{"id":5392,"date":"2023-07-27T23:23:12","date_gmt":"2023-07-27T15:23:12","guid":{"rendered":"https:\/\/mpl.hk\/?page_id=5392"},"modified":"2023-07-27T23:23:24","modified_gmt":"2023-07-27T15:23:24","slug":"dealers-in-precious-metals-and-stones","status":"publish","type":"page","link":"https:\/\/mpl.hk\/industries\/dealers-in-precious-metals-and-stones\/","title":{"rendered":"Dealers in Precious Metals and Stones (DPMS)"},"content":{"rendered":"

Under Hong Kong\u2019s obligations of the Financial Action Task Force (\u201cFATF\u201d), the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (\u201cAMLO\u201d) (Cap. 615) has been amended to introduce a registration regime, individuals engage in the following activities:<\/p>\n

Any person carries on any of the following activities by way of business \u2014<\/p>\n

a. trading in (including purchasing and selling), exporting or importing precious metals, precious stones or precious products;
\nb. manufacturing, refining or carrying out any value adding work on precious metals, precious stones or precious products;
\nc. issuing, redeeming or trading in precious-asset backed instruments; or
\nd. acting as an intermediary in respect of any of the activities a, b or c;
\nExcept the person carries on a logistics service business, only imports or exports precious metals, precious stones or precious products in the ordinary course of that business.<\/p>\n

There are four types of articles:<\/strong><\/h3>\n

a. <\/strong>Precious metal:<\/strong> gold, silver, platinum, iridium, osmium, palladium, rhodium or ruthenium, in a manufactured or unmanufactured state;
\nb. Precious stone:<\/strong> diamond, sapphire, ruby, emerald, jade or pearl, whether natural or otherwise;
\nc. <\/strong>Precious product:<\/strong> any jewellery and watch that is made up of, containing or having attached to it, any precious metal or precious stone, or both;
\nd. <\/strong>Precious-asset-backed instrument:<\/strong> means any certificate or instrument backed by one or more precious metals, precious stones or precious products that entitles the holder to such assets (in entirety or in part); but does not include\u2014<\/p>\n

    \n
  • any securities, a futures contract, any interest in a collective investment scheme, a structured product or an OTC derivative product as defined by the Securities and Futures Ordinance (Cap 571); or<\/li>\n
  • a virtual asset.<\/li>\n<\/ul>\n

    Two categories of registration:<\/strong><\/h3>\n

    Any person who is seeking to carry on a business of dealing in precious metals and stones (DPMS) in Hong Kong and engage in any transaction(s) (whether making or receiving a payment) with total value at or above HKD120,000*<\/sup>\u00a0in Hong Kong is required to register with the Commissioner of Customs and Excise.<\/p>\n

    a. Any dealer who intends to engage in non-cash transaction(s) with total value at or above HKD120,000 in the course of business is required to register as a Category A registrant<\/strong>.
    \nb. Any dealer who is seeking to engage in cash transactions with total value at or above HKD120,000 and non-cash transactions with total value at or above HKD120,000 in the course of business is required to register as a Category B registrant<\/strong>. A Category B registrant is subject to AML\/CTF supervision.<\/p>\n

    *The HKD120,000 threshold includes an equivalent amount in another currency<\/p>\n<\/div><\/div><\/div>

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