Regulatory Alerts2008-03-10
Added
Guidance for Dealers, Including Certain Retailers, of Precious Metals, Precious Stones, or Jewels, on Conducting a Risk Assessment of Their Foreign Suppliers
FinCEN's interim final rule requires dealers in precious metals, stones, or jewels to establish anti-money laundering programs by January 1, 2006. The rule applies to persons who purchase and sell at least $50,000 worth of covered goods annually, while generally exempting retailers unless they exceed this threshold with non-U.S. suppliers. Covered goods include finished items deriving 50 percent or more of their value from jewels, precious metals, or precious stones. Dealers must implement policies, designate a compliance officer, provide training, and conduct independent testing.
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