Anti-Money Laundering Policy
Money Laundering refers to the act of concealing and/or passing illegally obtained money. Terrorist financing refers to the process of providing funds for terrorism through financial institutions (both of these acts are hereinafter referred to as “money laundering”).
Republic Coin Inc. recognizes that the methods by which money may be laundered are diverse and can range in sophistication, and we take this into consideration so as to aid law enforcement in their efforts to eliminate the financing of terrorism.
One of the primary countermeasures against money laundering is the cooperation of financial institutions in their handling of all transactions. Towards that end, every individual in an organization - both management and employee - must be aware of all possible means of preventing the act of money laundering, etc. Republic Coin Inc. conducts business in compliance with the appropriate United States laws to implement our company’s Anti-Money Laundering Policy.
Section 352 of the USA Patriot Act requires that all “financial institutions” create and implement an anti-money laundering (AML) program. Subsequent modifications to the original Bank Secrecy Act of 1970 – which defines what and who is classified as a “financial institution” –include “dealers in precious metals, stones or jewels.” As a “dealer in precious metals, stones or jewels”, which by definition of the law includes items of numismatic interest, Republic Coin Inc. adheres to the formal anti-money-laundering requirements of the USA Patriot Act, the Bank Secrecy Act, the Treasury Department, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), and all other appropriate U.S. Government Agencies.