Page 9 - Bullion World Volume 03 Issue 07 July 2022

Bullion World | Volume 2 | Issue 07 | July 2022

environmental protection, business SAM Precious Metals’ Supply Chain Certification is the bridge between
ethics, and commitment to Policy outlines the company’s standards and impact – they help
applying a risk-based approach to responsibility and commitment for you transform your management
the management of supply chains. conducting risk-based due practices into measurable action.
diligence, screening and monitoring SAM Precious Metals has been a
‘Responsible Sourcing’ is a of transactions and governance UAE Good Delivery member for
fundamental and highly significant in place accordingly, in order to Silver since 2021, and currently our
principle for SAM Precious Metals. achieve a responsible supply application for UAE Good Delivery
Thus, in order to assess and monitor chain of minerals. The company member for Gold is being processed
the risk, SAM Precious Metals has adopted a comprehensive by the authority. We are extremely
conducts thorough due diligence on on-going, proactive and reactive proud that recently SAM Precious
the gold, silver and precious metals process that is being implemented Metals has been recertified by
supply chain including both new and and maintained by the Compliance Responsible Jewellery Council (RJC)
existing counterparts, corporate Department. The policies and for Code of Practices (COP) and
customers and individual members procedures, which covers in- become an RJC Chain of Custody
of corporate customers, the location depth all aspects of our internal (COC) Certified Entity. We are the
of the operations and the country and external processes towards first refinery in the whole of Middle
of origin of the gold, silver and KYC documentation, country risk East to become an RJC Chain of
precious metals. A detailed Know assessment, supply chain risk Custody (COC) Certified Entity,
Your Customer (“KYC”) process assessment, and reporting, and risk which we believe demonstrates our
has been put in place by the mitigation plan, serves as guidance efforts and contributions towards
company under the supervision of to all departments involved in the responsible sourcing.
the in-house Legal and Compliance supply chain to successfully comply
department to ensure that strict with the company’s policies. A robust The COP provides a common
compliance is maintained with all supply chain management standard for ethical, social, human
relevant Regulatory requirements system has been developed, which rights and environmental practices.
and international best practices and includes centralized information and COP certification provides a strong
standards around Supply Chain several departments participating system for assuring stakeholders,
Management, Anti Money Laundry in daily transaction and shipment shareholders, customers and
/ Countering Financing of Terrorism verification leading to strong business partners that a company
(AML/CFT), and Anti Bribery and monitoring and surveillance of all conducts its business responsibly.
Corruption (ABC). shipments. A chain of custody (CoC) is a

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