Tell Congress to Support AML Amendments of 2020
The 2020 anti-money laundering law came into effect on January 1, 2021, and Congress is currently developing many specific regulations related to the law.
Several elements of the new law that remain to be finalized will have a direct impact on the numismatic and gold industry, including:
Increased the minimum reporting threshold for “Coins over $ 10,000 received in connection with a transaction or business” (Form 8300) from $ 10,000 to a higher amount.
Increase the threshold for needing an anti-money laundering program in place of $ 50,000 (both for the purchase of $ 50,000 and the sale of $ 50,000 of “hedging products” for one year ) to a higher amount
Clarify reporting requirements and minimize the impact of business transparency law on your business. This is the most complex component of the new AML law.
Finally, antique coin dealers should be concerned with the definition of an “antique” and the reporting thresholds that should apply. The Global Heritage Alliance, a group that advocates for stakeholders in the antiques industry, is leading the Antiques section of the new AML law of 2020.
Now is the time to act
The NCBA has created sample letters to send to Congress that highlight the burdens on small business owners they may face when passing these regulations.
The window of opportunity to help shape final settlements will close soon, so please use the letters provided to contact your representative and Senators TODAY.
For more information, read “The 2020 Anti-Money Laundering Law” in Member News, 2021 Q1 (Member login credentials may be required after June 30, 2021).
About the ICTA
The Industry Council for Tangible Assets, dba “National Coin & Bullion Association”, is a 501 (c) (6) tax-exempt trade association dedicated to the coin, currency and precious metals communities since over 36 years old. NCBA exists to promote and protect the interests of its members, serving as an industry watchdog to maintain a favorable legislative and regulatory climate in the United States federal government and individual state governments.