I read an article in the Lapidary Journal about compliance with the
Patriot Act and the stiff penalties for noncompliance. I couldn’t
figure out if they meant you had to have a program to prevent money
laundering if you had a total of $50,000.00 for buying and selling
or if it is $50,000.00 each for buying and selling or just what?
Anyone up on this? Do you know of a cheaper way to comply without
buying the $300.00 JVC kit?
J. S. Ellington
432-557-8785
jsellington@cs.com
I read the article you were referring to, The way It read, to me,
was a total of $50,000 in transactions. I looked up the act and the
sections referenced but It doesn’t mention specifically $50,000.
You can check it out here http://www.fincen.gov/hr3162.pdf.
Section 352 starts on page 131. It is an amendment to the United
States Code so I’m going to try and find the amended section. I’m
surprised in the lack of interest in the subject. Seems everybody’s
happy to look the other way and assume it’s not going to affect
them.