Precious Metals and Precious Stones Dealers
Stay compliant with Canada's PCMLTFA by automating customer due diligence, transaction monitoring, and reporting—tailored specifically for precious metals dealers.
Who Is It For?
This solution is designed for businesses that deal in gold, silver, platinum, or palladium and are subject to FINTRAC's reporting obligations.
Industry Overview
The precious metals industry is a high-value, high-risk sector for money laundering and illicit finance. Under Canadian law, dealers in precious metals and stones (DPMS) must implement robust compliance programs, verify customers, maintain detailed records, and report suspicious or large cash transactions.
The industry operates in both retail and institutional contexts, with added complexity due to the mobility and anonymity of physical assets. Compliance obligations apply to both purchases and sales, and failure to comply can result in heavy fines and criminal liability.
Common Challenges
Our Solutions
High-Value Transaction Monitoring
Stay ahead of FINTRAC’s threshold triggers with real-time monitoring.
Easily generate Large Cash Transaction Reports (LCTRs) or Suspicious Transaction Reports (STRs).
Customer Identification & Risk Assessment
Collect and validate identity documents securely.
Classify clients for ongoing due diligence based on transaction history.
Third-Party and Beneficial Ownership Checks
Identify if the transaction is on behalf of someone else.
Capture beneficial ownership information when dealing with corporate buyers or sellers.
Document Management & Recordkeeping
Store invoices, ID copies, declarations, and transaction logs for at least five years.
Prepare for FINTRAC reviews without manual collection.
Services Relevant to This Industry
Automate detection and generation of LCTR submissions when cash sales exceed $10,000.
Quickly verify customers and maintain consistent onboarding records.
Monitor for red flags such as structuring, third-party purchases, or irregular behavior.
Capture and document involvement of third parties to meet regulatory requirements.
Retain detailed records of each transaction with time-stamped logs and access controls.
Real-World Use Cases
Use Case 1: Walk-in gold buyer paying $12,000 in cash
The system auto-flags the amount, initiates ID verification, and generates an LCTR for review and submission.
Visual suggestion: Dashboard showing flagged transaction and LCTR form preview.
Use Case 2: Jewelry business making multiple smaller purchases in a day
The platform detects potential structuring, prompts for a deeper investigation, and logs the risk rating.Visual suggestion: Timeline showing cumulative purchases and risk scoring.
Use Case 3: Dealer accepting payment from an overseas third party
A third-party declaration form is triggered, capturing relevant details and storing it with the invoice.Visual suggestion: Compliance document viewer with linked third-party information.
Integrations / Compliance
Frequently Asked Questions
Do precious metals dealers need to report large cash transactions?
Yes. Dealers must report any cash transaction over $10,000, either in a single transaction or series of related transactions.
What documents do I need to verify for clients?
Typically, a government-issued photo ID. For businesses, articles of incorporation and beneficial ownership documentation may be required.
How do I detect if someone is structuring transactions?
Our system flags multiple transactions within a short window that may be designed to avoid the $10,000 threshold.
What if I sell through a third party?
You must determine and document the third party involved. Our platform automates this collection process.
How long do I need to retain records?
At least five years from the date of the transaction or business relationship termination.
Getting Started
Achieve seamless compliance in the precious metals industry—without slowing down operations. Automate key FINTRAC requirements and protect your business from regulatory risk.
Fill out the short contact form below or choose another convenient way to reach us. Our team is here to listen, answer your questions, and help you get compliant — fast.
Contact Us
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