Risk Assessment and Internal Policies, Procedures and Controls
Regulated dealers are required to perform an assessment of the money laundering (“ML”) and terrorism financing (“TF”) risks faced by their business. They are also required to develop internal policies, procedures and controls (“IPPC”) to manage their ML/TF risks.
Annex A of the Guidelines for Regulated Dealers sets out the guidance on the entity-based requirements and should be read in conjunction with the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 and Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Regulations 2019.
Entity-Based Requirements for Precious Stones and Precious Metals Dealers (“PSMD”): Watch the videos to find out how the regulatory regime safeguards the PSMD sector and begin your journey as a regulated dealer.