Dealers in Precious Metals and Stones in UAE
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.