The US Treasury's Financial Crimes Enforcement department (FinCEN) on Friday announced that dealers in precious metals and gemstones are to face tougher anti-money laundering rules.
In a statement, FinCEN revealed that dealers who have bought and sold at least $50,000 in precious metals and gems in the 2005 calendar year will be subject to the new requirements, which will oblige them to establish risk management strategies, train staff to identify possible money laundering vulnerabilities, and designate someone within the business to act as compliance officer.
The department went on to explain that:
"The dollar threshold is intended to ensure that the rule only applies to persons engaged in the business of buying and selling a significant amount of these items, rather than small businesses, occasional dealers and persons dealing in such items for hobby purposes."
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