Money Laundering, Terrorism and Financial Institutions - USA Patriot Act Monitor

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7/15/2005 AML Program Rules Finalized For Dealers in Precious Metals, Stones, or Jewels, But Without SAR Requirement

A financial institution for purposes of the Bank Secrecy Act includes, under 31 U.S.C. 5312(a)(2)(N), “a dealer in precious metals, stones, or jewels.” On April 29, 2002, FinCEN deferred anti-money laundering program requirements for such entities.1 On June 3, the Financial Crimes Enforcement Network posted interim final rules describing the anti-money laundering programs that must be established by dealers in jewels, precious metals, or precious stones.2 The effective date is July 11.

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