Regulatory Alerts2003-02-21
Added
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.
Topics
Share