The LBMA Responsible Gold Guidance (v5) 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 review the most recent Responsible Gold Programme overview presentation and Responsible Gold FAQs via Useful Links.
This document to 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.
The LBMA accredits auditors and assurance providers to enable them to conduct Responsible Gold Audits. The Recommended Service Providers List is updated on a regular basis. To become a Recommended Service Provider, auditors and assurance providers must complete the application form and return it to the LBMA for consideration.
The most recent LBMA webinar for GD refiners was held on 27th February 2013. This included a presentation entitled Responsible Gold, Audit Guidance & Next Steps. To view the presentation click here. A recording of the Webinar is also available by clicking here.
The LBMA also hosted a regulatory webinar for GD refiners on 11th September 2012. This included a presentation entitled Responsible Gold Programme Update & Audit Guidance by Ruth Crowell, Deputy Chief Executive, LBMA. To view the presentation click here. A recording of the Webinar is also available by clicking here.
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 and Ruth Crowell, the LBMA's Chief Executive, is the Vice Chair of the OECD Gold Forum Multi-Stakeholder Steering Group and the LBMA’s main contact for Responsible Gold.