Our AML/KYC solution for Dealers of Precious Metals and Stones (DPMS)
Hong Kong Customs plays a significant role in regulating and enforcing compliance within the DPMS industry. They enforce laws and regulations related to the import, export, and general trade of precious metals and stones, ensuring compliance with relevant customs requirements and anti-money laundering measures.
Our Work
Digital transformation with DPMSs
Pain point for the DPMS
In order to strengthen Hong Kong's regulatory framework for combating money laundering and terrorist financing (ML/TF) in accordance with the Financial Action Task Force (FATF) obligations, amendments have been made to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) (Cap. 615). These amendments introduce a registration system for dealers in precious metals and stones, which has come into effect in 2024. The responsibility for enforcing the registration requirements and overseeing the anti-money laundering and counter-terrorist financing (AML/CTF) activities of registrants will be undertaken by the Customs and Excise Department.
Mitigating Legal and Financial Consequences
Non-compliance with regulations can lead to severe legal ramifications, including fines, penalties, and criminal charges. These consequences can jeopardize the financial stability and viability of DPMS. By prioritizing compliance, DPMS can mitigate such risks, ensuring their financial well-being and operational continuity.
Embracing International Standards and Trade
Hong Kong has been a member of the FATF since 1991 and we underwent a mutual evaluation of our anti-money laundering and counterterrorism financing (“AML/CTF”) regime conducted by the FATF from 2018 to 2019. By adhering to these standards, DPMS meet the requirements of global markets, ensuring unfettered access to international customers and supply chains.
Elevating Reputation and Market Access
DPMS with an exemplary compliance track record enhance their reputation within the industry, opening doors to expanded market access, fruitful partnerships, and growth opportunities. Compliance is often a prerequisite for participation in industry associations, certifications, and responsible sourcing initiatives, further enhancing a DPMS' reputation and credibility.
Tailored
service
for DPMS
Free Demo
Contact us to schedule a real-time and interactive demonstration of our in-built compliance automation system and other products today. Click here to reserve your demo session, or contact us at (852)3797-8938 / cs@ifingate.com