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

Section 352 of the USA PATRIOT Act added subsection (h) to 31 U.S.C. 5318 of the BSA that requires the Secretary of the Treasury to require financial institutions to establish and maintain anti-money laundering (“AML”) programs. Pursuant to section 352, FinCEN issued regulations requiring dealers in precious metals, precious stones, or jewels to develop and implement a written AML program (31 CFR 1027.210). The program must be reasonably designed to prevent these financial institutions from being used for money laundering or the financing of terrorist activities, and to achieve and monitor compliance with applicable BSA requirements.

The latest form for Anti-Money Laundering Programs for Dealers in Precious Metals, Precious Stones, or Jewels expires 2023-12-31 and can be found here.