Anti-Money Laundering Programs for Dealers in Precious Metals, Precious Stones, or Jewels

ICR 202406-1506-004

OMB: 1506-0030

Federal Form Document

Forms and Documents
Supporting Statement A
IC Document Collections
ICR Details
1506-0030 202406-1506-004
Received in OIRA 202010-1506-010
Anti-Money Laundering Programs for Dealers in Precious Metals, Precious Stones, or Jewels
Extension without change of a currently approved collection   No
Regular 06/28/2024
  Requested Previously Approved
36 Months From Approved 07/31/2024
6,700 20,000
7,817 23,334
0 0

31 U.S.C. 5318(h)(1) of the BSA mandates that financial institutions establish AML/CFT programs to guard against money laundering and the financing of terrorism. Such programs must include, at a minimum: (a) the development of internal policies, procedures, and controls, (b) the designation of a compliance officer, (c) an ongoing employee training program, and (d) an independent audit function to test programs. Pursuant to 31 U.S.C. 5318(h)(2), FinCEN issued regulations requiring banks lacking a Federal functional regulator (31 CFR 1020.210(b)), money services businesses (MSBs) (31 CFR 1022.210), mutual funds (31 CFR 1024.210), insurance companies (31 CFR 1025.210), dealers in precious metals, precious stones, or jewels (31 CFR 1027.210), operators of credit card systems (31 CFR 1028.210), and loan or finance companies (31 CFR 1029.210) to develop and implement written AML programs. This supporting statement covers the AML program requirements for dealers in precious metals, precious stones, or jewels.

US Code: 31 USC 5318 Name of Law: Money and Finance

Not associated with rulemaking

  89 FR 29427 04/22/2024
89 FR 54162 06/28/2024

IC Title Form No. Form Name
Anti-money laundering programs for dealers in precious metals, precious stones, or jewels.

  Total Request Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 6,700 20,000 0 0 -13,300 0
Annual Time Burden (Hours) 7,817 23,334 0 0 -15,517 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
The decrease in burden from 23,334 hours to 7,817 hours is due to a decrease in the estimate of the total number of financial institutions impacted by the AML program regulatory requirements under this OMB control number. In 2020, FinCEN estimated that there were 20,000 respondents, as compared to 6,700 respondents in this renewal.

FinCEN Resource Center 800 767-2825 [email protected]


On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
    (i) Why the information is being collected;
    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
    (v) Nature and extent of confidentiality; and
    (vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

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