AML Compliance eBook for DPMS
AML Compliance eBook for DPMS
The Bling of jewellery is a point of attraction for common masses and criminals alike. This makes the Precious Metals and Stones Industry vulnerable to Money Laundering (ML), Financing Terrorism (FT), Proliferation Financing (PF), and other financial offences. Dealers in Precious Metals and Stones (DPMS), due to the high-risk nature of their products, which can be easily liquidated, smuggled, transported, misused, and exchanged by criminals to further their illegal motives, need to exercise great caution while conducting usual transactions.
Dealers in Precious Metals and Stones need to have in place a dedicated internal Anti-Money Laundering (AML) Framework. The AML Framework needs to be formulated on the foundational stones of Risk-Based Approach (RBA), that mandates applying risk mitigation measures in proportion to the nature, extent and degree of ML/FT and PF risk to which it is exposed.
This Guide navigates the complexities of AML Compliance and provides an in-depth understanding of the AML compliance obligations of Dealers in Precious Metals and Stones (DPMS) as Designated Non-Financial Businesses and Professions (DNFBPs).
This guide includes:
- All About goAML Registration for Dealers in Precious Metals and Stones: A step-by-step guide to assure a seamless registration process on goAML portal, which is a mandatory AML compliance requirement.
- Tailoring AML/CFT Policies and Procedures: A comprehensive AML framework that helps DPMS formulate, design, customize, and implement their policies in line with organizational goals and requirements.
- A-Z of AML Compliance: From A for Appointment of Compliance Officer, B for Business Relationships handling and monitoring, C for Customer Due Diligence (CDD) and R for Record Keeping, this guide contains all.
- Comprehensive Coverage of Reporting Requirements: A complete instruction on factors to be considered and situations necessitating the filing of DPMS Report (DPMSR), High-Risk Country and Activity Reports (HRC)/(HRCA) and other goAML reporting.
- AML Training and Governance Simplified: Everything a DPMS needs know about creating a robust AML compliance culture within their organization.
- FAQs on AML Compliance for Dealers in Precious Metals and Stones (DPMS): The guide answers several frequently encountered queries about DPMS AML compliance.
After reading this guide, DPMS will learn about implementing the right and necessary AML compliance measures to prevent ML/FT and PF through their business.
Check out the booklet now!
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Related Laws, Guidelines, Rules, and Regulations
- Guidelines for Designated Non-Financial Businesses and Professions (DNFBPs)
- Ministry of Economy’s Supplemental Guidance for Dealers in Precious Metals and Stones
- Terrorism Lists Regulation – Cabinet Resolution No. 74 of 2020
- goAML Pre Registration Guide Reporting Entities
- MoE goAML Circular No. 08/AML/2021
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