GCC Tax Theatre | UAE Compliance | Dealers in Precious Metals and Stones (DPMS) Report on the goAML portal

Introduction of DPMS Report menu on goAML portal:

On 2nd June 2021, the Ministry of Economy (MOE) has issued Circular no. 8/AML/2021 addressed to the Dealers in Precious Metals and Stone (DPMS) citing the minimum KYC information they need to obtain while undertaking certain cash transactions

Minimum Threshold warranting mandatory minimum KYC information and filing of DPMS Report:

In case the size of the cash transaction undertaken by the DPMS is equal to or exceeding AED 55,000, the requirement to obtain minimum KYC information and to filing the same via DPMS Report on the goAML becomes applicable to the DPMS.

Minimum KYC information to be obtained:

For such transaction, the DPMS must obtain the following identification documents from the customer:

1. For resident individuals, you need to obtain Emirates ID or Passport.
2. For non-resident individuals, you need to obtain ID or Passport.
3. For entities or companies, you need to obtain copy of the trade license, and Emirates ID or passport of the person representing the entity or the company.

Register the cash transaction information via DPMS Report on goAML portal:

After these particulars are obtained, the DPMS should register this information in the Financial Intelligence Unit’s (FIU’s) goAML platform using the newly created DPMS Report.

Minimum record retention period:

Furthermore, DPMS (i.e your company) must keep records of all documents and information related to the above transactions for a minimum period of 5 years.

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The Author, Muhammad Altaf Hussain, is the Territory Managing Partner for Oman and a Tax and Advisory Partner in UAE practice of AJMS Global (www.ajmsglobal.com). He may be contacted at [email protected].

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