AML POLICY

Policy Info

Anti-Money Laundering (AML) Policy Summary

At Shop N Go (Pacific Market Inc), we are committed to the highest standards of integrity and compliance with all U.S. anti-money laundering (AML) and counter-terrorism financing laws. As a retail convenience store that also specializes in custom gold jewelry manufacturing, we take our responsibility to prevent financial crime seriously.

Our AML program is designed to protect our business, our employees, and our customers by detecting and preventing any attempted use of our services for illegal activities.

Customer Identification Requirements

To comply with federal regulations, we require valid government-issued photo identification for certain transactions.

• When ID is Required: We verify your identity for any jewelry purchase of $3,000 or more, for multiple related transactions totaling that amount within 24 hours, or for any custom jewelry order.
• Acceptable Identification: Customers must provide a valid, non-expired U.S. Driver’s License, State ID, U.S. Passport, U.S. Military ID, or a Foreign Passport.
• Information Collected: We are required to record your full legal name, date of birth, residential street address, and identification number.

Cash Transaction Policies

As a dealer in precious metals, we monitor cash transactions closely to prevent “structuring” (breaking large payments into smaller ones to avoid reporting).

• IRS Form 8300: We are legally required to file a report with the IRS for any single or related cash payments exceeding $10,000.
• Source of Funds: For transactions of $5,000 or more, our staff may ask about the purpose of the purchase and the source of the funds to ensure the legitimacy of the transaction.

Reporting Suspicious Activity

We maintain a strict policy of monitoring for “red flags,” such as customers providing false information or showing an unusual lack of interest in the jewelry’s design.

• Confidentiality: If a transaction is deemed suspicious, we may decline it and, where appropriate, file a Suspicious Activity Report (SAR).
• Non-Disclosure: By law, we cannot inform any customer if a suspicious activity report has been filed regarding their transaction.

Compliance & Records

• Record Keeping: We securely maintain all transaction records and identification copies for a minimum of 5 years.
• Training: All Shop N Go personnel undergo regular AML training to ensure they stay current on regulations and detection techniques.

Contact Information For questions regarding our AML compliance, please contact our AML Compliance Officer: Shop N Go 237 Greenville Ave, Johnston, RI 02919 Phone: 401-241-0294