Dealers in precious metals and stones
A dealer in precious metals and stones is considered to be an individual or an entity that buys or sells precious metals, stones and/or jewelry during the course of its business. Jewelry is defined as objects that are made from precious metals, stones or pearls that intended for personal adornment and decoration. You will become subject to the PCMLTFA if you are involved in the purchase or sale of precious metals, stones or jewelry that amounts to $10,000 or more in a single transaction. This purchase or sales excludes those that carry them out for the purpose of:
- Manufacturing jewelry
- Extracting precious metals or stones from a mine
- Cutting or polishing precious stones
If any of your purchases and sales are related to the three points mentioned above, you are not subject to the requirements of the PCMLTFA.
- Precious metals include: gold, silver, palladium and platinum. They can be in the form of coins, bars, ingots, granules or more.
- Precious stones include: diamonds, sapphires, emeralds, tanzanites, rubies, or alexandrites.
Obligations under the PCMLTFA
- Have a comprehensive and effective compliance program in effect
- Be thorough and know your client before engaging in any sort of business with them
- Report any suspicious transactions, terrorist properties and large cash transactions
- Record keeping
Services offered are:
- AML/CTF Compliance Audit review
- Forensic and Fraud Investigations of financial transactions
- Business operations and documentation