Customer verification
Verify identity and screen customers against sanctions, PEP, and adverse-media data before a high-value sale completes. Checks are triggered at the dealer thresholds where obligations apply.
Industry solution
AML Compliance for Precious Metals Dealers
Verify customers, screen against sanctions and PEP data, and check source of funds on high-value bullion sales that cross cash and dealer reporting thresholds.
Last updated
What MemberCheck covers
- Customer verification
- PEP & sanctions screening
- Source-of-funds checks
- Threshold transaction records
- Audit-ready recordkeeping
The challenge
Why AML matters in Precious Metals Dealers.
Precious metals and bullion hold a lot of value in a small, portable form and convert back to cash easily, which makes dealers a recognised laundering channel and a focus of high-value dealer regulation. Obligations bite at defined thresholds, especially on large or cash purchases, where a dealer has to know who the customer is and where the money came from before the sale goes through.
The practical challenge is that a sale can be quick and the buyer may want to pay in cash. Meeting the rules means verifying and screening the customer at the point the threshold is reached, taking a closer look at source of funds on the larger trades, and keeping enough evidence to explain the transaction later.
MemberCheck verifies and screens customers against sanctions, PEP, and adverse-media data at the dealer thresholds, supports source-of-funds review on high-value purchases, and retains the records that back up cash and threshold transaction reporting.
How MemberCheck helps
All solutions →Built into how your team already works.
PEP & sanctions screening
Screen buyers and any entity behind them against sanctions and PEP lists, so a portable, easily converted asset is not sold to a prohibited or high-risk party. Results attach to the transaction.
Source-of-funds checks
Support review of the funds behind large or cash purchases by screening the parties and flagging exposure. Evidence is retained against the sale for later inspection.
Enhanced due diligence
Escalate high-value or politically exposed buyers into deeper review with adverse-media and ownership checks. The basis for proceeding is documented against the customer.
Recordkeeping & audit trail
Retain identity, screening, and source-of-funds records to support cash and threshold transaction reporting. Records are exportable for a regulator or auditor on request.
What you need to cover
The obligations MemberCheck supports.
- Customer identification and verification at dealer thresholds
- PEP, sanctions, and watchlist screening
- Source-of-funds verification on high-value purchases
- Cash and threshold transaction reporting
- Enhanced due diligence for higher-risk customers
- Suspicious matter reporting and record keeping
1,000+
Global watchlists screened
<1s
Average screening response
24h
Watchlist refresh cycle
195
Countries covered
FAQ
Common questions.
When do precious metals dealers have to verify a customer?
Verification and screening apply at defined high-value dealer thresholds, particularly on large or cash transactions. MemberCheck screens the customer at those triggers and records the outcome.
Why is source of funds important for bullion sales?
Bullion is portable and easily converted, so large purchases attract laundering. Screening the parties behind the funds and retaining the evidence helps show a purchase was legitimate.
Does MemberCheck support cash transaction reporting?
MemberCheck retains the screening and due-diligence records that support cash and threshold transaction reports, keeping the evidence exportable for the regulator.
Can we screen a business buyer as well as an individual?
Yes. You can screen an individual buyer or an entity, including the beneficial owners behind a company, against sanctions and PEP data before completing a sale.
See MemberCheck for Precious Metals Dealers.
Book a walkthrough with our compliance team and screen a real case in the first session.