Sanctions are laws that restrict doing business with certain individuals, companies, or countries. For Jewellers known as Dealers in Precious Metals and Stones businesses, complying with sanctions is important because precious metals and stones can be used to hide or move money.
Following the rules protects your business and helps Canada prevent illegal activity.
Why Sanctions Matter
- Jewellery is high-value and easy to move, making it attractive for misuse.
- Breaking sanctions can lead to serious penalties, including fines and criminal charges.
- Staying compliant protects your reputation and keeps your business safe.
What Jewellers Need to Do
- Screen all clients and beneficial owners against Canada’s sanctions lists when a customer conducts an activity that triggers identification requirements (i.e. a large cash transaction)
- Verify identity properly so you are screening the right person.
- Keep simple records of when you screened and what the results were.
- Train staff on how to screen and when to raise concerns.
How to Stay Updated
Sanctions change often. To stay current:
- Subscribe to Global Affairs Canada sanctions updates.
- Follow FINTRAC and Department of Finance notices.
