Background for including under the scope of AML
Precious metals and stones form an important part of UAE’s economy. Though they provide valuable and legitimate commodity to the global trading segment, experience shows that these sectors are under high risk of attracting illicit transactions. It is an easy channel to route, conceal or invest illegitimate funds. An effective AML/CFT framework can regulate the operation of this market by detecting ,discouraging and prosecuting any money laundering/ terrorism financing crimes.
When to be considered for AML Reporting purpose?
• When they carry out a single transaction or a series of transactions that are interrelated whose monetary value equals or exceeds AED 55,000
Reporting Requirements Circular 08/2021 effective from 12th June, 2021
|Customer||Resident Individuals||Non – Resident Individuals||Entities/Companies|
|Mode of transaction||Cash||Cash||Cash/Wire transfer|
|Value||>=AED 55,000||>=AED 55,000||>=AED 55,000|
|Record keeping||Retain all documents and information relating to the above transactions for a minimum period of 5 years.||Retain all documents and information relating to the above transactions for a minimum period of 5 years.||Retain all documents and information relating to the above transactions for a minimum period of 5 years.|
Key Obligations of DPMS
- Identifying and assessing Money laundering /Financial Transactions risks.
- Establishing ,Defining and documenting internal policies, procedures and controls as listed below:
- Performing customer due diligence to understand your customer and the true beneficial owner.
- Screening based on sanction list.
- Risk profiling based on customer, geography, product, service , delivery channel, volume etc.
- Enhanced Due Diligence for high risk clients
- Submit the Suspicious Transactions Report to Financial Intelligence Unit (FIU)
- Record keeping for a period of
- Setting up adequate governance framework including appointing an AML/CFT Compliance Officer & adequate staff/employee AML/CFT training
- On going monitoring of the above obligations