AML Compliance for Precious Metals

Ensuring compliance in gold and precious metals trading

Introduction

Compliance with Anti-Money Laundering (AML) regulations is crucial in the precious metals industry. The UAE has strict laws to prevent illicit financial activities, ensuring transparency in gold and precious metals trading.

Importing Gold and Precious Metals

Importing gold into the UAE requires adherence to specific guidelines set by regulatory bodies such as the Ministry of Economy, Dubai Multi Commodities Centre (DMCC) and the UAE Central Bank. Key requirements include:

  • Valid trade licenses and customs clearance
  • Proper declaration of origin and supply chain documentation
  • Compliance with VAT and other tax obligations

Required Documents

To comply with UAE regulations, businesses must maintain records of:

  • Invoice and purchase agreements
  • Customs clearance documents
  • Supplier and buyer details
  • Proof of funds and transaction records

AML Reporting

Businesses involved in precious metals trading must report suspicious transactions to the UAE Financial Intelligence Unit (FIU). Regular audits and transaction monitoring help detect any irregularities.

KYC Protocols

Know Your Customer (KYC) procedures are mandatory for all entities trading in gold and precious metals. This includes:

  • Customer identity verification
  • Due diligence on high-risk transactions
  • Ongoing monitoring of client activities

Ensuring Compliance

To stay compliant with UAE AML regulations, businesses should:

  • Implement a robust AML compliance program
  • Conduct regular staff training on AML laws
  • Maintain transparent financial records

Contact Us

Need help with AML compliance for your bullion trading or refinery business? Contact us today!
Click here to contact us