Circular No. 08/AML/2021 On GoAML Reporting Requirements

Date: 02 June 2021

To: Dealers in Precious Metals & Stones licensed in the United Arab Emirates

Subject: GoAML Reporting Requirements

The Ministry of Economy extends its greetings, and gratitude for your ongoing cooperation.

Due Diligence and reporting requirements:

In reference to the Federal Decree-Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and financing of illegal organizations, and

The powers to issue instructions granted by Article 44 Section 2 of Cabinet Decision No. 10 of 2019 Concerning the Executive Regulation of Federal Decree-Law No. 20 of 2018 on anti- money laundering and combating the financing of terrorism and illegal organizations;

Dealers in Precious Metals and Stones must undertake the following procedures effective 12 June 2021:

1. Transactions with resident individuals: Obtain identification documents (Emirates ID or Passport) for cash transactions equal to or exceeding AED 55,000 and register the information in the Financial Intelligence Unit's ("FIU") GoAML platform using the recently created 'Dealers in Precious Metals and Stones Report' (DPMSR).
2. Transac...