The Internal Revenue Service (IRS) will not start implementing most jewelry business examinations for Bank Secrecy Act (BSA) compliance until at least fiscal year 2008, an agency official said Monday. "I hope we're not here in 2008 promising to begin most examinations in 2009, but I can't promise a specific date â€“hopefully soon," IRS liaison Kim Buggs said during an anti-money laundering seminar for jewelers in New York. The IRS was initially scheduled to begin the exams by Jan. 1, 2006. The IRS, which is responsible for examining money services businesses (MSBs), insurers, jewelers and other nonbank financial institutions for...
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 Internal Revenue Service's Criminal Investigations division for the second straight year began fewer investigations and sought a smaller number of prosecutions for money laundering, terrorist financing and other financial crimes, the agency said Thursday.
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 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.