Dealers in precious metals, precious stones and other goods now have anti-money laundering obligations. High-value goods bought and sold for cash are an obvious route for moving money, and the duty to notice falls on the people behind the counter. This training was written for them.
Dealers in precious metals, stones and other goods are among the businesses newly brought into Australia's AML/CTF regime. What brings you in is not the price of what you sell, but how your customer pays: buying or selling precious metals, stones or products where the customer pays $10,000 or more in cash or virtual assets, in one transaction or in linked transactions, is a designated service.
Some businesses decide not to accept cash at that level, and are not captured as a result. That only holds if it is a documented business rule your staff actually follow, which is a training question as much as a policy one.
If you are captured, your business needs a risk assessment, an AML/CTF program setting out your AML/CTF policies, your staff need training on when to identify a customer and how to identify and report certain activity, and your records need to stand up when someone asks for them.
Every completion produces a record showing what was covered, what was asked and how each person answered, so you can show that your staff were trained, and on what.
Choose the number of training packs you need, including any governance packs for your AML/CTF Compliance Officers, AML ‘Senior Managers’ and members of your Governing Body. Assign them to your team and see at a glance who has completed their training and who still needs to finish, with reminders to keep everyone on track. Each completion generates a detailed record of the content covered, the questions asked and each person’s answers, ready to provide if your AML/CTF program is reviewed.
See training for jewellers →