FinCen (Financial Crimes Enforcement Network), a U.S. government agency, issued the final rules requiring “dealers” in precious metals, precious jewels and stones to institute anti-money laundering (AML) programs. Compliance was required as of January 1, 2006.
According to these rules, you must institute an AML program if:
You are a dealer, meaning, you purchased “covered goods” (precious metal, jewels and stones and finished goods) in an amount in excess of $50,000 during the prior calendar or tax year and received more than $50,000 in gross proceeds from the sale of precious metal, jewels and stones during the same period. The calculation of the value threshold for purchase and sale is limited to the value of the precious metal, precious jewels and stones only.