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I run an Internet auction site for jewelry but do not buy or sell diamonds or jewelry myself. Do I need to have an anti-money laundering program?

April 26, 2017anti-money auction buy diamonds internet Jewelry laundering run sell site

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I run an Internet auction site for jewelry but do not buy or sell diamonds or jewelry myself. Do I need to have an anti-money laundering program?

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A. If you do not purchase or sell precious metal, stones or jewels you do not need to comply with the anti-money laundering rules. If you take no ownership interest in the products sold at auction, the rules do not apply to you.