Dealers in Precious Metals and Stones1 min read

Dealers in Precious Metals and Stones in UAE 

must undertake the following procedures under the AML Regulations effective 12 June 2021:

1. Obtain identification documents (Emirates ID of residents / Alternate ID for non-resident or Passport)
2. For transactions equal to or exceeding AED 55,000.
3. Register the information in the Financial Intelligence Unit’s (“FIU”) GoAML platform
4. Using the recently created ‘Dealers in Precious Metals and Stones Report’ (DPMSR).
5. 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.

Ministry of Education go-Anti-Money LaunderingDownload