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Money laundering costs on dealers

New EU rules to counter money laundering through businesses will heap extra costs on the motor retail sector, the Retail Motor Industry Federation has warned.

The new legislation, which will apply to cash purchases totalling more than £10,000, will require dealers to pay a registration fee of around £100 plus the training of a money laundering officer on every site. That could cost dealers around £250 for every individual trained, says the RMI.

RMI business development consultant Louise Wallis says: “We support it broadly, but we do not think it should be allowed to impact too heavily on the sector.”

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