To enhance the regulatory regime for combating money laundering and terrorist financing ("ML/TF") in fulfilment of Hong Kong's obligations under the Financial Action Task Force ("FATF"), the Anti-Money Laundering and Counter-Terrorist Financing Ordinance ("AMLO") (Cap. 615) has been amended to introduce a registration regime for dealers in precious metals and stones for commencement on 1 April 2023. The Customs and Excise Department would take charge of the regime to enforce the registration requirements and supervise the anti-money laundering and counter-terrorist financing ("AML/CTF") conduct of registrants.
Any person carries on any of the following activities by way of business —
Except 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.
There are four types of articles:
Any person who is seeking to carry on a business of dealing in precious metals and stones in Hong Kong and engage in any transaction(s) (whether making or receiving a payment) with total value at or above HKD120,0001 in Hong Kong is required to register with the Commissioner of Customs and Excise.
There are two categories under the registration regime as follows:
1 The HKD120,000 threshold includes an equivalent amount in another currency
To facilitate existing dealer's migration to the Regime, precious metals and stones dealers who have been in operation before commencement of the Regime are allowed to apply for registration within 9 months after commencement of the Regime (i.e. Apr – Dec 2023). Any person, who would like to start up a precious metals and stones business after commencement of the Regime and plan to carry out specified transactions and/or specified cash transactions, is required to register before carrying out any specified transactions and/or specified cash transactions.
Any person, other than a registrant, carries out a specified transaction or a specified cash transaction, claims to be authorized to carry out a specified transaction or a specified cash transaction, or claims to be a registrant, commits an offence and is liable on conviction to a maximum fine of HK$100,000 and imprisonment for 6 months.
Registration Guide
This Registration Guide is provided for any dealer to determine whether the dealer shall apply for a registration, which category of registration is appropriate and understand the respective application details.
Precious Metals and Stones Dealer can download the forms above and submit the completed form with supporting documents in person or by fax.
DPMS iPASS is an online self-assessment tool launched by the Customs and Excise Department (C&ED). It enables any person, who is seeking to carry on a business of dealing in precious metals and stones in Hong Kong, to perform a quick and simple self-assessment on whether he or she is required to apply for registration, the appropriate category of registration, and his or her eligibility and readiness to apply for registration.
Registration is granted to dealers in precious metals and stones with due consideration of various factors, including but not limited to the items listed in DPMS iPASS.
Participants will take about 5-10 minutes to answer all questions set out in this self-assessment. Before taking the assessment, participants are strongly advised to study the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, Cap. 615 (AMLO) and the C&ED's publications related to the registration regime for dealers in precious metals and stones. The assessment results will indicate the participants as "Registration is not required", or "Registration of Category A / B registration is required" and show the readiness level as "High readiness and eligibility", "Medium readiness and eligibility" or "Not yet ready / ineligible". For details, please visit the website of the C&ED or the Dealers in Precious Metals and Stones Registration System.
Overall Grading | Required category, eligibility and readiness for registration |
---|---|
Grey | Registration is not required |
Green | Registration of Category A / B registration is required, with high readiness and eligibility |
Yellow | Registration of Category A / B registration is required, with medium readiness and eligibility |
Red | Registration of Category A / B registration is required, but not yet ready / ineligible |
For further enquiries, please contact the Dealers in Precious Metals and Stones Supervision Bureau by sending email to dpms_enquiry@customs.gov.hk or calling the hotlines at 3580 1483 / 3568 4248 (Chinese) or 3580 1484 (English).
A non-Hong Kong precious metals and stones dealer is a person who deals in precious metals and stones in Hong Kong where—
A non-Hong Kong precious metals and stones dealer must file a cash transaction report which shall include travel information and particulars of the dealer and/or the person acting on behalf of the dealer (as appropriate), particulars of the customer and transaction details to the Customs and Excise Department for any specified cash transactions carried out within 1 day after the transaction, or the earliest time when the dealer or the person acting on behalf of the dealer leaves Hong Kong, whichever is earlier.
Any non-Hong Kong precious metals and stones dealer fails to report a specified cash transaction commits an offence and is liable on conviction to a maximum fine of HK$50,000 and imprisonment for 3 months.
Cash Transaction Report
Non-Hong Kong Precious Metals and Stones Dealer can download the above cash transaction report and submit the completed form in person or by fax.
Customs and Excise Department is now holding a series of seminars on Dealers in Precious Metals and Stones Registration Regime. Several seminars are now open for application with details as follows.
Date | Venue | Time | Language | Total seats available | Online Application | Status |
---|---|---|---|---|---|---|
30.4.2024 (Tue) | 26/F, Revenue Tower, 5 Gloucester Road, Wan Chai | 15:00 – 17:00 hours | Cantonese | 40 | Apply | Open |
Starting from 1 April 2023, a dealer can submit the application form or cash transaction report and know more about our regulatory regime through the website below.
www.drs.customs.gov.hk
Customs and Excise Department
Dealers in Precious Metals and Stones Supervision Bureau
26/F, Revenue Tower, 5 Gloucester Road, Wan Chai, Hong Kong
Office hours | ||
---|---|---|
Monday to Friday | 8:45 a.m. to 12:30 p.m. | |
(Except Public Holidays) | 1:30 p.m. to 5:30 p.m. | |
Telephone | : | (852) 3580 1483 (Chinese) |
(852) 3568 4248 (Chinese) | ||
(852) 3580 1484 (English) | ||
Fax | : | (852) 3580 1485 |
: | dpms_enquiry@customs.gov.hk |