Under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), the dealers in precious metals and stones registration regime has been implemented with effect from 1 April 2023.
Before the commencement of the registration regime, local dealers in precious metals and stones who have been in operation are required to apply for registration from Hong Kong Customs between April and December 2023 in order to carry out transactions with total value at or above HK$120,000. They are also required to fulfill their anti-money laundering and counter-terrorist financing obligations as appropriate.
For non-Hong Kong precious metals and stones dealers fulfilling the statutory conditions (including those who come to Hong Kong to participate in jewellery exhibitions), although being exempted from registration, starting from April 1, 2023, they are required to submit to Hong Kong Customs a cash transaction report for any cash transaction(s) with total value at or above HK$120,000 carried out in Hong Kong within one day after the transaction, or before the dealer or the person acting on behalf of the dealer leaves Hong Kong, whichever is earlier.
For more information relating to the regulatory regime for dealers in precious metals and stones, please click the links below -