About Dealers in Precious Metals and Stones Report (DPMSR)
The Ministry of Economy issued Circular No. 08/AML/2021 dated 02 June 2021, which introduces a new requirement for dealers involved in the trade of Precious Metals and Stones.
This circular mandates the registration of specific transactions, including cash transactions or transactions conducted through wire transfers (for legal persons), that exceed a certain threshold. These transactions are to be reported in a designated report called the Dealers in Precious Metals and Stones Report (DPMSR).
It is important to note that this reporting obligation came into effect on 12th June 2021. Dealers in the precious metals and stones sector are now required to adhere to this new reporting requirement as outlined in the circular issued by the Ministry of Economy.
Who are required to file the DPMSR?
According to the information you provided, the circular issued by the Ministry of Economy instructs Dealers in Precious Metals and Stones to submit the Dealers in Precious Metals and Stones Report (DPMSR).
When is DPMSR required to filed?
- Transaction with Resident Individual:
The Dealers are obligated to report cash transaction equal to or surpassing AED 55000 involving the Resident Individual in DPMSR. - Transaction with Non-Resident Individual:
The Dealers are obligated to report cash transaction equal to or surpassing AED 55000 involving the Non-Resident Individual in DPMSR. - Transaction with entities/companies:
The Dealers are obligated to report transaction through cash or wire transfer equal to or surpassing AED 55000 involving the Non Resident Individual in DPMSR.
Identification Documents when Buyer is Legal Person
Identification documents must include following:
- Trade License;
- Articles of Association;
- Register of Beneficial Owners;
- Emirates ID or passport copy for all Beneficial Owners;
- Emirates ID or passport copy for all shareholders/partners.
Identification Documents when Buyer is Individual
The Dealer in Precious Metal and Stones have to obtain:
- Valid Emirates ID; or
- Passport Copy.
Record Keeping
Dealer in Precious Metal and Stones is obliged to maintain records of all documents and information pertaining to the transactions mentioned above for a minimum period of 5 years.
Dealer in Precious Metal and Stones Report (DPMSR) does not release Dealer in Precious Metal and Stones from their current obligations to submit other types of reports via go-AML which includes:
- Suspicious Transaction Report (STR);
- Suspicious Activity Report (SAR);
- Funds Freeze Report (FFR);
- Partial Name Match Report (PNMR);
- High Risk Country Report (HRC);
- High Risk Country Activity Report (HRCA).
