2003-02-21

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Anti-Money Laundering Programs for Dealers in Precious Metals, Stones or Jewels

FinCEN proposes to prescribe minimum anti-money laundering program standards for dealers in precious metals, stones, or jewels under 31 CFR Part 103. The rule defines a dealer as any person purchasing or selling these items with a prior year transaction threshold exceeding $50,000, while excluding retailers buying exclusively from other dealers and those trading value-added fabricated goods with minor precious metal content. Covered entities must develop, implement, and maintain a written program approved by senior management that includes internal policies, a compliance officer, employee training, and independent audits.

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Uniting and Strengthening Ameri…2001Anti-Money Laundering Programsfor Dealers in Precious Metal…2003-02-21 · this document
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Source: Financial Crimes Enforcement Network — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works

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