Dealers in Precious Metals and Stones Report (DPMSR) 

What is Dealers in Precious Metals and Stones Report (DPMSR)?

Ministry of Economy issued a Circular (No. 08/AML/2021 dated 02 June 2021), instructing the dealers in precious metals and stones to register the specified transactions – cash transactions or transactions through wire transfers (in case of legal person) exceeding a certain amount in the report named as Dealers in Precious Metals and Stones Report (‘DPMSR). 

The said reporting requirement was made effective from 12th June 2021. 

Who is required to file DPMSR?

All the dealers in the precious metals and stones (‘DPMS’) licensed in the UAE are obligated to report transactions equal to or exceeding AED 55,000 in cash or wire transfers (in specified cases). Irrespective of the registration as a mainland company or with a freezone, all the DMPS are required to file DPMSR for specified transactions. 

When is DPMSR to be filed?

DPMSR is to be filed where the payment is by way of any of the following: 

  1. Cash equal to or exceeding AED 55,000 
  2. Wire Transfer equal to or exceeding AED 55,000 (in specified cases) 
Dealers in Precious Metals and Stones Report-DPMSR 

What are DNFBP’s obligations?

DPMS must obtain and record the following: 

  • Identification documents of individuals with whom the transaction is executed 
  • Trade License of the entity and the identification documents of the representative of the entity with whom the transaction is executed 

Along with obtaining relevant documents pertaining to parties involved in the transaction, DPMS shall submit DPMSR on the goAML platform, capturing details of the parties and transaction. 

Documentation requirement

As part of obtaining identification documents, the following documents shall be collected: 
Documents to be obtained, if
Resident individual
  • Valid Emirates ID; or
  • Passport copy
Non-resident individual
  • Valid Government-issued ID; or
  • Passport copy
Entity/Company 
  • Trade License
  • Emirates ID or passport copy of representative
Please note that all the relevant documents pertaining to such transactions are to be maintained by the DPMS for a minimum period of five (5) years. 

What is the timeline for filing DPMSR on goAML Portal?

DPMSR is to be filed within 2 weeks of the occurrence of receipt or payment of funds equal to or exceeding AED 55,000 through cash or wire transfer.

DPMSR – An Additional Reporting

It is important to note that filing of DPMSR to report the transaction pertaining to the transaction exceeding the specified threshold is an additional requirement.  

DPMS is not absolved from the filing of Suspicious Transaction Report/Suspicious Activity Report/Fund Freeze Report/Partial Name Match Report, as and when the same are applicable. Accordingly, along with the filing of reports as prescribed earlier for reporting sanctions or suspicion, additional DPMSR is to be filed to report designated transactions. 

DPMSR Summary

Transaction Value

Transaction with  

Mode of payment

Documents obtained & reporting requirement

Equal to or exceeds AED 55,000

 
 

Resident Individual

 
 

Cash

  • Valid Emirates ID; or
  • Passport copy

Submit DMPSR on goAML platform

Non-resident Individual

  • Valid Government-issued ID; or
  • Passport copy

Submit DMPSR on goAML platform

Entities/Companies

Cash; or

Wire transfer

  • Trade License
  • Emirates ID or passport copy of representative

Submit DMPSR on goAML platform

AML UAE at your service

As one of the goAML reporting requirements in the UAE, the Dealers in Precious Metals and Stones must adopt a mechanism to identify such transactions and timely report the same. Here, we may help you understand the reporting requirements in detail, guide you around the identification of such transactions and assist in filing this report – DPMSR.

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FAQs on Dealers in Precious Metals and Stones Report (DPMSR) 

Only transactions equal to exceeding AED 55,000 are to be reported in DPMSR on the goAML portal. 

About the Author

Jyoti Maheshwari

Chartered Accountant

Jyoti has over 5 years of hands-on experience in regulatory compliance, policymaking, risk management, technology consultancy, and implementation. She holds vast experience with Anti-Money Laundering rules and regulations and helps companies deploy adequate mitigation measures and comply with legal requirements. Jyoti has been instrumental in optimizing business processes, documenting business requirements, preparing FRD, BRD, and SRS, and implementing IT solutions.