If I am a retailer and buy in excess of $50,000 of precious metal, stones or jewels from companies not otherwise covered by the rules (such as foreign-based suppliers), must I comply?
A. If you purchase in an amount in excess of $50,000 of covered goods from companies who are not covered by the laws of the United States and therefore not implementing an AML Program and Policy under the laws of the United States, you must comply. Remember, for the purpose of determining your exception status as a retailer, calculate only the value of the precious metal, stones or jewels in the products you buy. Further, as a retailer, your AML program would only have to address risks associated with those purchases from foreign sources of supply.
Related Questions
- If I am a retailer and buy in excess of $50,000 of precious metal, stones or jewels from companies not otherwise covered by the rules (such as foreign-based suppliers), must I comply?
- OK, as a retailer, I do buy more than $50,000 of precious metal, precious stones, jewels and finished goods from the public, and resell them in my store. Do I need to comply?
- Am I required to comply with the AML regulations for dealers in precious metal, stones or jewels?
