Pursuant to Part C of the First Schedule of the Anti-Money Laundering and Countering the Financing of Terrorism Act, 2020 (“AML/CFT Act”) as amended, the Financial Intelligence Unit (“FIU”) is the designated supervisory authority for the Dealers in precious metals and stones.

In accordance to section 12.2 of the AML/CFT Act 2020 as amended, the FIU shall monitor and enforce compliance of the reporting entities under its supervision and shall be responsible for promoting compliance with the provisions of the Act by all the reporting entities.