Registration for Dealers in Precious Metals and Stones
To enhance the regulatory regime for combating money laundering and terrorist financing in fulfilment of Hong Kong’s obligations under the Financial Action Task Force, the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (“AMLO”) (Cap. 615) has been amended to introduce a registration regime for dealers in precious metals and stones for commencement on 1 April 2023. The Customs and Excise Department would take charge of the regime to enforce the registration requirements and supervise the anti-money laundering and counter-terrorist financing (“AML/CRF”) conduct of registrants.
Any person who is seeking to carry on a business of dealing in precious metals and stones in Hong Kong and engage in any transaction(s) (whether making or receiving a payment) with total value at or above HKD120,000 in Hong Kong is required to register with the Commissioner of Customs and Excise.
There are two categories under the registration regime as follows:
- Any dealer who intends to engage in non-cash transaction(s) with total value at or above HKD120,000 in the course of business is required to register as a Category A registrant.
- Any dealer who is seeking to engage in cash transactions and non-cash transactions with total value at or above HKD120,000 in the course of business is required to register as a Category B registrant. A Category B registrant is subject to AML/CTF supervision.
Our team has rich experience in assisting our clients through the procedures of category A and category B registrations and advising them the required AML/CTF policies and due diligence measures in place after obtaining the license.
For details of the registration regime, please visit the website of Customs and Excise Department.