AML and KYC Compliance for Jewelers and Precious Metals Dealers
Know who buys, know where the money comes from, and keep the proof without slowing down the counter.
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COX gives a jewelry store or a dealer in gold, silver and precious stones a customer file that opens in minutes: identity read from the document, sanctions and PEP screening, origin of funds and payment method recorded, and a risk score that tells the store when a sale needs enhanced diligence.
Where compliance hurts
- Jewelry and bullion are small, valuable and easy to move across a border
- Cash is still the usual payment and nobody asks where it comes from
- Buying gold from the public means the store is also the one who has to know the seller
- A regular customer who buys often is exactly the profile that has to be documented
- Inspections ask for files that live in a notebook behind the counter
Who is obligated, country by country
Dealers in precious metals and stones are designated non-financial businesses in the international standard and in the laws of the region: the goods hold value, cross borders and convert back to money without a trace.
Panama
Law 23 of 2015 includes the trade of precious metals and stones among the non-financial obligated entities supervised by the Superintendency of Non-Financial Subjects.
Mexico
The LFPIORPI names the trade of jewelry, watches, precious metals and stones as a vulnerable activity, with identification of the customer and notices to the SAT above the threshold in force.
Colombia
Companies supervised by the Superintendency of Companies adopt SAGRILAFT by activity and size; the precious metals trade is among the sectors it names.
Guatemala
The IVE registers the persons who perform designated non-financial activities under the law against money laundering; confirm whether the trade of precious metals is on the current list.
Dominican Republic
Law 155-17 lists dealers in precious metals and stones among the non-financial obligated entities supervised by the Financial Analysis Unit.
Venezuela
The organic law against organized crime and terrorism financing sets prevention duties that the sector regulator specifies for high-value goods.
Thresholds and reporting deadlines change: the platform reads the ones in force for your company's regime. Confirm your status with your regulator.
Why they choose COX
At the speed of the counter
The customer scans a code, uploads the document and the platform reads it; the search runs while the piece is being wrapped.
Buying and selling in one file
Whether the store sells a ring or buys gold from the public, the same file records the person, the piece and the payment.
Accumulation by customer
Frequent purchases add up per customer and per period, which is how the notice thresholds are measured.
How It Works
Three steps from a new customer to a documented file
Collect
Send the customer a secure onboarding link. They upload their identity document, proof of address and source of funds from any device, and the platform reads the document for them.
- Document reading and prefill
- Selfie and liveness check
- Beneficial owner declaration
Verify
Sanctions, PEP and restrictive lists are searched at once, adverse media on request, and the risk matrix scores the customer with the weights your policy sets.
- Sanctions, PEP and watchlists
- Risk matrix by country and activity
- Enhanced due diligence when required
Document
Every search, decision and document stays in the file with its date and author. Print the due diligence report or the screening certificate when the regulator asks.
- Immutable audit trail
- Sealed PDF reports
- Renewal reminders
Red flags the file has to document
- Frequent purchases just under the threshold by the same person or their relatives
- A buyer who shows no interest in the piece, only in paying and leaving
- Gold sold to the store by someone who cannot explain where it came from
- Payment in cash of an amount the customer does not want to declare
- Requests to split the invoice or to issue it in another name
What the platform gives you
Everything a non-financial obligated entity needs, without a compliance department
Identity verification
Documents read automatically, selfie with liveness check and the data proposed for the officer to confirm.
List screening
Sanctions, PEP, restrictive and open-data lists, with a certificate that says which edition of each list was consulted.
Risk matrix
Country, activity, product, channel and PEP status weighted the way your manual says, with the result explained.
Adverse media
News about the customer ranked by how surely it names the same person, never a list of homonyms.
Due diligence files
Natural and legal persons, beneficial owners, related parties, documents with expiry dates and renewal alerts.
Reports for the regulator
Due diligence report, screening certificate and training records, each sealed with a verifiable fingerprint.
Built for
Jewelry stores
Retail of jewelry and watches
Gold and silver dealers
Bullion, coins and scrap bought from the public
Precious stone traders
Diamonds and colored stones, loose or set
Workshops and wholesalers
Who makes and supplies the pieces
Frequently asked questions
Document the next high-value sale
Open your store on COX and send the first onboarding link from the counter.
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COX also serves:
Law firms Accountants Real estate agents Notaries Vehicle dealers Pawnshops Free zones