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Anti-Money LaunderingWhat are Anti-Money Laundering laws?
The Financial Crimes Enforcement Network (FinCEN) defines money laundering as the process of making illegally gained proceeds appear legal.
To prevent "dirty money" attempting to be made "clean," Anti-Money Laundering laws were initiated in the United States beginning with the Bank Secrecy Act of 1970.
These laws have not changed, but their scope has been broadened. Amendments made by the USA PATRIOT Act in 2001 include jewelers as part of the financial system because of the substantial value gems, jewelry and precious metals carry. The regulations cover certain goods, including precious metal, precious gems and jewels and jewelry made from those for which 50% of the value is derived from the precious metal/gems/jewels (“covered goods”).
How Aamiaa comply with AML laws?
We Appoint a compliance officer to manage our AML program
We Assess the risks our business faces
We Conduct ongoing employee training
We Check customers and suppliers for risk factors
We Appoint an independent tester to verify that our program is current, appropriate, and effective
We Have our program tested annually
We File appropriate federal forms when needed