Since 2012, SIRS has been a trusted partner for precious metals and jewelry businesses seeking to navigate the complexities of BSA/AML compliance. We’re more than just a service provider; we offer a complete, integrated solution designed to protect your business from regulatory risks and penalties. Our services, which include a risk assessment, training, written policies and procedures, and independent testing, are built to ensure your business remains compliant, secure, and focused on growth.
FinCEN regulation 31 CFR 1027.210(b)(1) states that a precious metals or jewelry dealer’s AML program must be based upon the firm’s assessment of the money laundering risks associated with its products and services—the risk assessment is the foundation upon which the AML program is built.
SIRS will conduct and document this assessment. In it, we will identify the money laundering and terrorist financing (ML/TF) risks found in the precious metals and jewelry industries. We will then evaluate your products, services, customers, and geographic locations in the context of these risks. The result will be a personalized assessment which will serve as the basis of your BSA/AML compliance program.
31 CFR 1027.210(a) contains the following requirement:
“Each [precious metals and jewelry] dealer shall develop and implement a written anti-money laundering program reasonably designed to prevent the dealer from being used to facilitate money laundering and the financing of terrorist activities….”
The AML Program comprises a comprehensive set of internal policies, procedures, and controls designed to ensure compliance with AML/CFT regulations applicable to precious metals or jewelry dealings. Our AML Program is clear, concise (typically less than 14 pages), and designed for easy integration into your existing business operations. The written program will be personalized and tailored to your business activities. Designed to be a useful resource, the AML Program will include an index and easy-to-understand text.
FinCEN regulation 31 CFR 1027.210(b)(4) requires each precious metals and jewelry dealer to provide for the independent testing of its AML Program. The testing is performed to ensure the AML Program meets relevant BSA regulatory standards.
Our independent testing process is designed to be collaborative and thorough. We begin by reviewing your written policies and procedures, then we examine your records to verify that your program is being implemented effectively. Most importantly, we will work with you to resolve any identified gaps before the test is finalized.
Following the test, you will receive a detailed report with our findings and actionable recommendations to strengthen your program.
As required by 31 CFR 1027.210(b)(3), ongoing training is a key part of a precious metals or jewelry dealer’s AML program. Each dealer should ensure that its personnel complete an AML/CFT training course each year.
Our AML/CFT training course is concise and engaging. Addressing relevant regulatory requirements and the risks found in precious metals and jewelry dealings, the course can be completed in just 12-14 minutes. Upon completion, a training certificate is awarded.
Our comprehensive BSA/AML compliance solutions are competitively priced to fit your business. For most smaller precious metals or jewelry dealers, our price is $750.
We’re here to answer your questions and help you address BSA/AML regulatory requirements.
Call us today at (801) 613-5388 or email us at info@sirsco.com