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Why Dealers in Precious Metals need AML/CTF?
Dealers in Precious Metals, Jewels and Stones engage in the business of production, mining or trading of precious metals or jewellery. This is a high-risk sector as it offers a lucrative market for criminals who want to hide, transfer or invest their illicit proceeds. As a registered dealer, manufacturer, trader or a miner in precious metals, jewels or stones, you are a “regulated entity”, if you:
- do import, deal or trade in coin or bullion; or
- deal in precious metals (like gold, silver, and platinum), jewels (like a pearl, amber, and coral) and stones (like diamond, rubies and sapphires); or
- produce precious metals or precious stones at mining operations; or
- are a buyer or seller in the secondary and scrap markets; or
- are a jewellery manufacturer who uses precious metals and precious stones for retail sellers.
Risk exposure
This sector is an attractive channel for money laundering because cash is an acceptable method of exchange, and the goods can be transported easily. Trade-based money laundering: false reporting, commodity misclassification, carousel transactions, or round-tripping through other countries; make it difficult to identify the source of funds or the purpose of transactions. This allows the proceeds of crime and illicit activities to be laundered through these goods, exposing dealers to fraud, bribes or terrorism financing (TF).
Compliance requirements
Compliance begins at the onboarding stage with KYC, determining third-party involvement, ultimate beneficial owners, conducting sanctions and PEP checks, as well as checking SDN lists, if applicable. The ongoing risk-based approach includes scrutiny of cash transactions above the designated threshold, high-value transactions, high-risk clients, or high-risk countries; declaration of the sources of funds and legitimacy of the transaction; monitoring for unusual behaviour; and reporting of suspicious transactions and invoicing.
Gaps in compliance
The ability to trade anonymously in these high-value goods using cash or cryptocurrencies makes it difficult to trace ownership. Other factors like ease of illegal smuggling or mining, transporting these goods across borders for criminal transactions, trade-based money laundering, lack of transparency in transactions and ownership structures, allows illicit funds to be incorporated into the legitimate economy. Other bad practices like inadequate documentation or using these precious goods for bribing, make dealers in precious metals vulnerable to AML/CTF compliance.
Establish a Compliance Programme
Businesses dealing with precious metals, jewels and stones are expected to establish the framework for a risk-based compliance program:
- Conduct a risk-based assessment for exposure by its products, services, and delivery channels; types of clients and third-parties involved; the country in which it operates or transacts with; size or pattern of transactions; nature of trade; and business relationships.
- Create risk reduction measures and controls to lessen risk.
- Develop an AML/CTF program: client identification, beneficial ownership or third-party business relationship, Sanctions/SDN/PEP screening.
- Have policies and procedures in place for Suspicious Transaction Reporting (STR).
- Implement a risk-based approach to ongoing monitoring of transactions, cross-border trades, patterns and business relationships.
Maintain your Compliance Programme
Set up and maintain your compliance program, as per the laws of your regulatory body. Non-compliance may result in criminal or administrative monetary penalties.
Ongoing compliance involves:
- Training staff, and designating an AML Compliance or Digital Ethics Officer.
- Conducting customer due diligence (CDD) when establishing a new business relationship or enhanced due diligence (EDD) for cash transactions above a designated threshold, or when a criminal is found to be the beneficial owner or holding a management function in the precious metals business.
- Keeping records as required by your regime.
- Ongoing CDD and transaction monitoring to identify and report suspicious activity.
- Complying by the laws set out by your country’s regulator, and industry bodies.
- Reviewing your compliance program at regular intervals.
Our Solutions
Comply with Regulation
Our PEP and sanction screening service will help you reach your compliance requirements.
Comprehensive Screening
Our details scan reports provide you with an overview of in-depth information on potential risks to your organisation.
Reliable Data Sources
We provide access to multiple data sources to meet the varying requirements of users.
Database Updates
We update the information for all of our data sources daily to provide you with up-to-date relevant data.
Batch Screening
Save the time manually checking names by using our batch scanning feature to scan bulk files of names simultaneously
Easy To use
Our service is straight-forward and easy use, making compliance easy by simplifying processes.
Due Diligence
Perform due diligence by assigning risk, determining true matches and recording decisions in the NameScan dashboard.
Adverse Media
Conduct further research into potential matches and risks to your organisation through various sources.
Automate Your Screening
Use our API to integrate with your existing systems to automate the screening process.
Hear From Our Customers
Reviews sourced from Capterra
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Associate Director
Good, easy to use, gets it done
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Business Manager
Top Level AML Solutions tailored to specific needs
Provides excellent value for money, is easy to use, accessible, and canbe tailored for specific needs.
Shaun D.
CTO
Detailed PEP/SIP Scanning with easy integration
Integration was easy with well-documented API. Both 'in house' and'commercial' databases were detailed and provided valuable insights. The team are always accessible toprovide support.
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Compliance Officer
Making Life Much Easier
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Director
Great Product
User-friendly and detailed report. Seems to be the best product on themarket Industry.
Emanuel S.
CEO
Using the API for a year without any major issues
Namescan API is well documented and easy to implement. We have beenmaking calls to the API for almost a year now and there was only one instance when the call failed.
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Director
Corporate clients due-diligence
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UW Assistant
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Company Secretarial Services
Perfect for our needs
Quick and easy to run checks against a wide range of sanctions and PEPlists.
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Best option out there for what we need
The simplicity and quality of the reports! Our clients have commented onhow good it is to have all the scanned lists in one place.
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Analyst
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Excellent choice for small fintech start-ups
Namescan is an excellent choice for small fintech start-ups, where payingthe large up-front signup fee of other AML solution providers can be less interesting.
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Chief Compliance Officer
Easy to use and comprehensive
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Compliance Officer
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Corporate Paralegal
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