Skip to content
BOL Conferences Top Gun 23
Thread Options
#2226469 - 11/27/19 08:52 PM Precious Stone/Metal dealer registration
WIBanker91 Offline
100 Club
Joined: Nov 2011
Posts: 180
WI
We have a potential client that is a large dealer in precious stones/metals. This one is new to me. I know the would be considered a NNFI. Is there a place with FINCEN they are required to register that I can verify? Any advice from anyone would be helpful. We do not have an automated tracking system so I will be manually tracking cash and wires. I know I will not be able to exempt the business so of course will be filing CTRs.

Return to Top
BSA/AML/CIP/OFAC Forum
#2226473 - 11/27/19 09:08 PM Re: Precious Stone/Metal dealer registration WIBanker91
Lilly C Offline
100 Club
Lilly C
Joined: Dec 2004
Posts: 209
Sunny Florida
You may want to brush up on the Fincen News of June 3, 2005. They put out an interim final rule on Dealers in Precious Metals, Stones or Jewels Required to Establish Anti- Money Laundering Programs. Very helpful. If you want to send me a private message I would be happy to share a copy. can never figure how to do an attachment here.

Return to Top
#2226475 - 11/27/19 09:12 PM Re: Precious Stone/Metal dealer registration WIBanker91
Lilly C Offline
100 Club
Lilly C
Joined: Dec 2004
Posts: 209
Sunny Florida
forgot to mention. the FAQ that go along with the final rule are helpful. I send out a letter to the customer that I would be willing to share.

Return to Top

Moderator:  Andy_Z