NCBA: Dealers, Tell Congress to Support Changes to AML Act of 2020

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Stack of 2015 American Silver EaglesThe Anti-Money Laundering Act of 2020 became law on January 1, 2021, and Congress is currently developing many specific regulations related to the act.

Several components of the new law that are still to be finalized will directly impact the numismatic and bullion industry, including:

  • Raising the minimum threshold for reporting "Currency in excess of $10,000 received in a trade or business," (Form 8300) from $10,000 to a higher amount.

  • Raising the threshold for needing an Anti-Money Laundering program in place from $50,000 (both buying $50,000 and selling $50,000 of "Cover Goods" during a year) to a higher amount.

  • Clarifying the reporting requirements for and minimizing the impact of the Corporate Transparency Act on your business. This is the most complex component of the new AML Act.

  • Finally, ancient coins dealers should be concerned about the definition of an "antiquity" and what reporting thresholds should apply. The Global Heritage Alliance, a group that advocates for stakeholders in the antiquities industry, is taking the lead on the Antiquities component of the new AML Act of 2020.

Now Is The Time To Take Action

NCBA has created sample letters for you to send to Congress that point out the burdens placed on small business owners they can address as these regulations are decided.

The window of opportunity to help shape the final regulations will close soon, so please use the provided letters to contact your representative and senators TODAY.

For further information, read "The Anti-Money Laundering Act of 2020" in Member News, 2021 Q1 (membership log in credentials may be required after June 30, 2021).

About ICTA

The Industry Council for Tangible Assets, dba "National Coin & Bullion Association," is a 501(c)(6) tax-exempt trade association dedicated to the coins, currency, and precious-metals bullion communities for over 36 years. NCBA exists to promote and safeguard the interests of its members, serving as the industry’s watchdog to maintain a favorable legislative and regulatory climate in the United States federal government and individual state governments.

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Kaiser Wilhelm

I am a bit at a loss here to understand how loosening the restrictions by raising the dollar amount at which reporting requirements kick in regarding currency transactions will do anything but help make money laundering easier. If this is a matter of allowing for paperwork reduction to make things easier for one particular business segment taking precedence over the ongoing scrutiny of possibly illegal transactions it appears to be a classic case of being penny wise and pound foolish.

Incidentally, cleaning coins is in it own way just as harmful as laundering bills…

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