Verifying compliance with responsible gold guidelines | KPMG | GLOBAL

Case study: compliance

Case study: compliance

KPMG in Japan provides assurance on refiners’ compliance reports prepared in accordance with the LBMA Responsible Gold Guidance

KPMG in Japan provides assurance on refiners’ compliance reports prepared in...

Verifying compliance with responsible gold guidelines

Profits from mining and the mineral trade are being used by some to fund conflict and human rights abuses in the war-torn Democratic Republic of Congo. In an attempt to address this, the London Bullion Market Association (LBMA), the de facto global standard-setter for the quality of gold bars, introduced Responsible Gold Guidance. All gold refiners who wish to sell their gold into the London Bullion Market must comply with the guidance, produce an annual compliance report, and have it assured by an independent third-party auditor.

How KPMG helped

In 2012, KPMG in Japan started to provide assurance on compliance reports prepared by gold refiners in accordance with the LBMA Responsible Gold Guidance. Since then, the practice has delivered assurance services to several Japanese gold refiners and established a reputation for its expertise in this sector.

Benefits to the clients

As a result of the assurance, clients maintain their status as quality refiners, ensuring their continued access to the global gold market. Refiners trading in a variety of minerals and metals are now able to easily expand their due diligence systems beyond gold to include other conflict minerals including tin, tungsten and tantalum.

 

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