Anti-Money Laundering

Gembridge celebrates 1,250 gemstones sold with no returns

American gem seller Gembridge has celebrated the achievement of selling 1,250 gemstones with no returns. Sales among the 1,250 also includes the biggest transaction so far on the digital marketplace which came in at $220,000 (£184,127). Gembridge connects customers in 60 countries with the world’s top 1,000+ suppliers of gemstones…

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WDC and RJC announce cross-membership partnership

The World Diamond Council (WDC) and Responsible Jewellery Council (RJC) have announced a cross-membership partnership. The organisational cooperation is intended to increase knowledge sharing, pilot new initiatives, and extend the positive impact of both parties on communities involved in jewellery production. As part of the deal, an RJC official will…

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Gembridge to protect customers with launch of new escrow account

Gembridge has announced it has opened a U.S. dollar-based escrow account with a Singaporean banking group to provide safe transactions for global buyers and sellers. Gembridge is a regulated marketplace for certified gemstones, pearls and jewellery for a verified community of buyers, sellers and consignees. The company said it will…

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Banking red tape holding back UK retailers abroad

Almost three quarters (71%) of UK retailers would like their businesses to further expand internationally, however most (57%) believe overseas expansion is fraught with risk, according to new research conducted by buy now, pay later service Laybuy. The research, published today (6 June), surveyed over 200 UK retailers and revealed…

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Mystery surrounds ownership of 57,227 UK companies

Around 57,227 British companies are still not complying with new measures brought in to counter fraud and money laundering, according to big data and anti-money laundering (AML) firm Fortytwo Data. The businesses are not yet compliant with new regulations which states they must declare those people with significant control (PSCs)…

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Jewellery dealers see HMRC laundering fines rise by 166%

The value of fines being handed out to firms including jewellery, art, antiques and private jet dealers has more than doubled in a year, anti-money laundering specialists Fortytwo Data has revealed. The average penalty issued by HMRC increased by 166% from £484 to £1,290 in 2016/17 despite the number of…

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