, screening certificate and training records, each sealed with a verifiable fingerprint.
Built for
New car dealers
Brands and franchises with a sales team
Used car lots
Who buys and sells vehicles from private owners
Importers
Vehicles brought in and sold in the local market
Boat and aircraft dealers
High-value units that follow the same rules
Frequently asked questions
Verify the next buyer today
Open your dealership on COX and send the first onboarding link from the showroom.
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