Regulation of this sector continues to increase internationally. The drafting of the EU’s Fifth Money Laundering Directive (5AMLD) into UK legislation extends responsibilities beyond currently regulated high-value payments in cash, to include any form of transaction over €10,000.

Beyond the UK, the Financial Action Task Force (FATF)’s international AML standards task all dealers in precious metals and stones as “designated non-financial businesses and professions” (DNFBPs). Over 40 AML/CFT FATF recommendations apply to such dealers. In particular, the FATF requires dealers in this sector to conduct customer due diligence and file suspicious transaction reports when engaged in transactions over $30,000.

To avoid their falling foul of the ever-evolving regulatory regimes around the world, RiskScreen helps HVD to efficiently and effectively demonstrate that they have carried out the appropriate checks. Speak to our experts today for advice tailored to your sector and business needs.