Registration regime for dealers in Precious Metals and Stones (DPMS)

The Government has tabled the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 at LegCo, which seeks to introduce a registration regime for dealers in precious metals and stones (DPMS) and impose statutory anti-money laundering and counter-terrorist financing (AML/CTF) obligations on the sector.

The amendment bill is expected to come into operation in January 2023.  DPMS will then be required to register with the Commissioner of Customs and Excise.

In addition, DMPS who engages in cash transactions at or above $120,000 in the course of their business will be subject to AML/CFT supervision and obligations including customer due diligence, on-going monitoring, record keeping, suspicious transaction reporting, and staff training.

It is advisable for DPMS to start preparing for the new regulatory obligations, so as to avoid unnecessary disruption to your business operations when the amendment bill come into operation in January 2023.

With a team of lawyer, accountant and experienced AML/CFT experts, Parklin Consultancy can assist your businesses in this regard by providing a wide range of tailor-made AML/CFT services, which include:

• Formulation of Corporate AML/CFT Policies and Procedures
• Provision of Name Screening and On-Going Monitoring Systems
• Staff Training on AML/CFT

If you require more information about our services, please feel free to contact us.