🔎 FIU NRA 2025 GUIDANCE – What Jewellers Must Know
The NRA confirms jewellery and precious stones are high-risk due to high value, portability, and ease of resale. Criminals may use jewellers to convert illicit cash, hide ownership or launder proceeds.
Practical takeaways:
• Assay Office licensing is mandatory.
• KYC is required for:
– Transactions ≥ MUR 500,000
– Any cash transaction
– Suspicions of ML
– Linked/repeated transactions.
• Monitor and document unusual or complex transactions.
• Record all cash payments — cash ≥ Rs 500,000 is prohibited.
• Watch for red flags (cash structuring, inconsistent IDs, third-party payments, undervaluation requests).
• Enhanced due diligence for PEPs, non-residents, resale transactions.
• Maintain records (7 years), written procedures, trained staff, and a compliance officer.
• Do not tell customers about STR filings.
📘 FIU GUIDELINES FOR DPMS – Legal Obligations
The FIU’s Guidelines, issued under Section 10(2)(b) of the Financial Intelligence and Anti-Money Laundering Act 2002 (FIAMLA), are designed to help DPMS comply with:
• FIAMLA 2002
• FIAMLA Regulations 2018 & 2025
• United Nations (Financial Prohibitions, Travel Ban and Arms Embargo) Sanctions Act 2019
These Guidelines outline the AML/CFT and sanctions obligations DPMS must meet, and the areas the FIU will focus on during inspections, including:
• Robust Customer Due Diligence (CDD) and beneficial ownership verification.
• Sanctions screening and timely reporting of matches.
• Suspicious Transaction Reporting requirements.
• Internal controls, procedures, and compliance frameworks.
• Staff training and record-keeping in line with national AML/CFT law and the UN Sanctions Act.
📩 Acrion Ltd supports jewellers with AML/CFT frameworks, KYC systems, sanctions compliance, inspections readiness, and training.
Contact: info@acrioncompliance.com
🔗 FIU guidance and Guidelines for DPMS:
https://lnkd.in/dMbr3Htg
https://lnkd.in/d6vn9kSR
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