ACAMS Today: All that Glitters is Not Gold

Monday, June 22, 2020

Article originally published on ACAMS Today on June 22, 2020.

Historically, precious metals and stones, such as gold, have often attracted illicit proceeds due to its cash-based nature and anonymity of exchange. Amidst an environment where preparators of financial crime have capitalized on COVID-19 fears and market conditions have amplified the appeal of precious metals and stones, the financial crime risks for dealers in precious metals and stones (DPMS) have increased.

In order to strengthen its AML/CTF framework, Hong Kong has plans to incorporate DPMS into its AML/CTF regime. This article details what regulations DPMS should expect and explain why not all technological solutions are equal. Instead, technological tools considered effective, such as artificial intelligence and natural language processing, are dynamic and automatic in nature which not only assists in achieving operational efficiencies but also drive proactive risk management.

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Joseph M. Quiazon, Managing Director | Head of Financial Crime Compliance, APAC

Joseph M. Quiazon is a Managing Director and Head of Financial Crime Compliance based in Exiger's Hong Kong office. He has worked extensively throughout the APAC region as an executive leader with over 25 years of financial crime risk experience, having held senior leadership roles as a Managing Director with Standard Chartered Bank, as a Partner with Ernst & Young, and as the former Asia Pacific practice leader on KPMG's Global AML Group.

Adrian Tang, Managing Consultant

Adrian Tang is a Managing Consultant based in Exiger’s Hong Kong office, where he focuses on financial crime compliance.