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Precious Metals Dealers

Precious Metals Dealers

Precious metals, jewels, and stones retailers produce, mine, or trade precious metals or jewelery. The precious metals industry is considered high-risk because it is a profitable area for criminals who want to conceal, transfer, or invest illicit proceeds.
According to the Financial Action Task Force (FATF), dealers in precious metals and stones are considered as "obliged entities" and are subject to anti-money laundering (AML) and counter terrorism financing (CTF) regulations when they engage in certain activities.
These activities include:
Buying and selling precious metals, precious stones, or other high-value items in exchange for cash or virtual currency, with a value of €10,000 or more.
Engaging in cash transactions of €10,000 or more, regardless of whether they involve precious metals or stones.
Acting as intermediaries in cash transactions of €10,000 or more, regardless of whether they involve precious metals or stones.
Engaging in any other activities that may pose a higher risk of money laundering or terrorism financing.

Regulatory Compliance

Dealers in precious metals and stones that are considered as obliged entities are required to implement AML/CTF measures, such as customer due diligence and suspicious transaction reporting, as well as comply with other regulations and laws as applicable in their jurisdiction.
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