To All Our Customers,
You are being requested to provide information and documents to us. Please let us explain.
The U.S. Congress has classified all dealers in precious metals as financial institutions since 1970. In 2001, Congress required every financial institution to have an anti-money laundering program (USA Patriot Act, section 352,31 U.S.C. section 531 (g). In 2005, the United States Treasury implemented this Congressional requirement through a regulation, 31 CFR 103.140, effective as of January 1, 2006. Altuni Precious Metals LLC. Is compliant with this legal requirement. Because you may also be a dealer in precious metals, subject to the same law, we are asking that you certify either that you comply or are not subject to this requirement.
The essence of AML Program is that we must know our customers-who you are and what you do. Knowing whom you are means ensuring that we have your legal name and that we are reasonably sure that you are the person that you say you are. If you are an organization, we need to have your names against government list of criminals, terrorist financiers, and people who have been blocked from doing business with United States businesses. It is unlikely you will appear on those lists, but we do need to check.
Knowing what you do means having an understanding that you have a legitimate reason to buy our products or have a legitimate source for materials that you sell to us. Therefore, for example, if you are a manufacturer of gold jewelry, we understand that you may have a need to buy gold, and a legitimate source of scrap gold for refining. We are not likely to follow that line of inquiry further. If, on the other hand, you are, say, a postal clerk, or own a grocery store, we may question why you claim to have a large amount of gold for sale.
We assure you that we will not use this information and documents for any other purpose and will not be seen by any person without AML responsibilities. In no circumstances we will sell or give away your AML information to others.
Please feel free to contact me if you have any questions or concerns.
Emre Bingol
Compliance Officer
