AML- CFT COMPLIANCE SERVICES FOR THE JEWELLERY SECTOR
Every dealer in jewellery, precious stones or precious metal must, for the purposes of anti-money laundering (AML) and combating the financing of terrorism (CFT) and proliferation, abide by the Financial Intelligence and Anti-Money Laundering Act (FIAMLA).
Who is a Dealer in jewellery, precious stones or precious metal?
Means a person who deals in jewellery, precious stones and includes a person who:
- Manufactures, sells, imports jewellery;
- Exports jewellery and melted precious metal;
- Supplies jewellery for sale; or
- Imports, sells, processes precious or semi-precious stones.
Which transactions are concerned?
A dealer in jewellery, precious stones or precious metal who engages in any cash transaction of at least MUR 500,000 in total, whether the transaction is executed in a single operation or in several operations which appear to be linked.
The following AML/CFT legislative requirements apply to the Jewellery Sector:
- Registration with the FIU
- Risk Assessment
- Developing and implementing Policies and Procedures
- Appointment of Key Officers
- Customer Due Diligence
- Employee Screening
- AML/CFT Training
- AML/CFT Audit
- Record Keeping
MITCO can assist the jewelleries:
- For your registration with the FIU
- To conduct a risk assessment of your business
- To draft internal policies and procedure manuals for your company
- To perform customer due diligence identification and verification procedures
- To provide customized training to the officers of your company
- To undertake an independent AML/CFT Audit
- To provide guidance with reporting requirements
- To provide assistance during regulatory inspections
For more information, we invite you to contact our Business Development Team by email firstname.lastname@example.org or phone them on + 230 404 8000