The U.S. Patriot Act, enacted in October, 2001, includes a section regarding the prevention, detection and prosecution of those involved with money-laundering and the financing of terrorism. In April, 2002, the Treasury Department issued a notice that it was studying "dealers of precious metals, stones and jewels" in order to create rules to implement the anti-money-laundering (AML) requirements of the Patriot Act. The proposed rules were published in February, 2003 (final rules expected by the end of 2003). To whom and to what will these AML regulations apply? In this presentation, definitions for terms such as "dealer," "precious metal" and "jewel," listed in the AML rules, will be discussed. Triggering events, or dollar thresholds, will be explained. The presentation will also discuss risk assessment, outline training programs and explain audit requirements.

Author: Cecilia L. Gardner