AML Compliance for Dealers in Precious Metals & Stones in UAE

Protect Your Business with Effective AML Compliance

Dealers in precious metals and stones (DPMS) operate in a sector that requires strong anti-money laundering controls and proper customer due diligence.

At P&L Accounting, we provide practical AML compliance support for gold dealers, jewellery businesses, precious metal traders, diamond dealers and other businesses operating in the UAE's precious metals and stones sector.

Our team helps you establish, implement and maintain AML procedures aligned with applicable UAE requirements, including customer due diligence, risk assessment, record keeping and reporting obligations.

Book Your Free AML Consultation


AML Compliance for DPMS Businesses in the UAE

Precious metals and stones can be high-value and easily transferable, making businesses in this sector subject to specific AML/CFT obligations when they meet the applicable regulatory criteria.

Under the UAE AML framework, qualifying Dealers in Precious Metals and Stones are treated as Designated Non-Financial Businesses and Professions (DNFBPs). DPMS businesses carrying out a single monetary transaction, or several apparently linked transactions, at or above AED 55,000 are subject to specific AML/CFT requirements.

P&L Accounting helps DPMS businesses develop a structured compliance framework that supports:

- Customer Due Diligence (CDD)
- Enhanced Due Diligence (EDD), where applicable
- Customer and beneficial owner identification
- AML risk assessment
- Transaction monitoring
- Suspicious transaction identification and reporting
- GoAML reporting support
- AML policies and procedures
- Record keeping
- AML/CFT compliance training
- Ongoing compliance support


Who Needs DPMS AML Compliance?

Our AML compliance services are suitable for businesses such as:

Gold Dealers
AML support for businesses involved in the trading, buying or selling of gold and other precious metals.

Jewellery Businesses
Compliance support for jewellery retailers, wholesalers, manufacturers and traders.

Precious Metal Traders
AML procedures for businesses dealing in precious metals and related high-value transactions.

Diamond & Precious Stone Dealers
Support with customer verification, risk assessment and transaction monitoring.

Gold & Jewellery Trading Companies
Practical AML frameworks designed around the nature and risk profile of your business.

Importers & Exporters
Compliance support for businesses involved in the international movement and trading of precious metals and stones.

Our AML Compliance Services for DPMS

1. AML Risk Assessment
We help identify and assess the money laundering and terrorist financing risks associated with your business.

The assessment can consider factors such as:

- Customer profiles
- Geographic exposure
- Products and services
- Transaction patterns
- Delivery and distribution channels
- Cash transactions
- High-value transactions
- Beneficial ownership structures

A documented risk assessment helps establish a risk-based AML compliance approach.

2. AML Policies & Procedures
We help develop and maintain AML/CFT policies and procedures appropriate to your business activities.

Your AML framework may cover:

- Customer identification procedures
- Customer Due Diligence
- Enhanced Due Diligence
- Beneficial ownership identification
- Risk classification
- Transaction monitoring
- Suspicious transaction reporting
- Record retention
- Sanctions screening
- Internal escalation procedures

3. Customer Due Diligence (CDD)
Effective customer verification is a key part of AML compliance.

We help businesses establish procedures for collecting and verifying relevant customer information and understanding the purpose and nature of transactions.

Depending on the customer and risk profile, this can include:

- Emirates ID or passport verification
- Company and licence information
- Beneficial ownership information
- Source of funds information
- Business activity information
- Purpose of the transaction
- Customer risk classification
UAE AML guidance requires appropriate risk-based CDD measures and identification of customers, beneficial owners and controlling persons in applicable circumstances.

4. Enhanced Due Diligence (EDD)
Higher-risk customers and transactions may require additional verification and monitoring.

We help businesses establish EDD procedures for situations involving increased AML/CFT risk, such as:

- High-risk customers
- Complex ownership structures
- High-value transactions
- Higher-risk jurisdictions
- Politically exposed persons (PEPs)
- Unusual transaction patterns

5. Beneficial Owner Identification
Understanding who ultimately owns or controls a customer or company is an important component of AML compliance.
Our support includes procedures for:
- Identifying beneficial owners
- Verifying ownership information
- Understanding control structures
- Maintaining relevant documentation
- Updating information when required

6. GoAML & DPMS Reporting Support
DPMS businesses subject to the applicable reporting requirements need to understand their obligations under the UAE's GoAML framework.

The Ministry of Economy introduced the Dealers in Precious Metals and Stones Report (DPMSR) through GoAML for applicable transactions. The UAE guidance specifies reporting requirements for qualifying cash transactions at or above AED 55,000.

P&L can assist with:

- Understanding GoAML reporting requirements
- Preparing required information
- DPMSR reporting support
- Suspicious transaction reporting procedures
- Internal reporting workflows

AML Transaction Monitoring

Effective AML compliance goes beyond collecting customer documents.

Businesses should have procedures to identify unusual or suspicious activity based on their customer and transaction risk.

We help establish monitoring procedures for indicators such as:

- Unusual transaction activity
- Transactions inconsistent with customer profiles
- Multiple linked transactions
- Unusual cash activity
- Complex ownership structures
- Transactions involving higher-risk jurisdictions
- Unusual payment or settlement arrangements
The objective is to create a documented and risk-based approach to identifying transactions that may require further review.

AML Record Keeping

Proper documentation is an important part of maintaining an effective AML framework.

We help businesses establish appropriate processes for maintaining records relating to:

- Customer identification
- Beneficial ownership
- Risk assessments
- Due diligence
- Enhanced due diligence
- Transactions
- AML policies and procedures
- Training
- Internal reviews
- Relevant reports and compliance actions

AML Compliance Officer & Staff Training

An effective AML programme requires clear responsibility within the business.

We can assist with establishing AML responsibilities and providing practical AML/CFT awareness and training for relevant employees.

Training can cover:

- AML/CFT fundamentals
- Customer identification
- CDD and EDD
- Beneficial ownership
- Risk indicators
- Suspicious transactions
- Internal escalation
- Record keeping
- GoAML reporting procedures

Why AML Compliance Matters for DPMS Businesses

Precious metals and stones have characteristics that can increase their exposure to money laundering and terrorist financing risks, including their high value, portability and use in cash-intensive markets. UAE guidance therefore provides specific AML/CFT requirements for qualifying DPMS businesses.

A structured AML programme can help your business:

Identify Risks
Understand the AML/CFT risks associated with your customers, transactions and business activities.

Verify Customers
Establish appropriate customer and beneficial ownership verification procedures.

Monitor Transactions
Identify unusual activity and establish appropriate escalation procedures.

Maintain Records
Keep relevant compliance documentation organised and accessible.

Meet Reporting Obligations
Understand applicable GoAML and suspicious transaction reporting requirements.

Build a Stronger Compliance Framework
Create documented policies and procedures that support ongoing AML compliance.

Our DPMS AML Compliance Process

Step 1 — Initial Compliance Review
We review your current business activities, AML procedures and existing documentation.

Step 2 — Risk Assessment
We identify relevant AML/CFT risks based on your business model, customers and transactions.

Step 3 — AML Framework Development
We help establish appropriate AML policies, procedures and controls.

Step 4 — CDD & Transaction Procedures
We develop practical procedures for customer verification, risk classification and transaction monitoring.

Step 5 — Reporting & Documentation
We assist with applicable GoAML/reporting procedures and compliance documentation.

Step 6 — Ongoing Compliance Support
We can provide continued support to help your business maintain its AML framework as your operations develop.

Why Choose P&L Accounting?

UAE-Focused Compliance Support
We understand the compliance environment applicable to businesses operating in the UAE.

Practical AML Solutions
Our approach focuses on procedures that can be implemented within your day-to-day business operations.

Industry-Specific Support
We tailor AML procedures around the risks associated with precious metals, stones, jewellery and high-value transactions.

Ongoing Assistance
AML compliance is an ongoing process. We can support your business beyond the initial setup of policies and procedures.

Frequently Asked Questions

Are DPMS businesses required to comply with AML regulations in the UAE?

Qualifying Dealers in Precious Metals and Stones are treated as DNFBPs under the UAE AML framework and are subject to applicable AML/CFT obligations. The regulatory requirements depend on the nature and circumstances of the business and transactions.

What is the AED 55,000 threshold for DPMS businesses?

The UAE AML framework identifies qualifying DPMS transactions at or above AED 55,000 as covered transactions for applicable AML/CFT obligations. Certain GoAML reporting requirements also apply to qualifying cash transactions at or above AED 55,000.

What is GoAML?

GoAML is the reporting platform used by the UAE Financial Intelligence Unit for relevant AML/CFT reporting. DPMS businesses subject to the applicable requirements may need to use GoAML for reporting, including the DPMSR report.

What documents are required for AML compliance?

The documents depend on the customer, transaction and risk profile. They may include identification documents, company information, beneficial ownership details and information relating to the nature and purpose of the transaction.

Do jewellery businesses need AML compliance?

A jewellery business may fall within the applicable DPMS/DNFBP framework depending on its activities and transactions. Businesses should assess their specific circumstances and applicable regulatory obligations.

What is Customer Due Diligence?

Customer Due Diligence involves identifying and verifying customers and, where applicable, beneficial owners and controlling persons, while understanding the nature and purpose of the business relationship or transaction.

Can P&L help with AML policies and procedures?

Yes. P&L Accounting provides AML compliance support including risk assessment, AML policies and procedures, CDD/EDD processes, beneficial ownership procedures, transaction monitoring and applicable reporting support.

Get Your DPMS AML Compliance Review

Is your gold, jewellery, precious metals or precious stones business ready for AML compliance?

Speak with P&L Accounting for a practical review of your current AML framework and compliance requirements.

Book Your Free Consultation

P&L Accounting
Dubai, UAE

Phone: +971 55 984 6134
Email: admin@pandl.ae
Website: www.pandl.ae

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