New precious metals and stones regulatory regime to take effect in Hong Kong

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31st March 2023 – (Hong Kong) The Customs and Excise Department (C&ED) has announced that a new regulatory regime for dealers in precious metals and stones will come into effect on 1st April, 2023, in Hong Kong. The Regime was stipulated in the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022, which was gazetted on 16th December, 2022.

Under the new Regime, any person seeking to carry on a business of dealing in precious metals and stones with a total value of HK$120,000 or above in Hong Kong is required to register with the C&ED and fulfil their anti-money laundering and counter-terrorist financing obligations as appropriate. Non-Hong Kong dealers fulfilling the prescribed conditions are also required to submit a cash transaction report for any cash transaction with a total value of HK$120,000 or above in Hong Kong.

Precious metals and stones dealers who were already in operation before the commencement of the Regime are allowed to apply for registration within the nine-month transitional period from April to December 2023. The registration and relevant fees for the first registration will be waived during this period.

To streamline the application process, the Regime’s webpage at www.drs.customs.gov.hk will 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 forms, procedures, and guides to submit applications for registration and reports, interested parties can visit the C&ED’s website at www.customs.gov.hk/en/service-enforcement-information/anti-money-laundering/supervision-of-dealers-in-precious-metals-and-ston/index.html.

For any enquiries, individuals can call the enquiry hotlines at 3580 1483 (in Chinese) or 3580 1484 (in English), email to [email protected] or visit the office of the Dealers in Precious Metals and Stones Supervision Bureau of C&ED during office hours. The office is located on the 26th floor of Revenue Tower, 5 Gloucester Road, Wan Chai, Hong Kong.

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