Important: AML Programs! Any advice?

[Midlands]

This forum is the only place where I can ask this question and hopefully get some answers. (Mod: Feel free to move this post to any category. I put it here because it's the most popular one and hopefully reaches the most people.)

So, due to a call from a large client, and a convergence of other circumstances, I just decided to start looking at the laws surrounding AML (Ani-Money Laundering) Programs.

Every gold buyer is required to have an AML program. The risk of not having one includes enough fines to put me in debt forever.

So I looked around and found some info at different sites. But the only ready-made solution or service is JVC "JewelrPac" program. It's $750 for the first year. But then they say it has to be tested yearly, which costs like $2500!!!

What are you other gold buyers doing out there? (I've been blissfully ignorant of the actual details before now.)
Anything cheaper than this?
Is annual testing really necessary?
What will I even have to put in my policies? (Everybody requires payment before you find out. It's like "We have to pass the bill before we can found out what's in the bill!")

Thanks for any info.

 

[Yggdrasil]

This forum is the only place where I can ask this question and hopefully get some answers. (Mod: Feel free to move this post to any category. I put it here because it's the most popular one and hopefully reaches the most people.)

So, due to a call from a large client, and a convergence of other circumstances, I just decided to start looking at the laws surrounding AML (Ani-Money Laundering) Programs.

Every gold buyer is required to have an AML program. The risk of not having one includes enough fines to put me in debt forever.

So I looked around and found some info at different sites. But the only ready-made solution or service is JVC "JewelrPac" program. It's $750 for the first year. But then they say it has to be tested yearly, which costs like $2500!!!

What are you other gold buyers doing out there? (I've been blissfully ignorant of the actual details before now.)
Anything cheaper than this?
Is annual testing really necessary?
What will I even have to put in my policies? (Everybody requires payment before you find out. It's like "We have to pass the bill before we can found out what's in the bill!")

Thanks for any info.

Welcome to us.
I moved it to debates and discussions.
I'm not in US so I have as such not much to say regarding your topic.
The need for AML, I think, goes for professional buyers/sellers.

 

[Martijn]

This forum is the only place where I can ask this question and hopefully get some answers. (Mod: Feel free to move this post to any category. I put it here because it's the most popular one and hopefully reaches the most people.)

So, due to a call from a large client, and a convergence of other circumstances, I just decided to start looking at the laws surrounding AML (Ani-Money Laundering) Programs.

Every gold buyer is required to have an AML program. The risk of not having one includes enough fines to put me in debt forever.

So I looked around and found some info at different sites. But the only ready-made solution or service is JVC "JewelrPac" program. It's $750 for the first year. But then they say it has to be tested yearly, which costs like $2500!!!

What are you other gold buyers doing out there? (I've been blissfully ignorant of the actual details before now.)
Anything cheaper than this?
Is annual testing really necessary?
What will I even have to put in my policies? (Everybody requires payment before you find out. It's like "We have to pass the bill before we can found out what's in the bill!")

Thanks for any info.

Good administration and evidence gathering I guess.
Make copies of ID cards, pictures of purchased goods, dates names signed off transfer sheets, hold on to your material for some time, report any questionable transactions to authorities to be checked for red flags?
The better system of registration you have, the more you will scare off criminals.
Once you processed a batch of criminal origin, you could be forced into a maffia like organization.

 

[Midlands]

Yes, it's required for all "dealers", which FinCEN categorizes as anybody who buys or sells $50,000 of precious metals per year. (That's not even profit--just buying or selling.)