Dealers in Precious Metals and Stones Report (DPMSR)
What is Dealers in Precious Metals and Stones Report (DPMSR)?
Ministry of Economy issued a Circular (No. 08/AML/2021 dated 02 June 2021), instructing the dealers in precious metals and stones to register the specified transactions – cash transactions or transactions through wire transfers (in case of legal person) exceeding a certain amount in the report named as Dealers in Precious Metals and Stones Report (‘DPMSR).
The said reporting requirement was made effective from 12th June 2021.
Who is required to file DPMSR?
All the dealers in the precious metals and stones (‘DPMS’) licensed in the UAE must report transactions equal to or exceeding AED 55,000 in cash or wire transfers (in specified cases). Irrespective of the registration as a mainland company or with a freezone, all the DPMS are required to file DPMSR for transactions equal to or exceeding the specified cash transaction limit and wire transfer limit in the UAE.
What are the transactions to be reported in a DPMSR on the goAML portal?
- Cash transactions with resident individuals equal to or exceeding AED 55,000
- Cash transactions with non-resident individuals equal to or exceeding AED 55,000
- Cash transactions with corporate entities (legal persons) equal to or exceeding AED 55,000
- Transactions with corporate entities (legal persons) involving international wire transfers equal to or exceeding AED 55,000
- Local wire transfers made through an exchange house
- Instalment transactions in cash equal to or exceeding AED 55,000, to be reported at the time of receiving funds
- Unfixed gold transaction involving cash equal to or exceeding AED 55,000
- Advance payment in cash equal to or exceeding AED 55,000, to be reported at the time of receiving funds
- Wire transfers from a mainland/onshore company to a Free zone company (not part of the same company)
- Transaction between two Free Zone companies, settling the payment in USD through the international wire transfer
What transactions are exempt from being reported into a DPMSR?
- Credit card, cheque, or bank transaction with an individual, irrespective of the amount
- Exchange of old gold or gold-to-gold transaction, not involving cash equal to or exceeding AED 55,000
- Local wire transfers and cheque transactions from a local bank in the UAE
- Payment towards Margin calls, Loans with banks
- Intra-company transfers or purchase/sell transactions in cash, irrespective of the amount
- Transactions through the Letter of Credit issued by banks
- Transaction between two Free Zone companies, settling the payment through the bank accounts in the same bank in UAE
- Physical trade of precious metals or stones with commercial banks operating & regulated outside the UAE
What are DNFBP’s obligations?
DPMS must obtain and record the following:
- Identification documents of individuals with whom the transaction is executed
- Trade License of the entity and the identification documents of the local representative of the entity with whom the transaction is executed
Along with obtaining relevant documents pertaining to parties involved in the transaction, DPMS shall submit DPMSR on the goAML platform, capturing details of the parties and transaction.
DPMSR documentation requirements
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Documents to be obtained, if
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Resident individual
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Non-resident individual
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Entity/Company
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What is the timeline for filing DPMSR on goAML Portal?
Dealers in Precious Metals and Stones Report needs to be filed when a receipt or payment occurs equal to or exceeding the AML reporting threshold. DPMSR needs to be filed within 2 weeks of the occurrence of receipt or payment of funds equal to or exceeding AED 55,000 through cash or wire transfer.
DPMSR – An Additional Reporting
It is important to note that filing of DPMSR to report the transaction pertaining to the transaction exceeding the specified threshold is an additional requirement.
DPMS is not absolved from the filing of Suspicious Transaction Report/Suspicious Activity Report/Fund Freeze Report/Partial Name Match Report, as and when the same are applicable. Accordingly, along with the filing of reports as prescribed earlier for reporting sanctions or suspicion, additional DPMSR is to be filed to report designated transactions.
DPMSR Summary
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Transaction Value
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Transaction with
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Mode of payment
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Documents obtained & reporting requirement
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Equal to or exceeds AED 55,000
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Resident Individual
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Cash
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Submit DPMSR on goAML platform
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Non-resident Individual
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Submit DPMSR on goAML platform
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Entities/Companies
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Cash; or
Wire transfer
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Submit DPMSR on goAML platform
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AML UAE at your service
As one of the goAML reporting requirements in the UAE, the Dealers in Precious Metals and Stones must adopt a mechanism to identify such transactions and timely report the same. Here, we may help you understand the reporting requirements in detail, guide you around the identification of such transactions and assist in filing this report – DPMSR.
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FAQs on Dealers in Precious Metals and Stones Report (DPMSR)
Only transactions equal to exceeding AED 55,000 are to be reported in DPMSR on the goAML portal.
No, both B2B as well as B2C transactions are to be reported in DPMSR on the goAML portal if transactions exceed specified amount.
No, as the transaction involves the local transfer between accounts in the same bank in UAE.
Yes, as the transaction involves an international wire transfer, the same needs to be reported.
No, the transaction does not involve international wire transfer and hence it need not be reported as a DPMSR on the FIU goAML portal.
About the Author
Jyoti Maheshwari
CAMS, ACA
Jyoti has over 7 years of hands-on experience in regulatory compliance, policymaking, risk management, technology consultancy, and implementation. She holds vast experience with Anti-Money Laundering rules and regulations and helps companies deploy adequate mitigation measures and comply with legal requirements. Jyoti has been instrumental in optimizing business processes, documenting business requirements, preparing FRD, BRD, and SRS, and implementing IT solutions.