May 22, 2021

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.

 

AML/CFT obligations

 

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
  • Reporting
  • 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

 

Contact details

For more information, we invite you to contact our Business Development Team by email bd@mitcoworld.com  or phone them on + 230 404 8000



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