All customer information and transaction history is maintained as required under Florida law. These retained records are confidential and private except as outlined below. Executive Bullion does not sell or distribute the information to any other party. Chapter 538 Florida statutes requires that we obtain, record and transmit to law enforcement customer name, physical address, valid ID, statement of ownership and description of merchandise sold for all online/mail-in transactions. Over the counter transactions also require right thumbprint and signature.
ALL RECORDS ARE AVAILABLE FOR INSPECTION BY LAW ENFORCEMENT FOR 3 YEARS FROM TRANSACTION DATE.
Patriot Act and AML Compliance Statement.
THE USA PATRIOT ACT OF 2001
On October 26, 2001, the President signed into law the USA PATRIOT Act. Title III of this Act makes a number of amendments to the anti-money laundering provisions of the Bank Secrecy Act of 1970 (BSA) that are intended to promote the prevention, detection and prosecution of international money laundering and the financing of terrorism. Executive Bullion enthusiastically supports this endeavor.
Among the Act’s provisions are the requirements that all financial institutions – including dealers in precious metals – establish an anti-money laundering (AML) program and verify the identity of their customers. It is for this reason that Executive Bullion asks you for various identifying information.
For AML programs to be effective, they require each of us to be alert to possible money laundering. Generally, money laundering is the process of concealing the true origin of criminally-derived proceeds so they appear to have legitimate origins. This occurs in many ways, including converting cash into precious metals, then moving the metals undetected into financial systems. The Act and BSA apply severe penalties to money launderers and also to those who ignore, or are “willfully blind” to suspicious activity that turns out to be money laundering.
It is in the best interest of all of us to comply with the Act and assist in the prevention of money laundering and terrorism funding. Thank you for your part of this effort.
ANTI-MONEY LAUNDERING PROGRAM
Customer represents that it (a) has a written anti-money laundering program of compliance and supervisory procedures that complies with the Interim Final Rule of the USA PATRIOT Act and the Bank Secrecy Act, and provides for staff training and periodic audits to test the efficacy of the anti-money laundering program and its systems, (b) is not a “dealer in precious metals, stones and jewels” as defined in the Interim Final Rule of the USA PATRIOT Act, or (c) is exempt from compliance therewith by one of the following:
Retailer exemption: Retailers that purchase only from other dealers who follow a U.S. anti-money laundering program are exempt from compliance. Additionally, retailers who purchase less than $50,000 of covered goods from non-U.S. dealers and members of the general public are exempt from compliance.