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PMA Charter
What Is PMAProcessCurriculumStandardsFAQContact
Apply for the CharterVerify a PMA Agent
AurumShield
PMA

The Precious Metals Agent charter is the professional standard for verified intermediaries in the global precious metals ecosystem.

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  • Why PMA Matters
  • Who Should Apply
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  • Curriculum
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  • FAQ

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Standards Office
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© 2026 PVN LLC. All rights reserved.

PMA is a private, standards-based professional charter operated by PVN LLC. It is not a government-issued license.

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Standards Curriculum

Five domains of professional competence

The PMA curriculum is a structured prerequisite covering essential knowledge, conduct standards, and operational competence. Every domain must be completed — including all modules and a passing competency check — before Board Examination eligibility.

5 domains
20 modules
47 lessons
11 hrs est.
19 required
25%Domain 1
20%Domain 2
20%Domain 3
20%Domain 4
15%Domain 5
Board Examination Weight Distribution
1

Market Structure & Commodity Fundamentals

Global precious metals market architecture — mining, refining, wholesale, retail, custody chains. Pricing, premiums, spreads, product forms, and LBMA Good Delivery standards.

4 modules · 11 lessonsExam weight: 25%
1.1Global Precious Metals Market ArchitectureRequired
3 lessons45 minCompetency Check
1.1.1The London OTC Market and Global Price Discovery
15 min
1.1.2Exchange-Traded Markets: COMEX, SGE, and TOCOM
15 min
1.1.3
Qualification Rules
  • All five charter domains must be completed before Board Examination eligibility.
  • Each module requires completion of all lessons and a passing competency check.
  • Competency check passing scores are 80–85% depending on domain regulatory weight.
  • Some modules have prerequisites — they remain locked until prerequisite modules are satisfied.
  • The Board Examination draws 80 questions weighted across all five domains.
  • Compliance/Due Diligence and Fraud/Risk domains carry fail-point sections — scoring below 60% in these domains results in automatic failure regardless of total score.
  • Candidates who fail may re-attempt after a 30-day cooling-off period, up to 3 maximum attempts.
Ready to Begin

The curriculum is the foundation

All required domains must be completed before examination eligibility. Start with the suitability review to begin your charter qualification.

Begin ApplicationCheck Eligibility
Market Participant Roles and the Supply Chain
15 min
Learning Objectives
  • Identify the major global precious metals trading venues and their functions
  • Explain the London OTC market structure and its relationship to exchange-traded markets
  • Describe the LBMA Gold Price benchmark mechanism
  • Distinguish between wholesale and retail market structures
1.2Pricing, Premiums, and ValuationRequired
3 lessons40 minCompetency Check
1.2.1Spot Price, Premiums, and the Cost Stack
15 min
1.2.2Forward Pricing, Contango, and Backwardation
13 min
1.2.3Premium Dynamics and Market Conditions
12 min
Learning Objectives
  • Calculate spot premiums for different product forms
  • Explain the components of the bid-ask spread
  • Identify factors that cause premium expansion and contraction
  • Understand the relationship between spot, forward, and futures pricing
1.3Product Forms and SpecificationsRequired
3 lessons35 minCompetency Check
1.3.1Good Delivery Bars and Institutional Product
12 min
1.3.2Sovereign Mint Products and Retail Standards
12 min
1.3.3Assay Methods and Quality Verification
11 min
Learning Objectives
  • Identify and distinguish major product forms
  • Explain LBMA Good Delivery specifications
  • Understand sovereign mint product standards
  • Assess product suitability for institutional vs retail applications
1.4The Refining Chain and Good DeliveryRequired
2 lessons30 minCompetency Check
1.4.1The Refining Process
15 min
1.4.2Proactive Monitoring and Accreditation Integrity
15 min
Learning Objectives
  • Describe the refining process from doré to finished bar
  • Explain the LBMA Good Delivery accreditation process
  • Understand proactive monitoring and its commercial significance
  • Identify the implications of accreditation loss
2

Compliance, Due Diligence & ESG

Professional conduct requirements, KYC/KYB principles, AML obligations, responsible sourcing, provenance awareness, and ESG dimensions of metals participation.

4 modules · 10 lessonsExam weight: 20%
2.1KYC, KYB, and AML ObligationsRequired
3 lessons40 minCompetency Check
2.1.1KYC Fundamentals and Risk-Based Approach
15 min
2.1.2Suspicious Activity Recognition and Reporting
13 min
2.1.3Beneficial Ownership and Complex Structures
12 min
Learning Objectives
  • Implement risk-based KYC procedures for individual and entity clients
  • Identify beneficial ownership through complex corporate structures
  • Recognize structuring, layering, and integration techniques
  • Understand SAR and CTR filing obligations
2.2Sanctions Screening and WatchlistsRequired
2 lessons35 minCompetency Check
2.2.1Sanctions Frameworks and Screening Procedures
15 min
2.2.2Sanctions Evasion Techniques and Detection
12 min
Learning Objectives
  • Identify major sanctions programs affecting precious metals
  • Implement effective sanctions screening procedures
  • Understand the consequences of sanctions violations
  • Navigate jurisdictional complexity in cross-border transactions
2.3Responsible Sourcing and ProvenanceRequired
3 lessons35 minCompetency Check
2.3.1OECD Due Diligence Guidance Framework
12 min
2.3.2Conflict Minerals and High-Risk Area Assessment
12 min
2.3.3Certifications, Standards, and Their Limitations
11 min
Learning Objectives
  • Apply the OECD Due Diligence Guidance five-step framework
  • Evaluate responsible sourcing certifications and their limitations
  • Assess supply chain risks in conflict-affected and high-risk areas
2.4ESG Considerations in Precious Metals
2 lessons25 minCompetency Check
2.4.1Environmental Impacts of Precious Metals Production
13 min
2.4.2Social and Governance Dimensions
12 min
Learning Objectives
  • Identify material ESG risks in precious metals supply chains
  • Understand the growing role of ESG criteria in institutional purchasing decisions
  • Assess environmental impacts of mining and refining operations
  • Apply governance standards to precious metals business operations
3

Documentation & Deal Execution

Transaction documentation standards — invoices, certificates, assay records, chain of custody. Title integrity, ownership records, and standard agreement structures.

4 modules · 9 lessonsExam weight: 20%
3.1Transaction Documentation StandardsRequired
3 lessons35 minCompetency Check
3.1.1The Documentation Stack
12 min
3.1.2Documentation Deficiencies and Risk
12 min
3.1.3Electronic Documentation and Digital Records
11 min
Learning Objectives
  • Identify and prepare all standard transaction documents
  • Understand the legal significance of each document type
  • Assess documentation completeness for various transaction types
  • Recognize documentation deficiencies that create legal or commercial risk
3.2Title Integrity and Chain of CustodyRequired
2 lessons30 minCompetency Check
3.2.1Title, Possession, and the Distinction
15 min
3.2.2Chain of Custody Documentation
15 min
Learning Objectives
  • Distinguish between legal title and physical possession
  • Identify title transfer triggers in various transaction structures
  • Assess chain of custody integrity and identify gaps
  • Understand the commercial consequences of broken custody chains
3.3Deal Structures: SCO, FCO, IMFPA, and SPARequired
2 lessons30 minCompetency Check
3.3.1SCO, FCO, and Offer Instruments
15 min
3.3.2SPA Structure and Essential Terms
15 min
Learning Objectives
  • Distinguish between different transaction instruments and their appropriate use
  • Draft or review essential terms of an SPA
  • Identify red flags in deal structure documents
  • Understand the role and limitations of intermediary commission protections
3.4Settlement and Delivery MechanicsRequired
2 lessons25 minCompetency Check
3.4.1Settlement Mechanisms and Risk
13 min
3.4.2Cross-Border Settlement and Customs
12 min
Learning Objectives
  • Understand DVP, FOP, and other settlement mechanisms
  • Identify settlement risk and mitigation strategies
  • Navigate cross-border settlement challenges
  • Apply appropriate settlement structures to transaction types
4

Fraud Detection & Risk Mitigation

Counterparty evaluation, red flags, verification practices, risk taxonomy — operational, market, counterparty, legal, and custody exposure.

4 modules · 9 lessonsExam weight: 20%
4.1Counterparty EvaluationRequired
2 lessons30 minCompetency Check
4.1.1Counterparty Verification Framework
15 min
4.1.2Red Flags and Disqualifying Indicators
15 min
Learning Objectives
  • Apply a structured counterparty evaluation framework
  • Identify verification sources for counterparty claims
  • Recognize intermediary structures and associated risks
  • Document counterparty due diligence findings
4.2Fraud Pattern RecognitionRequired
3 lessons35 minCompetency Check
4.2.1Advance-Fee Fraud in Precious Metals
12 min
4.2.2Product Counterfeiting and Detection
12 min
4.2.3Transaction Fraud and Manipulation
11 min
Learning Objectives
  • Identify the major categories of precious metals fraud
  • Recognize advance-fee fraud at all stages from initial contact to payment request
  • Detect counterfeit product using appropriate verification methods
4.3Risk Taxonomy and ControlsRequired
2 lessons30 minCompetency Check
4.3.1The Precious Metals Risk Taxonomy
15 min
4.3.2Control Design and Implementation
15 min
Learning Objectives
  • Categorize risks across the precious metals risk taxonomy
  • Design appropriate controls for identified risks
  • Assess residual risk after controls are applied
  • Implement monitoring and escalation procedures
4.4Transaction Control FrameworksRequired
2 lessons25 minCompetency Check
4.4.1The Transaction Control Lifecycle
13 min
4.4.2Exception Handling and Incident Response
12 min
Learning Objectives
  • Design end-to-end transaction control workflows
  • Implement appropriate approval and authorization frameworks
  • Handle exceptions and deviations from standard procedures
  • Conduct post-trade verification and reconciliation
5

Logistics, Vaulting & Settlement

Physical metals storage, transport, insurance operations — vault to destination. Charterholder obligations, continuing education, and renewal requirements.

4 modules · 8 lessonsExam weight: 15%
5.1Physical Storage and Vault OperationsRequired
2 lessons30 minCompetency Check
5.1.1Vault Standards and Operations
15 min
5.1.2Custody Risk and Insurance
15 min
Learning Objectives
  • Evaluate vault facilities and operators for client recommendations
  • Distinguish between allocated, unallocated, and segregated storage
  • Understand vault audit and inventory verification procedures
  • Assess custody risk and insurance adequacy
5.2Transport, Insurance, and Chain of CustodyRequired
2 lessons30 minCompetency Check
5.2.1Armored Transport and Logistics Providers
15 min
5.2.2Transit Insurance and Claims
15 min
Learning Objectives
  • Select appropriate transport methods for different shipment types
  • Ensure adequate insurance coverage for transit
  • Maintain unbroken chain of custody during transport
  • Navigate customs and cross-border logistics requirements
5.3Settlement InfrastructureRequired
2 lessons25 minCompetency Check
5.3.1Clearing and Settlement Systems
13 min
5.3.2Settlement Best Practices
12 min
Learning Objectives
  • Understand the LPMCL clearing system
  • Navigate vault account structures for efficient settlement
  • Apply loco swap and EFP mechanisms
  • Implement settlement best practices
5.4Charterholder Obligations and Continuing EducationRequired
2 lessons25 minCompetency Check
5.4.1The PMA Code of Professional Conduct
13 min
5.4.2Continuing Education and Renewal
12 min
Learning Objectives
  • Understand the PMA Code of Professional Conduct in full
  • Navigate continuing education requirements and categories
  • Maintain compliant attestation and renewal records
  • Handle professional ethical dilemmas using the PMA framework
  • Understand the role of the LBMA Responsible Gold Guidance
    • Respond professionally when fraud is suspected or confirmed