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The Indian jewellery sector, known for its legacy and high-value transactions, has come under increased regulatory scrutiny. With the extension of the Prevention of Money Laundering Act (PMLA), 2002 to cover jewellers, especially following the November 2023 circular, it’s clear that regulatory compliance is no longer optional—it’s essential. Jewellers have traditionally operated in a trust-driven … Read more

As jewellers come under the regulatory umbrella of the Prevention of Money Laundering Act (PMLA), understanding and identifying suspicious transactions has become critical. Being a Reporting Entity, a jeweller is now legally responsible for detecting and reporting activities that could indicate money laundering or other illicit financial behaviour. A suspicious transaction is any activity that … Read more

The Financial Intelligence Unit – India (FIU-IND) was established in November 2004 by the Government of India as an independent body under the Department of Revenue, Ministry of Finance. Its creation marked a significant step in India’s commitment to fight money laundering, terrorist financing, and economic crime on both domestic and international fronts. FIU-IND was … Read more

In the high-stakes world of jewellery and bullion, staying ahead of anti-money laundering (AML) regulations isn’t just about compliance—it’s about safeguarding your business’s reputation and financial integrity. The Prevention of Money Laundering Act (PMLA) requires vigilance from every team member, from sales representatives to procurement teams, to identify and report suspicious transactions to the Financial … Read more