Are American coin dealers’ anti-money laundering plans written and up to snuff?
They had better be, according to a new warning issued Feb. 21 by the Industry Council for Tangible Assets.
Dealers risk immediate closure of their bank accounts if they are not.
Ray Gregson, who works with ICTA on compliance with Section 352 of the USA Patriot Act, says banks are allowing very little response time for dealers to provide a copy of their written AML plan and a required written annual independent report.
Fifth Third Bank was cited as being particularly aggressive and Key Bank has stepped up its compliance reviews.
Gregson advises dealers to have a “fall back” bank.
ICTA says PayPal reportedly was shutting down accounts of dealers who did not respond in time.
Contact ICTA at P.O. Box 1365, Severna Park, MD 21146; telephone (410) 626-7005; or email email@example.com.
Paper money and exonumia dealers are exempt, but banks can still require them to comply.