Money Laundering Policy

IAA Vehicle Services Limited (IAA) commits to ensuring that, through the controls and procedures it operates it will; deter, disrupt and detect money laundering and terrorist financing.

IAA’s registration as a high value dealer with HM Revenue and Customs stems from the fact that cash is regularly accepted in payment for motor vehicles. To further minimise this risk, IAA has gradually reduced the amount of cash accepted against any transaction. Since 2020, no cash has been accepted in settlement of any vehicle purchase.

The Directors of the company are responsible for ensuring that the legislation as set out in the Money Laundering Regulations (in all the relevant acts and regulations) are complied with.

The Finance Director, Jay Patel, has been appointed as the Money Laundering Reporting Officer (MLRO) and is responsible for ensuring the companies anti-money laundering policy is implemented and maintained. In his absence the Financial Controller, Ryan Barlow shall act as his deputy.

The Manager at each IAA site is responsible for ensuring the procedures defined by the company’s anti-money laundering policy are operated on a day to day basis. In their absence the Office Supervisor at each site will deputise for them.

As a result of a risk assessment conducted by IAA it has been determined that its efforts need to be focused on the businesses and individuals that use cash to pay for vehicles. The risk assessments have highlighted that both customers who pay large single amounts of cash and those who regularly pay smaller amounts that accumulate to larger sums should be required to confirm their identity. The amounts that should be regarded as significant are contained in the company’s detailed procedures.

The Money Laundering Regulations (in all the relevant acts and regulations) determine that appropriate identification, verification, customer due diligence and monitoring checks are put in place. IAA’s detailed procedures are designed to satisfy these requirements.

IAA recognise that effective implementation of its anti-money laundering controls can only be achieved by ensuring its front-line staff are equipped to apply the procedures endorsed by the senior management team.

This is achieved by the company’s ongoing commitment to ensure that all relevant staff are:

  1. Made aware of the law and their obligations under it.
  2. Trained to identify when customer verification is required.
  3. Aware of what constitutes satisfactory identification.
  4. Regularly trained in how to spot suspicious activity.
  5. Aware of how to report activity they believe is suspicious and recognise the need to do so promptly.

The company will carry out regular audits to determine that sufficient customer verification checks are carried out where they are appropriate and that suspicious activity is both identified and reported.