I am a dealer in antiques, selling primarily to other dealers and to retail stores. What are my compliance obligations?
A. You must establish an AML program if during 2007, the value of precious metal, jewels or precious stones contained in the antiques you purchased was more than $50,000 and the value of the jewels, precious metal and precious stones accounted for 50% or more of the purchase price and you sold antiques that contained more than 50% in jewels, precious metals or precious stones, and the value of the jewels, precious metal or precious stones comprised more than 50% of the selling price of those antiques.
