Dealer in Precious Metals and Stones Report (DPMSR) under UAE AML Regulations

Under UAE AML regulations, the Dealers in Precious Metals and Stones (DPMS) are one of the Designated Non-Financial Businesses and Professions (DNFBPs) subject to AML compliance. One of the compliance obligations imposed upon DPMS or jewellers in UAE is to report certain designated transactions on the goAML portal by filing a Dealers in Precious Metals and Stones Report (DPMSR).

The DPMSR is to be filed by the dealers in precious metals/stones when the transactions are either in cash or wire transfer. In the case of the natural person, whether resident or non-resident of UAE, the cash transactions of AED 55,000 or more would be treated as designated transactions requiring reporting on the goAML Portal. For corporate customers, transactions of value AED 55,000 or more involving cash or international wire transfers are to be reported.

DPMSR is to be filed within two (2) weeks from the event triggering the reporting, i.e., from the date of receipt or payment of funds of the specified amount in cash or wire transfer, as mentioned above.

Moreover, when filing the DPMSR on the goAML Portal, the dealers in precious metals/stones must submit the necessary identification documents of the customer. It would be a copy of a valid Emirates ID or Passport or any other government-issued ID bearing photograph for a natural person or an individual customer. The regulated entity must furnish the valid trade license copy of the corporate customer and the identity document (Emirates ID/Passport) of the authorized representative of the corporate customer.

Here is an infographic discussing the salient aspects a dealer in precious metals and stones must understand regarding one of its essential AML reporting obligations – DPMSR.

AML UAE, with its varied experience across the countries and thorough understanding of the UAE regulations, can assist you in setting up the required processes and systems to identify the transactions warranting the filing of DPMSR and implement best practices to file these reports on the goAML Portal.