AML & KYC Software for Dealers in Precious Metals and Stones
Gold, diamonds and jewellery are valuable, portable and easy to resell, which is why regulators treat dealers in precious metals and stones (DPMS) as gatekeepers. Most regimes trigger duties at cash thresholds — above S$20,000 in Singapore, HK$120,000 in Hong Kong, AED 55,000 in the UAE and A$10,000 in Australia. One Constellation helps dealers identify and screen buyers and sellers and keep the records each regime requires.
Precious Metals and Stones Attract Illicit Money
FATF Recommendation 22 brings dealers in precious metals and stones into the AML regime when they carry out a cash transaction with a customer at or above USD/EUR 15,000, and Recommendation 23 requires them to report suspicious transactions. National rules set their own thresholds, and some now count digital payments as well as cash.
Cash and Linked Purchases
Thresholds apply to single and linked transactions. A customer who splits a purchase across days or visits can still cross the line, and dealers are expected to notice.
New Ways to Pay
Australia counts virtual assets alongside physical currency, and Singapore treats certain payments in gold or digital payment tokens as triggers for customer due diligence.
Buying From the Public
Laundering can run in reverse when dealers buy gold or jewellery. Singapore's rules cover purchases by secondhand dealers, and under the EU AML Regulation the supplier of goods counts as a customer.
Customer Due Diligence for Dealers
Identify and verify buyers and sellers, screen them, and keep the evidence and records each regime requires — at the counter or online.
Customer KYC
Document, biometric and data checks to identify and verify individual buyers and sellers, with PEP and sanctions screening in the same flow.
KYB & UBO Discovery
Verify corporate buyers, suppliers and trading counterparties, and trace layered ownership to the natural persons behind them.
Sanctions, PEP & Adverse Media Screening
Screen customers and related parties against sanctions, PEP and adverse-media sources, with re-screening when lists change.
Transaction Monitoring
Rules-based monitoring of transactions, including linked purchases around cash thresholds, with alerts routed into case management.
Enhanced Due Diligence
Structured EDD workflows for higher-risk customers, including source-of-funds and source-of-wealth capture.
Compliance Portal & Audit Trail
Risk assessments, periodic reviews and audit-ready records for every customer in one place.
DPMS Rules by Jurisdiction
Thresholds and duties differ widely. This is the position as of October 2026.
Singapore. Under the Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Act 2019, regulated dealers — businesses that manufacture, import or hold for sale, sell, or buy for resale precious stones, metals or products, or sell or redeem asset-backed tokens — must register with the Ministry of Law's AML/CFT Division. Dealing without registration carries a fine of up to S$75,000, up to three years in prison, or both. For transactions in cash or cash equivalents exceeding S$20,000, dealers must carry out customer due diligence and file a cash transaction report with the Suspicious Transaction Reporting Office within 15 business days, and keep records for five years.
Hong Kong. Since 1 April 2023, Part 5C of the AMLO requires dealers to register with the Customs and Excise Department. Category A registration covers non-cash transactions of HK$120,000 or more; Category B covers cash transactions of HK$120,000 or more, and only Category B registrants carry the customer due diligence and record-keeping duties and a fit-and-proper test. Dealing without registration carries a fine of up to HK$100,000 and six months in prison.
United Arab Emirates. Under Federal Decree-Law No. 10 of 2025 and Cabinet Resolution No. 134 of 2025, dealers in precious metals and stones are DNFBPs for cash transactions of AED 55,000 or more, supervised by the Ministry of Economy and Tourism. Since June 2021 (Circular 08/AML/2021) dealers must file a DPMS report through goAML for cash transactions of AED 55,000 or more with individuals, and for transactions of AED 55,000 or more with companies whether paid in cash or by wire transfer.
Australia. Bullion dealing has long been a designated service with no threshold. Since 1 July 2026, buying or selling precious metals, stones or products in a transaction involving physical currency or virtual assets of A$10,000 or more is also covered, and businesses must enrol with AUSTRAC within 28 days of starting the service.
United Kingdom, United States and EU. In the UK, high value dealers that make or receive cash payments of £10,000 or more — in sterling since 30 June 2026 — must register with HMRC and apply the Money Laundering Regulations. In the US, dealers that both bought and sold more than $50,000 of covered goods in the previous year need a written AML programme under 31 CFR Part 1027, retailers are largely exempt, and cash over $10,000 must be reported on Form 8300. In the EU, today only traders accepting cash of €10,000 or more are covered; from 10 July 2027 the AML Regulation covers anyone trading in precious metals and stones as a regular or principal activity, with no threshold, and caps cash payments at €10,000.
For Every Kind of Dealer
Jewellery Retailers
Identify buyers when a cash purchase, or a series of linked purchases, reaches the local threshold, and keep the record.
Bullion Dealers
KYC and screening on buyers and sellers of bullion, with source-of-funds checks for larger trades.
Diamond and Gemstone Traders
KYB on trading counterparties and suppliers, with beneficial owners identified and screened.
Buying From the Public
Verify individuals selling gold or jewellery to you, and spot repeated sales that stay just under the threshold.
DPMS AML FAQ
- FATF Recommendations (R.22, R.23 and interpretive note)
- Singapore: Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Act 2019
- Ministry of Law AML/CFT Division: regulated dealers
- Hong Kong Customs and Excise: supervision of dealers in precious metals and stones
- UAE Ministry of Economy and Tourism: AML
- Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (current compilation)
- Money Laundering Regulations 2017, regulation 14
- 31 CFR Part 1027 (dealers in precious metals, precious stones or jewels)
- Regulation (EU) 2024/1624
General information, not legal advice. Requirements change — check the current rules with your regulator.
Meet Cash-Threshold Duties Without Slowing the Sale
See how dealers can verify buyers and sellers, screen them and keep the records each regime requires, in one place.
