12/4/2023 0 Comments Precious gems and metals![]() ![]() To download a copy of the quarterly report click here. You may report an STR using the FIU’s online STR reporting portal by clicking here.Īll DPMS must file a quarterly transaction report of $15,000.00 or more with the FIU no later than 15 days after the quarter ends. You must report where there are reasonable grounds to suspect that a transaction or an attempted transaction is related to the commission or attempted commission of a money laundering offence or a terrorist activity financing offence. However, you are not subject to this when you engage in a purchase or sale carried out for, in connection with, or for the purpose of manufacturing jewelry, extracting precious metals or precious stones from a mine or cutting or polishing precious stones. If you are a DPMS, you have to implement a compliance regime if you engage in the purchase or sale of precious metals, precious stones or jewelry in an amount of $15,000 or more in a single transaction. To download a copy of the registration form and guide for registration click here. Section 85A (3) of the MLTPA states A person who contravenes this section commits an offence and is liable on summary conviction to a fine of not less than ten thousand dollars or to imprisonment for twelve months or to both. Application to register as a DPMSĪll DPMS must apply for registration with the FIU and pay the applicable registration and a non refundable application fee. Jewelry means objects made of precious metals, precious stones or pearls intended for personal adornment. Precious stones include diamonds, sapphires, emeralds, tanzanite, rubies or alexandrite. Precious metals include gold, silver, palladium or platinum whether in coins, bars, ingots, granules or in any other similar form. DPMS means an individual or an entity that buys or sells precious metals, precious stones or jewelry, in the course of its business activities. Under the Money Laundering and Terrorism (Prevention) Act (MLTPA), a person who intends to or is carrying on business of dealing in precious metals and precious stones (DPMS) shall apply for registration with the FIU.
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