The LBMA has developed the Responsible Gold Guidance to avoid contributing to conflict, human rights abuses, terrorist financing practices, and in order to comply with high standards of anti-money laundering.
This framework is mandatory for all refiners wishing to sell into the London Bullion Market, and is intended to assure investors and consumers that all London gold stocks are conflict-free due to compliance with an audited, conflict-free process.
49 LBMA accredited gold refiners participated in the fourth annual Proficiency Testing Scheme in 2015. In addition, 10 non-Good Delivery companies were also given the opportunity to participate for the first time. This provided an excellent consensus for the scheme; the more that participate, the more robust the results. Read about the results of the 2015 Proficiency Testing Scheme.
Responsible Gold Programme
The LBMA Responsible Gold Guidance (v6) consolidates and formalises already existing high standards of refiners’ due diligence. The Guidance is based on the OECD Due Diligence Guidance as well as Swiss and US KYC, Anti-Money Laundering and Combating Terrorist Financing regulations.
Since January 2012, all accredited gold Good Delivery refiners have accepted the Guidance in principle and begun implementation. The first mandatory submissions of the Responsible Gold Audit Report were due by 31st December, 2013. For refiners with a financial year ending in March 2013, an audit submission by 31st March 2014 is accepted. However, it is recommended that all Good Delivery gold refiners arrange for the audit to be carried out as soon as possible after the end of their financial year.
The LBMA Brochure provides further information about the work of the LBMA in relation to Responsible Gold.
To learn more, please refer to the Useful Links section on this page which includes a selection of helpful documents, presentation and FAQs.
Third-Party Audit Guidance
This document adds further transparency and consistency to the implementation of the Responsible Gold Guidance, with detailed guidance for auditors and refiners when undergoing the Responsible Gold Audit. Please click here to view the Third-Party Audit Guidance.
Approved Service Providers
The LBMA accredits auditors and assurance providers to enable them to conduct Responsible Gold Audits. The Approved Service Providers List is updated on a regular basis. To become an Approved Service Provider, auditors and assurance providers must complete the Approved Service Provider Application Form and return it to the LBMA for consideration.
LBMA Best Practice Toolkit
These are optional tools which refiners may choose to use in conducting due diligence. The forms are intended to support LBMA refiners implementation of the LBMA RGG Guidance and simplify the due diligence process. It is also intended to assist auditors in their interpretation of the LBMA Responsible Gold Guidance and ensure consistency.
This toolkit includes:
Recycled GoldDue Diligence Checklist KYC Questionnaire Assessment Forms
Mined Gold (Large scale, medium & small scale)Due Diligence Checklist KYC Questionnaire Assessment Forms
The LBMA would continue to welcome your experience of implementing/using the Toolkit , so we can make sure they remain fit for purpose and that they continue to be useful to refiners. Please email firstname.lastname@example.org. We would like to thank Argor-Hereaus, Metalor and PAMP who have been instrumental in helping to create these documents.
LBMA Responsible Gold Webinars
The most recent LBMA webinar on Responsible Gold was held on 2nd September, 2015 announcing the launch of Responsible Gold Guidance Version 6. This webinar was introduced by Sakhila Mirza, LBMA General Counsel and presented by Neil Harby, LBMA Good Delivery List Officer.
Please click here to listen.
OECD Due Diligence for Responsible Supply Chains & Gold Supplement
The LBMA supports the work of the OECD in the area of supply chain due diligence and has been actively involved in drafting the Gold Supplement section of the OECD Guidance, a number of members, both banks and refiners have contributed to this work. Ruth Crowell, the LBMA's Chief Executive, is the Vice Chair of the OECD Gold Forum Multi-Stakeholder Steering Group and Sakhila Mirza, the LBMA's General Counsel is the main contact for Responsible Gold.