Regulatory Alerts2025-06-01
AML/CFT/CPF Sectoral Risk Assessment of Dealers in Precious Metals and Stones (DPMS)
Nigeria’s Special Control Unit Against Money Laundering (SCUML) and allied regulatory agencies issued this sectoral risk assessment to evaluate and mitigate money laundering, terrorism financing, and proliferation financing risks within the Dealers in Precious Metals and Stones (DPMS) sector. The report identifies high inherent risks driven by unstructured artisanal miners, heavy cash-based transactions, and significant exposure to politically exposed persons and foreign aggregators, classifying overall sector risk as high. It mandates enhanced due diligence, robust transaction monitoring, and targeted compliance measures for DPMS operators to strengthen regulatory oversight and align with FATF standards.
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