​The Customs and Excise Department (C&ED) today (March 31) announced that the Dealers in Precious Metals and Stones Regulatory Regime (the Regime) will come into effect on April 1, 2023, and applications for registration will be accepted.

Details of the Regime were stipulated in the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022 (Ordinance No. 15 of 2022), which was gazetted on December 16, 2022. The major points are as follows:

• Any person who is seeking to carry on a business of dealing in precious metals and stones and engage in any transaction(s) (whether making or receiving a payment) with total value at or above HK$120,000 in Hong Kong is required to register with C&ED and fulfil his/her anti-money laundering and counter-terrorist financing statutory obligations as appropriate.
• Precious metals and stones dealers who have been in operation before commencement of the Regime are allowed to apply for registration within the nine-month transitional period (i.e. April to December 2023). The registration and relevant fees for the first registration will be waived during the period.
• For non-Hong Kong dealers fulfilling the prescribed conditions, although they are exempt from registration, they are required to submit to C&ED within the specified period a cash transaction report for any cash transaction(s) with total value at or above HK$120,000 carried out in Hong Kong.

For the forms, procedures and guides to submit applications for registration and reports, please visit the website (www.customs.gov.hk/en/service-enforcement-information/anti-money-laundering/supervision-of-dealers-in-precious-metals-and-ston/index.html).

To streamline the related processes, the Regime’s webpage at www.drs.customs.gov.hk will also provide an online function for dealers to submit an application for registration or a cash transaction report by accessing the Dealers in Precious Metals and Stones Registration System. Applicants can also check their application status and download the certificate of registration for display upon successful registration.

For enquiries, please call the enquiry hotlines at 3580 1483 (in Chinese) or 3580 1484 (in English), email to dpms_enquiry@customs.gov.hk or visit the office of the Dealers in Precious Metals and Stones Supervision Bureau of C&ED (address: 26/F, Revenue Tower, 5 Gloucester Road, Wan Chai, Hong Kong) during office hours.

Source: GovHK