MinLaw conducted a series of inspections and compliance reviews of regulated dealers targeted at assessing their level of compliance with the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 (“PSPM Act”) and Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Regulations 2020 (“PMLTF Regulations”).
The Guidance Paper sets out the key findings and MinLaw’s supervisory expectations of effective Anti-Money Laundering/Countering the Financing of Terrorism (“AML/CFT”) controls in the precious stones and precious metals dealer (“PSMD”) Sector.
Please click here to view the Guidance Paper Briefing slides. The video for the Guidance Paper Briefing is available here.
Regulated dealers should study the learning points and incorporate them in a manner proportionate to the risk profile of their business activities and customers. The regulated dealers should note that examples highlighted in this paper are non-exhaustive and they should continue to implement appropriate AML/CFT controls that commensurate with the nature and complexity of their business.