Precious Metals Anti-Money Laundering Audit

AML Audit & Anti-Money Laundering Compliance Program for Precious Metals, Stones, Jewels Dealers

AML Audit & Anti-Money Laundering
Precious Metals, Stones, Jewels Dealers

The Financial Crimes Enforcement Network (FinCEN) Interim Final Rule
(31 C.F.R §1027.210) requires dealers in precious metals, stones, or jewels to establish anti-money laundering (“AML”) programs. Dealers must develop and implement a written anti-money laundering program reasonably designed to prevent the dealer from being used to facilitate money laundering and the financing of terrorist activities through the purchase and sale of covered goods.

At a minimum, the written AML program must include:

  • Policies, procedures, and internal controls to assist the dealer in identifying
    transactions that may involve the use of the dealer to facilitate money laundering or terrorist financing,
  • A designated compliance officer who will be responsible for ensuring that the anti-money laundering program is implemented effectively,
  • Ongoing education and training for appropriate persons concerning their
    responsibilities under the program; and
  • Independent testing to monitor and maintain an adequate program.

FinCEN issued this regulation to better protect those that deal in jewels, precious metals, and precious stones from potential abuse by criminals. When the rule was implemented, William J Fox, Director of FinCEN stated, “This regulation is a key step in ensuring that the Bank Secrecy Act is applied appropriately to these businesses.” FinCEN is expected to conduct rigorous audits and implement heavy penalties for non-compliance.

Compliance Exchange Group (CXG) will conduct a thorough review of your business model and develop a comprehensive Anti-Money Laundering Compliance Program for your firm. With large fines and a possible suspension of operations, why take chances with your AML compliance?

Book an appointment with one of our highly trained professionals to discuss your specific AML and compliance requirements.

Or call us at 631-595-5305.