AML Compliance for Gold and Precious Metal Dealers (DPMS) in the UAE
AML rules for UAE gold and precious metal dealers: goAML registration, DPMS reports for AED 55,000+ cash deals, KYC, sanctions and responsible sourcing.
Gold, precious metals and stones are high-value and easy to move, which is why dealers in precious metals and stones (DPMS) are a DNFBP sector under UAE AML rules. Whether you are a jeweller, bullion trader or gemstone dealer, on the mainland or in a free zone, you need a working AML/CFT programme.
Core obligations
- Register on goAML, the UAE FIU's reporting platform
- Maintain a business-wide risk assessment and AML policy
- Identify and verify customers and beneficial owners for in-scope transactions
- Screen customers and counterparties against sanctions lists and act immediately on matches
- Report suspicious transactions through goAML
- Carry out due diligence on suppliers and the origin of metals and stones
- Appoint a compliance officer, train staff and keep records
The DPMS Report (DPMSR)
Dealers must file a Dealers in Precious Metals and Stones Report (DPMSR) on goAML for cash transactions of AED 55,000 or more, whether in a single transaction or linked transactions, within the deadline set by the Ministry of Economy and Tourism. Like the REAR for real estate, the DPMSR is a threshold report and does not replace suspicious transaction reporting.
Responsible sourcing
Beyond customer checks, regulators expect dealers to understand where their metals and stones come from. Supplier due diligence, documentation of origin and attention to high-risk sourcing regions are part of a credible compliance programme, particularly for refiners and bullion traders.
Key takeaways
- Dealers in precious metals and stones are a DNFBP sector with full AML obligations.
- File a DPMSR on goAML for cash transactions of AED 55,000 or more.
- Supplier and sourcing due diligence is part of a credible programme.
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This article is general information, not legal advice. Regulatory requirements change; confirm current rules with the relevant regulator.