Reducing the Risk of Money Laundering in the Precious Metals and Stones Industry

Measures to Reduce Money Laundering Risk in the Precious Metals and Stones Industry

Q: A professional dealer in precious metals and stones in an EU country plans to implement measures to reduce the risk of being misused for money laundering purposes. Which measures are most relevant for achieving this goal? (Choose two.)

Stop accepting cash payments in currencies other than Euro.Limit direct contact between customer and employees.

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Question

A professional dealer in precious metals and stones in an EU country plans to implement measures to reduce the risk of being misused for money laundering purposes. Which measures are most relevant for achieving this goal? (Choose two.)

Answers

A. Stop accepting cash payments in currencies other than Euro.

B. Stop accepting payments from persons other than the beneficiary.

C. Only accept trades related to precious metal pool accounts maintained by sophisticated precious metal companies.

D. Limit the acceptance of purchases without adequate customer identification information.

E. Limit direct contact between customer and employees.

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Explanations

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A. B. C. D. E.

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