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High-Stakes Risks of Money Laundering in the Precious Metals & Stones Industry

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  Money laundering is becoming more prevalent due to various factors. Those dealing with precious metals and stones are particularly vulnerable to being involved in money laundering due to the high value and liquidity of these products. Unfortunately, money laundering is a lucrative business that continues to persist. As there are frequent large transactions occurring, there is a constant flow of money in and out. It is important to note that dealers of metals and stones face a high risk of being involved in cases of money laundering. Precious metals and stones can be easily bought and sold across borders. Here are some key points about the money laundering risks involved in dealers in precious metals and stones : Let’s Get Started: Uncovering the Money Laundering Risks of Dealers in Precious Metals and Stones The high value and liquidity of precious metals and stones make them an attractive target for crime.  Criminals often use cash transactions to launder money obtained fro...
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Dealers in Precious Metals and Stones: Red Flags and AML Solutions

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Financial institutions play a major role in maintaining the health of a country's economy. A well-flourishing economy makes every possible effort to avoid the entrance of financial crimes. But, exposure to serious crimes like money laundering is increasing at a high rate. This makes an alarming call for financial businesses, including the jewellery industry. Dealers in precious metals and stones can deal with difficult challenges due to the treasury nature of the industries. So, there is a need for a strong combative strategy like the AML compliance program.  It can help the authorities identify potential money laundering red flags and catch the ultimate criminals.  Keep reading to learn the common red flags associated with the jewellery industry. We will also discover the solution for the same. Using Precious Metals in Place of Currency Precious metals like gold and gems store high value, which may lead criminals to use them as an alternative to currency. There can be a high...
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Location: Dubai - United Arab Emirates
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