Ethical and Regulatory Compliance

The topic of ethical compliance (or non-compliance) in the precious metals industry deserves an entire seminar unto itself. It is obvious that without an honest precious metals refiner one cannot hope to receive QOS. The issue is not really out-and-out theft…professional witnessing, compliance with anti-money laundering legislation and the knowledge gained by customers over the years have helped reduce this dramatically. Sadly, the precious metals industry continues to see more than its share of scandals, criminal proceedings and convictions for smuggling, illegal dumping of hazardous materials and outright fraud. The precious metals assets in the possession of a company suddenly facing criminal charges or filing bankruptcy can tie up your assets in the courts for many months or even years. 

From the customer perspective, a high level of diligence is encouraged before selecting a precious metals recycler. Protecting your financial interests and reputation and avoiding legal complications requires consulting Regulatory and legal entities, as well as industry and traditional media, and obtaining records and certifications for safety, environmental and other regulatory adherence. Lastly, it is always highly recommended that the customer audit the precious metals refiner site to see first-hand the facilities, records and practices.

From the precious metal refiners’ point of view, there is an increasing scrutiny on the precious metals industry from the US Department of Treasury and the London Bullion Market Association (LBMA). Drug cartels, terrorist groups and other criminal activity have made it mandatory for refiners actively participate in Customer Due Diligence and AML (Anti Money Laundering) programs. It is expected that compliance requirements will continue to grow more complex in the future, as efforts expand to further guarantee responsible sourcing.

For nearly 75 years the Sabin Metal Corporation has remained fully committed to protecting human rights and the environment. We are therefore dedicated to all aspects of responsible sourcing and risk awareness for the protection of our customers, partners and the extended Sabin family of employees.


The Take-Away

Make sure your precious metals end up with a responsible recycler, root out and eliminate the unethical and the wasteful, and forge global partnerships; allow for fair margins, invest in research and development; discard perceived limitations and challenge what is ‘normal’.

At Sabin, we believe that long-term wisdom and meaningful innovation is best for business, and as a result, it is what is best for the society of Mankind. If you’d like to learn more about this topic, or any of the other Sabin Metal Precious Metal bulletins, please visit us at www.sabinmetal.com.

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Bars of raw metal.Five test tubes holding a variety of metal samples.