Dealers in precious metals and stones are attractive to organised criminal networks because they trade in high-value, easily portable, and globally recognised commodities that can be quickly converted into cash or moved across borders with limited traceability.
Criminals may exploit these businesses through cash purchases, trade-based money laundering, or the use of intermediaries and front companies to disguise the source and ownership of illicit funds. To mitigate these risks, it is essential that dealers in precious metals and stones maintain a robust, enterprise-wide money laundering, terrorism and proliferation financing risk assessment framework.
By systematically identifying and assessing their exposure to financial crime risks, and by evaluating the design and operational effectiveness of their mitigating controls in a manner appropriate and proportionate to their nature, size, and complexity, they can enhance compliance, protect their reputation and uphold the integrity and transparency of the precious commodities trade.
About Arctic Intelligence’s Risk Assessment Platform
Arctic Intelligence’s Risk Assessment Platform can be used by smaller reporting entities out-of-the-box with standardised risk and control libraries or configured by medium and larger enterprises to suit any enterprise risk management framework.
Our multi-award-winning platform is highly-configurable and can be tailored to suit your methodology, risk indicators, applying risk and/or control weightings as appropriate, with a full audit trail and real-time data aggregation of individual business lines or consolidated across enterprises.
Designed by experts to support your industry
The money laundering, terrorism and proliferation financing risk and control module contains a library of risks, controls and control tests designed specifically for different types of precious metal and stone dealers:
What’s included in the content module?
Each of our expert-designed risk modules contain an Enterprise-Wide Risk Assessment, a Product and Services Risk Assessment and a Country Risk Assessment containing hundreds of risk indicators and risk factors, grouped under different risk categories and risk groups.
In addition to a fully comprehensive risk library, our module also contains a library of controls and control tests that you can use to assess the design and operational effectiveness of your control environment.
Our content modules can be used out-of-the-box, easily modified to suit your requirements or you can simply build and import your own risk and control content. We can support implementation directly or through our growing advisory network.
What’s the content module structure?
Our content modules contain hundreds of different risk factors and risk indicators combined with hundreds of controls and control tests, aligned to the following structure.
| External Threat Environment | Internal Threat Environment | ||
| Exposure to External Risks - Higher Risk Environments; Higher Risk Relationships and Higher Risk Regulatory Environments. | Exposure to Internal Risks - Higher Risk Business Operations; Governance and Oversight; Program Alignment to ML/TF/PF Risks; Business Location Risks; Business Activity Risks; Employee Risks and Outsourcing Risks |
Why choose the
Risk Assessment Platform?
How does it work?
The diagram below visualises recognised industry best risk assessment practices overlaid against the features within the Risk Assessment Platform that supports these processes.
