We have put this anti money laundering policy in place to aid authorities in preventing money laundering, and to prevent accidentally aiding in any criminal behavior of our employees.
This Anti Money Laundering Policy is disseminated to each retail location and employee.
What is money laundering?
Money laundering is engaging in acts designed to conceal the true criminal source of cash, or proceeds of stolen goods. Funds are generally converted into other instruments to conceal their true source of being. This moving from account to account, or from one monetary form to another is called money laundering.
Our company is committed to full compliance with all applicable laws and regulations regarding anti-money laundering procedures. We have adopted and will enforce the provisions set forth in our Anti-Money Laundering Policy Statement in order to prevent and detect money laundering, terrorist financing and other illegal activities.
Whereas terrorist, and other criminals may use precious metals or jewels to transport funds across borders to finance terrorist activities this policy is enacted from January 01, 2011 forward.
Any transaction where a customer pays us for gold silver or jewelry with over $10,000 must be reported on IRS form 8300.
Watch for odd transactions involving:
(A) Unusual payment methods, such as the use of large amounts of cash, multiple or sequentially numbered money orders, traveler's checks, or cashier's checks, or payment from third parties;
(B) Unwillingness by a customer or supplier to provide complete or accurate contact information, financial references, or business affiliations;
(C) Attempts by a customer or supplier to maintain an unusual degree of secrecy with respect to the transaction, such as a request that normal business records not be kept;
(D) Purchases or sales that are unusual for the particular customer or supplier, or type of customer or supplier; andPurchases or sales that are not in conformity with standard industry practice.
Employees shall make certain to obtain identifying information to confirm the identity of each Client, copies of certain of the following documents will be obtained and retained for the Firm’s records:
1. Driver’s license, passport or other official government-issued identification; and Additional information which may be requested includes:Bank statement or utility bill; or other residential identifying information;
2. Credit report; and/or
3. Personal/ bank references.
Employees are not to advise any customer of ways to avoid reporting requirements. Such a breach of policy will result in employee termination.
Immediately report any transaction or attempted transaction that seems out of the ordinary to your immediate supervisor, or owner. If criminal activity is suspected we will immediately contact law enforcement.
From time to time employees are required to take anti money laundering training in classroom, or video instruction format.
From time to time we will use an outside auditor to audit our practices and procedures for full compliance with state and federal laws.
Each employee is to read and be familiar with this anti money laundering policy.
Anti Money Laundering Policy page updated 08/09/2012