1. Commitment and Compliance
London Gold Centre is fully committed to complying with all relevant UK and international anti-money laundering (AML) and counter-terrorism financing regulations. Our activities, which include buying and selling gold, jewellery, watches, gemstones, gold refining, and trading in second-hand items, require diligent adherence to these regulations. We strictly comply with:
Money Laundering Regulations 2007
Proceeds of Crime Act 2002
Terrorism Act 2000
Money Laundering and Terrorist Financing (Amendment) Regulations 2019
2. Employee Training and Awareness
All London Gold Centre employees receive mandatory training upon induction and regularly throughout their employment. Training covers the identification and reporting of suspicious activities, recognizing potential money laundering risks, and staying informed of regulatory changes. Employees are required to read, understand, and comply with our AML policies and procedures.
3. Customer Due Diligence (CDD)
To protect our business from involvement in money laundering or terrorist financing, we undertake thorough Customer Due Diligence (CDD). This includes verifying customer identity, assessing the purpose of transactions, and understanding the origin of items being traded. Enhanced Due Diligence (EDD) procedures are applied for transactions or customers presenting higher risks.
4. Reporting Suspicious Activities
Employees are trained to identify and promptly report suspicious transactions through internal channels. All suspicious activities are documented in Suspicious Activity Reports (SARs) and, if deemed necessary after internal review, promptly reported to the National Crime Agency (NCA) in compliance with statutory obligations.
5. Record Keeping
London Gold Centre maintains comprehensive records of all transactions and customer information for a minimum of five years following the conclusion of each business relationship or transaction. Records are securely stored, easily retrievable, and kept fully up-to-date to support audits and regulatory compliance checks.
6. Audits and Reviews
Our AML policies and procedures undergo regular internal audits and periodic external reviews. The aim is to continuously assess and improve the effectiveness of our systems in mitigating the risks associated with money laundering and terrorism financing. Updates to policies are clearly communicated to all employees during mandatory training sessions.
7. Management Responsibility
Senior management at London Gold Centre is responsible for ensuring full compliance with this AML policy. Regular risk assessments are performed to proactively identify vulnerabilities in our operations, and appropriate measures are implemented to address identified risks promptly and effectively.
London Gold Centre remains vigilant and proactive in its commitment to preventing money laundering and terrorism financing, ensuring the integrity of our business and compliance with applicable laws and regulations.
