Dealers in Precious Metals and Stones: Red Flags and AML Solutions
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...