Dealers in Precious Metals and Stones in UAE
![Dealers in Precious metals in stones in UAE](https://bhmjassociates.com/wp-content/uploads/2021/08/Precious-Metals-ETFs-Slump-As-Investors-Dump-Gold-And-Silver-1024x576.jpg)
must undertake the following procedures under the AML Regulations effective 12 June 2021:
- Obtain identification documents (Emirates ID of residents / Alternate ID for non-resident or Passport)
- For transactions equal to or exceeding AED 55,000.
- Register the information in the Financial Intelligence Unit’s (“FIU”) GoAML platform
- Using the recently created ‘Dealers in Precious Metals and Stones Report’ (DPMSR).
- If the purchaser is a company, then they need to obtain a Trade License of the company in addition to the above-mentioned documents for the company’s authorized representative.