In an era of heightened regulatory scrutiny, Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) legislation poses significant risks for jewellers, including hefty penalties for non-compliance on large cash transactions.
This webinar equips you with practical, low-risk strategies to safeguard your business, minimise burdens, and ensure seamless operations.
Leading the seminar is William Morris, director of Guidance at AUSTRAC, who brings a wealth of experience in shaping AML/CTF policy and guidance. He has helped refine Australia’s responses to money laundering, foreign bribery, and asset confiscation.
Morris has led efforts across the Asia-Pacific to strengthen compliance with international standards. In this seminar, he will also share practical insights on navigating AML/CTF obligations, helping jewellers implement effective, low-risk strategies to protect their business while staying compliant.
Hosted by Jeweller, alongside industry experts Colin Pocklington, Anthony Enriquez, and Joshua Zarb, it covers essential topics like risk mitigation, staff training, and how to deal with high-value payments, allowing you to stay compliant without disruption.
Critical Reading: What you need to know
» AUSTRAC: Jeweller program starter kit
» AUSTRAC: Regulation options for dealers in precious metals, stones & products
» AUSTRAC: Consequences of not complying
» AUSTRAC: Lists of enforcement actions taken
"Could your jewellery business be breaking the law?"
In this post-seminar recap, we outline the key takeaways from an essential session on regulatory compliance for jewellery businesses. What’s covered:
• Overview of the latest AML/CTF changes affecting the jewellery industry
• Real-world examples of compliance pitfalls and how to avoid them
• Practical, low-friction measures to strengthen your AML/CTF controls
• How to prepare for ongoing regulatory updates and audits |
Seminar Program
This seminar aims to empower jewellery businesses with knowledge to stay compliant without overwhelming your operations.
1. Introduction and Background of AML/CTF Legislation - Overview of the key laws, their purpose, and relevance to the jewellery industry.
- Why jewellers are affected and common misconceptions.
2. Options for Handling Large Cash Transactions - Short overview of requirements if choosing to accept $10,000+ in cash and register as a reporting entity.
- The 28-day registration period if $10,000 cash is accepted, including implications and penalties for non-compliance.
- Offboarding strategies: Safely redirecting large payments to banks to avoid registration.
3. Risk Awareness and Mitigation - Identifying risks of structured transactions (e.g., breaking payments into smaller amounts to evade thresholds).
- Recognising linked transactions (e.g., multiple related payments that cumulatively exceed limits).
- Practical tips for identifying and handling these scenarios without triggering compliance obligations.
4. Staff Training and Customer Communication - Essential training for your team on AML/CTF basics, red flags, and daily procedures.
- Scripts and best practices for what to say to customers when declining large cash payments or explaining policies.
5. Q&A Session - Live discussion of common questions submitted by retailers and suppliers
- Q&A's will be published in Jeweller post-event
|
The Full Story