Directorate conducts field visits

Manama : The directorate of Companies Control and the directorate of Precious Metals & Gem Testing have conducted a field visits to gold shops in the Kingdom in order to raise awareness and educate them about rules of “Know Your Customer”, which requires obtaining a copy of the customer’s identity and data during the purchase or sale of gold and jewellery.
The shops were also made aware of the need to keep records of sales for a period not less than 5 years as required by law. Shop owners were urged to try to reduce the deal of cash and replace it with payment at points of sale in order to reduce the misuse of the gold and jewellery sector by money launderers.
The directorate of Precious Metals & Gem Testing made an intensive inspection campaigns in the local market in cooperation with the directorate of Companies Control to check shops application on Law No. (6) of 1990 by checking samples of jewellery offered and ensuring the official seal of the Kingdom