We understands this problem and we offer flexible payment methods to our gold selling partners, including:
– Payment in cash: We can send a representative to meet the partner directly to receive cash.
– Payment by check: We can accept checks from reputable banks.
– Payment by bank transfer: We can pay by bank transfer from banks in other countries.
However, gold selling partners need to comply with Anti-Money Laundering Law (AML) regulations of the countries concerned. Specifically, gold selling partners need to provide us with the following information:

1. International Financial Action Task Force (FATF)

FATF recommendations include requirements for financial institutions and other business entities to implement controls to prevent money laundering. These measures include:

• Verify customer identity
  Report suspicious transactions
  Train employees on anti-money laundering

2. US Bank Secrecy Act (BSA)/USA Patriot Act

The US Bank Secrecy Act (BSA) was enacted in 1970 to prevent money laundering. This Act requires that U.S. financial institutions implement controls to prevent money laundering, including:

• Verify customer identity
  Report suspicious transactions
  Keep track of transactions
  The USA Patriot Act was enacted in 2001 to strengthen United States anti-money laundering measures. This Act imposes additional requirements on financial institutions, including:

Report suspicious transactions with cash or cash equivalents
Monitor transactions involving high-risk countries

3. European Union – 4th and 5th Anti-Money Laundering Directives (AMLD4 & AMLD5)

The EU’s 4th Anti-Money Laundering Directive (AMLD 4) was issued in 2015 to update the EU’s anti-money laundering measures. This Directive stipulates additional requirements for financial institutions, including:

• Expand the scope of organizations subject to AML supervision
  Expand the scope of suspicious transactions that must be reported
  Strengthen customer identity verification requirements
  The European Union’s fifth Anti-Money Laundering Directive (AMLD 5) was issued in 2018 to further update the EU’s anti-money laundering measures. This Directive stipulates additional requirements for financial institutions, including:

Require financial institutions to conduct money laundering risk assessments
Require financial institutions to implement additional controls over online transactions
Require financial institutions to work together to share money laundering information

4. Hong Kong Monetary Authority (HKMA)

The Hong Kong Monetary Authority (HKMA) is the banking regulator of Hong Kong. The HKMA has issued strict anti-money laundering regulations, considered one of the strictest anti-money laundering regulations in the world.

The HKMA’s anti-money laundering regulations include requirements for financial institutions to implement controls to prevent money laundering. These measures include:

• Verify customer identity
  Report suspicious transactions
  Train employees on anti-money laundering
  Keep track of transactions

5. Monetary Authority of Singapore (MAS)

The Monetary Authority of Singapore (MAS) is the banking regulator of Singapore. MAS has issued strict anti-money laundering regulations, similar to those of the HKMA.

The MAS anti-money laundering regulations include requirements for financial institutions to implement controls to prevent money laundering. These measures include:

• Verify customer identity
  Report suspicious transactions
  Train employees on anti-money laundering
  Keep track of transactions

We will use this information to carry out verification measures and assess money laundering risks. If we detect signs of suspected money laundering, we will report it to the authorities.
With strict compliance with AML regulations, Oriental Gold & Gemstone Trading LLC is committed to providing gold selling partners with a safe and trustworthy trading environment.