?? Understanding DPMSR in the UAE: A Quick Overview

Today, let's delve into an important update from the UAE's Ministry of Economy – the Dealers in Precious Metals and Stones Report (DPMSR).

?? Effective Since June 12, 2021

Starting June 12, 2021, the Ministry of Economy, via Circular Number 08/AML/2021, rolled out the DPMSR. This circular mandates all UAE-based dealers in precious metals and stones to report specific transactions exceeding a set amount in the DPMSR.

?? Who's in the Reporting Loop?

All licensed dealers in precious metals and stones (DPMS) in the UAE, regardless of whether they're registered as mainland or freezone companies, must file DPMSR for transactions equal to or exceeding AED 55,000 in cash or wire transfers.

?? What Goes on the Reporting List?

Transactions that need to be reported on the goAML portal include:

• Cash transactions exceeding AED 55,000 with both resident and non-resident individuals
• Corporate entity transactions exceeding AED 55,000
• International wire transfers involving legal persons exceeding AED 55,000
• Local wire transfers via exchange houses
• Instalment transactions exceeding AED 55,000
• Unfixed gold transactions exceeding AED 55,000
• Advance payments exceeding AED 55,000
• Wire transfers from mainland to free zone companies
• Transactions between two Free Zone companies settling payments in USD via international wire transfer

?? Transactions That Get a Pass

Exempt transactions from DPMSR reporting include:

• Credit card, cheque, or bank transactions with individuals
• Exchange of old gold or gold-to-gold transactions not involving cash exceeding AED 55,000
• Local wire transfers and cheque transactions from local UAE banks
• Payments towards margin calls and loans with banks
• Intra-company transfers or cash purchase/sell transactions
• Transactions through letters of credit issued by banks
• Transactions between two Free Zone companies settling payments through the same UAE bank accounts
• Physical trade of precious metals or stones with commercial banks operating outside the UAE

?? DNFBP's To-Do List

Dealers in precious metals and stones (DPMS) are tasked with obtaining and recording identification documents of individuals involved in transactions, trade licenses of entities, and identification documents of local representatives. All these details must be submitted on the goAML platform.

??? Timeline for Filing on goAML Portal

DPMSR should be filed within two weeks of the occurrence of the receipt or payment of funds equal to or exceeding AED 55,000 through cash or wire transfer.

?? An Additional Reporting Reminder

Remember, filing DPMSR is an additional requirement. DPMS must still comply with reporting Suspicious Transaction Report/Suspicious Activity Report/Fund Freeze Report/Partial Name Match Report as applicable.