The 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 coin 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.
To find your US representative, visit https://www.house.gov/representatives/find-your-representative.
To download the sample letter to your representative, click here.
To find your US senators, visit https://www.senate.gov/senators/senators-contact.htm.
To download the sample letter to your senators, click here.
For further information, read “The Anti-Money Laundering Act of 2020” here.
* * *
Industry Council for Tangible Assets (ICTA) is a 501(c)(6) non-profit association that represents the rare-coin, currency, and precious-metals communities. ICTA is supported solely by dues and donations. The Diane Piret Memorial Outstanding Service Award commemorates the 25-year ICTA career of the organization’s industry affairs director, who died in 2015. To join and/or learn more about ICTA, visit ictaonline.org.