Understanding DPMSR Obligations under UAE AML Regulations
Understanding DPMSR Obligations under UAE AML Regulations
All UAE-licensed Dealers in Precious Metals and Stones (DPMS) are required to report transactions of AED 55,000 or more conducted in cash or via wire transfer (as applicable). The reporting requirement is applicable to all DPMS, whether licensed on the mainland or in free zones, and must be fulfilled through the GoAML platform by filing a DPMSR.
Transactions to be Reported under DPMSR
- 💵 Cash transactions with resident individuals ≥ AED 55,000
- 💵 Cash transactions with non-resident individuals ≥ AED 55,000
- 💵 Cash transactions with corporate entities (legal persons) ≥ AED 55,000
- 🌐 International wire transfers involving corporate entities ≥ AED 55,000
- 💱 Local wire transfers made through an exchange house
- 🪙 Instalment transactions in cash ≥ AED 55,000 (report when funds are received)
- 🟡 Unfixed gold transactions involving cash ≥ AED 55,000
- 💰 Advance payments in cash ≥ AED 55,000 (report when funds are received)
- 🌍 Wire transfers from a mainland/onshore company to a Free Zone company (not part of the same group)
- 🏢 Transactions between two Free Zone companies settled in USD through international wire transfer
Transactions Exempt from DPMSR Reporting
- 💳 Credit card, cheque, or bank transactions with individuals (any amount)
- 🪙 Exchange of old gold or gold-to-gold transactions (no cash ≥ AED 55,000 involved)
- 🏦 Local wire transfers and cheque transactions from a local UAE bank
- 📈 Payments towards margin calls or loans with banks
- 🔁 Intra-company transfers or purchase/sale in cash (any amount)
- 📄 Transactions through Letters of Credit issued by banks
- 🏦 Transactions between Free Zone companies through accounts in the same UAE bank
- 🌐 Physical trade with foreign commercial banks regulated outside the UAE
Record-Keeping Requirements
To support regulatory compliance, DPMS must:
- Obtain identification documents from all parties involved in reportable transactions.
- Submit the DPMSR on the GoAML platform, ensuring accurate party and transaction details.
- Retain all related documentation for a minimum of five (5) years from the transaction date.
⏳ Timeline for Filing DPMSR
- DPMSR must be filed once a receipt or payment equals or exceeds AED 55,000 (via cash or wire transfer).
- The report must be submitted within 2 weeks of the receipt or payment.
⚠️ Timely filing and proper record keeping are essential to remain compliant and avoid regulatory enforcement or penalties.
For expert AML advisory and implementation support: 📱 055 689 0505 | 📧 [email protected]
