In the world of luxury, gold, diamonds, and high-end watches not only represent value and status but also serve as prime targets for money launderers. Criminals often convert illicit cash into valuable assets by purchasing expensive jewelry without proper financial scrutiny. Without robust oversight, jewelry shops may unwittingly become conduits for financial crime.
Common Money Laundering Methods in Jewelry Shops
• Cash Transactions Without Trace: High-value purchases made entirely in cash, without a paper trail, are a major red flag.
• Reselling at Inflated Prices: Launderers may buy items at one price and then resell them at a premium to legitimize their funds.
• Use of Shell Companies: Fraudsters sometimes create shell companies to buy jewelry, obscuring the real source of money.
How GoAML Protects the Jewelry Industry
• It mandates that all large cash transactions and suspicious deals be reported immediately.
• It tracks transactional data to detect patterns consistent with money laundering.
• It ensures that all luxury trades comply with national and international anti‐money laundering (AML) standards.
Young & Right – Your AML Registration Experts
Young & Right offers specialized support to gold and jewelry businesses by guiding them through the
GoAML registration process. We perform detailed risk assessments, help prepare necessary documentation, and implement internal controls to ensure compliance—so your business remains trusted and secure.
Safeguard your jewelry business from financial crime. Get in touch with
Young & Right today and let our experts help you achieve full
GoAML compliance.
