4 Principles of LBMA’s Global Precious Metals Code 2022

London Bullion Market Association (LBMA) has issued Global Precious Metals Code, 2022, from market participants engaged in the global Over-The-Counter (OTC) wholesale trade of precious metals. The Global Precious Metals Code captures the highest standards for business conduct expected while dealing with precious metals – Gold, Silver, Platinum, and Palladium.

The Code talks about –
– ethical practices and avoidance of conflict of interest
– effective management of the governance, compliance, and overall business risk,
– maintaining high standards while sharing information and communicating with other market participants, including ensuring the confidentiality of critical data
– code of business conduct before and during the execution of the transaction, including post-execution practices.

Here is an infographic discussing the four fundamental principles of LBMA’s Global Precious Metals Code, 2022.

AML UAE is an AML consultancy firm assisting Dealers in Precious Metals and Stones in UAE to implement a customized AML/CFT program to identify and mitigate ML/FT risks. We also assist in designing a comprehensive framework to maintain the highest professional standards and ethics while staying compliant with local and international regulatory frameworks (FATF, OECD, Responsible Gold Sourcing Code, and the LBMA’s Global Precious Metals Code, etc.).