“Laundering” involves disguising money or other assets that have been illegally gained so that the assets can be used without detection. As a financial institution, the dealership is required to report certain cash transactions in order to help detect and prevent money laundering. This lesson covers the types of transactions that must be reported using the Financial Crimes Enforcement Network.
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FinCen Form 8300, Cash, and Suspicious Transactions
Responsibilities, Penalties, and Best Practices
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