Dealers in precious metals and stones (DPMS) must report transactions involving cash or wire transfers exceeding AED 55,000 to the Financial Intelligence Unit (FIU) by filing a dealer in precious metals and stones report (DPMSR) on the goAML portal. The relevant person, a DPMS, should develop appropriate anti-money laundering (AML) policies and procedures for identifying transactions involving cash or wire transfers exceeding the given threshold and adequately filing a DPMSR on the goAML portal.

This Practice Note elaborates on how DPMS can identify and report the designated transactions to the FIU.

• AML: Anti-money laundering.

• Authorised person: Authorised firm or an authorised market institution.

• Authorised firm: An authorised person who holds a licence to carry on one or more financial services in or from the DIFC and is not an authorised market institution.

• Authorised market institution: An authorised person operating an exchange, a clearing house or an alternative trading system.

• Beneficial owner: A beneficial owner includes the following:

  • In relation to a customer, means a natural person who ultimately owns or controls the customer or a natural person on whose behalf a transaction is conducted, or a business relationship is established.

  • In relation to a body corporate: