About Us

Terms of Reference for the LBMA Financial Crime Working Group

Its general purpose is to support the LBMA Executive on relevant financial crime issues impacting the market.

Its general activities are to:

  1. Policy Development
    a. Advise on market-wide processes that can enable the Precious Metals Market to address Due Diligence Risks in a proactive manner; and
    b. Establish protocols to provide stability and consistency when Due Diligence Risks have been identified.

  2. Review and Investigation
    a. Review of process when being applied to a live situation;
    b. Provide an opportunity for information sharing and liaison between industry and governmental structures.

  3. Communication
    a. Enable sharing of information between knowledge centres; and
    b. Reporting to interested parties, if possible (Market participants, Law Enforcement, NGOs, and Press etc.).
Reporting line: LBMA Executive Committee.
Delegated authorities: Advises the LBMA Executive when required.
Chair: Chair proposed by Committee and endorsed by LBMA Executive Committee.
Term of Chair/Vice Chair: Three years where by there must then be an election. Members are permitted to serve two terms.
Membership: Ten Members appointed.
Observers: N/A.
Quorum for meeting: A majority of the Working Group.
Decision making rules: Consensus across the Working Group.
Minimum frequency of meetings: Three times per year.
Location: LBMA offices.