Starting from January 1, 2024, all business dealing in precious metal and gemstone conducting transactions totaling HKD 120,000 or above are required to check the sanctioned list and submit a due diligence report. SANCSEARCH helps you to simplify the process with one-click search of all government-designated lists!

To enhance Hong Kong’s regulatory regime for combating money laundering and terrorist financing and fulfill its obligations under the Financial Action Task Force, the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Chapter 615) has been amended to introduce the registration regime for dealers in precious metals and stone. The grace period ends at the end of 2023, and will be officially implemented on January 1, 2024.

Anyone engaged in the business of buying, selling, exporting or importing, manufacturing or refining, processing, issuing, redeeming, or trading in precious metals, gemstones, or precious products, or acting as intermediaries, and conducting transactions in Hong Kong totaling HKD 120,000 or more, is required to register with the Customs and Excise Department. They must also conduct due diligence, report suspicious transactions related to money laundering/terrorist financing to law enforcement agencies, and maintain records. Due diligence information is a vital tool to determine whether there are reasonable grounds to know or suspect money laundering/terrorist financing activities.

The new “SancSearch” app simplifies the entire review process. Simply enter the buyer/seller’s name, and the system automatically searches multiple government-designated lists for you. The search results are displayed instantly without the need to open multiple PDF files or repeat searches for relevant transaction parties. SancSearch is ready to use upon installation, with no registration or fees required, providing the industry with the most convenient and efficient search experience!