Posted By: WIBanker91
Precious Stone/Metal dealer registration - 11/27/19 08:52 PM
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.
Posted By: Lilly C
Re: Precious Stone/Metal dealer registration - 11/27/19 09:08 PM
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.
Posted By: Lilly C
Re: Precious Stone/Metal dealer registration - 11/27/19 09:12 PM
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.