With little knowledge of federal compliance reporting requirements, few of the gold buyers jumping into a growing market implement controls meant to stymie money launderers, say industry professionals. The problem is one of numbers. As the price of gold has surged from around $700 per ounce in late 2008 to $1,587 per ounce as of Thursday, thousands of small businesses that buy and sell gold have launched to take advantage of the boom. The number of Internal Revenue Service examiners charged with enforcing anti-money laundering (AML) regulations for the sector has remained roughly the same, at less than 400. Under...
New Zealand's Ministry of Justice called for industry input ahead of the government's submission next year of legislation that could impose anti-money laundering rules on non-bank businesses and amend suspicious activity reporting obligations.
The U.S. Treasury Department's Financial Crimes Enforcement Network issued a rule confirming that precious metals dealers and insurance companies are required to maintain anti-money laundering programs.
Jewelry dealers left an AML seminar last week in New York with unanswered questions about their Bank Secrecy Act responsibilities. The IRS representative who led the session said she couldn't give certain answers in part because she doesn't yet know the particulars of the industry.