NCBA Anti-Money Laundering Act of 2020 Q&A CANCELLED

In the December 15, 2021, Congressional Federal Register, the Financial Crimes Enforcement Network (FinCEN) issued a “Request for Information” related to the new Anti-Money Laundering Act of 2020 regulations. It appears that the new regulations will not be finalized by the FUN Convention January 5-9, as the comment period goes until February 14, 2022. Therefore, the National Coin & Bullion Association's “Anti-Money Laundering Act of 2020 Q&A,” which was scheduled for 10:00 a.m. on Wednesday, January 5, 2022, as part of the Florida United Numismatists Convention at the Orlando County Convention Center (North-South Building Level III - North Concourse Meeting Room N320E) is CANCELLED. The seminar will be rescheduled, with the new date to be determined.

CLICK HERE to submit comments on ways to streamline, modernize, and update the anti-money laundering and countering the financing of terrorism (AML/CFT) regulations in the United States.

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 communities, 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, if you deal in ancient coins, there is some concern 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.

For further information, see “ The Anti-Money Laundering Act of 2020 ” in Member News, 2021 Q1. (Your membership login credentials are required to access this article. There is a link on the screen to retrieve your password.)