Dealers in Precious Metals and Pawn AML Compliance
www.onlinecompliancepanel.com | 510-857-5896 | customersupport@onlinecompliancepanel.com
Description Although the AML regulations for the precious-metals industry do specifically exempt pawnbrokers from complying with the regulations, the exemption was put in because the government realized that the pawnbroker receives precious metals in their business, but they are received as a pawn transaction. So the exemption covers the pawnbroker only when you receive jewels, precious metals, or precious stones as a pawn transaction and the customer has the ability to redeem those items at a later date.
However, if you receive jewels, precious metals, or precious stones (scrap jewellery) from the public as a purchase that immediately gives the pawnbroker ownership to that merchandise (usually for sale to a refinery or to place in your business for sale) and these purchases exceed $50,000 in a year, these transactions are not exempt under the regulations. In other words, these transactions (assuming they exceed $50,000 in a year) also define the pawnbroker as a dealer in precious metals and therefore they are required to comply with the AML regulations issued for precious-metals dealers, effective on January 1, 2006. We have represented many pawnbrokers who are also defined as precious-metals dealers as they have faced IRS compliance exams. www.onlinecompliancepanel.com | 510-857-5896 | customersupport@onlinecompliancepanel.com
Why should you attend :
Pawn Brokers or dealers in precious metals, who conducts these transactions, which includes staff and management who handles transactions within the location, should attend this course for a complete understanding of their requirements.
www.onlinecompliancepanel.com | 510-857-5896 | customersupport@onlinecompliancepanel.com
Objectives
•
Anti-Money Laundering (AML) Compliance Program for Pawnbrokers (for those who do not meet the Dealer in Precious Metals requirements) – $149 per member company/$25 per additional location
•
AML Compliance Program for Dealers in Precious Metals (combined with Pawn) – $229 per member company/$25 per additional location
•
8300 trade and business policies and procedures
•
Identity Theft Red Flags policy and procedures
www.onlinecompliancepanel.com | 510-857-5896 | customersupport@onlinecompliancepanel.com
How do this Webinar work ? •
Username and Password will be sent to you 24 hours prior to the webinar • Presentation handouts in pdf format will be mailed to you • Login to the session using the username and password provided to you • Get answer to your queries through interactive Q&A sessions via chat
www.onlinecompliancepanel.com | 510-857-5896 | customersupport@onlinecompliancepanel.com
Connect with Us www.onlinecompliancepanel.com
www.onlinecompliancepanel.com | 510-857-5896 | customersupport@onlinecompliancepanel.com