Financial Transactions and Reports Analysis Centre of Canada
http://www.fintrac-canafe.gc.ca
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Frequently Asked Questions
Dealers in Precious Metals and Stones
This section provides information that is relevant to this sector.
- As a dealer in precious metals and stones (DPMS), do I have obligations if I engage only once or twice a year in a transaction above $10,000?
- When does the application of the PCMLTFA regime start?
- My business is comprised of both manufacturing and wholesaling activities. Is my business therefore exempted from requirements under the Act as a jewellery manufacturer?
- Do jewellery manufacturers that transact directly with consumers have obligations under the Act?
- I understand that manufacturers that sell directly to consumers are no longer considered manufacturers. Would sales to my employees be considered sales to consumers and create obligations on my part?
- I have a client that purchased a $6,000 gold watch in cash followed by another cash purchase (of precious metals, precious stones or jewellery) of $5,000 four hours later, totaling $11,000 in cash. Is this transaction reportable as a large cash transaction?
- Do I need to file a large cash transaction report when the amount received in cash exceeds $10,000 but only does so because of taxes (GST, HST, PST) applied on the purchased item?
- My sales to clients are low-value transactions (below $10,000) but my purchases for inventory purposes are usually above $10,000 or more. Do I have obligations under the Act?
- I have known my clients for many years. Must I really ascertain their identity if I receive a large sum of cash ($10,000 or more) from them for a purchase?
- What activities are covered under FINTRAC’s legislation?
