This is a dumb law. It treats the symptom not the problem. There is an existing market for getting around KYC requirements. Just search "buying cats" on FB or CL and you will find plenty of them. These people buy cats from the thieves who are too known to the local yards to deal directly with them and pocket a fraction of the profit. You can keep adding laws but the material here is so valuable that the market can support a lot more middle men if that's what it takes to give everyone plausible deniability.

The fundamental problem here is that pretty much every car has a fairly unsecured cat underneath it and that law enforcement DGAF. The problem will persist until you fix one of those two.