Industry
AML Screening for Gold and Precious Metals Dealers in the UAE
Dealers in gold, diamonds and precious stones handle high-value, portable goods. Screening customers and suppliers is a core part of a defensible compliance programme.
Supports your UAE AML/CFT obligations
Screening records and audit trails help firms supervised by these UAE authorities evidence their checks. Your compliance team remains responsible for meeting your regulator's requirements.
CBUAE
Central Bank of the UAE
goAML
UAE FIU suspicious activity reporting
MoE
Ministry of Economy — DNFBP supervision
DFSA
Dubai Financial Services Authority
ADGM
Abu Dhabi Global Market
VARA
Virtual Assets Regulatory Authority
Who it's for
- Gold jewellery retailers
- Bullion wholesalers
- Diamond and gemstone dealers
- Precious metals refiners
- Scrap gold buyers
How it works
- 1
Assess the trade
Record goods, value, payment method, counterparties and trade route; determine applicable UAE dealer DNFBP requirements for the activity.
- 2
Identify customers and suppliers
Collect and verify required identity and company information, identify beneficial owners and establish who is acting for whom.
- 3
Screen trading parties
Check customers, suppliers, identified owners and relevant intermediaries for sanctions, PEP and adverse media risk.
- 4
Investigate and approve
Review alerts alongside cash funding, provenance documents and commercial rationale; escalate unresolved concerns and apply required sanctions measures.
- 5
Revisit and report
Rescreen repeat counterparties, retain trade and review evidence and assess suspicious activity and other applicable reporting through goAML.
Key features
Portable high-value goods
Screening helps assess the parties exchanging readily transferable gold or stones; valuation and the legitimacy of funds require separate checks.
Cash-intensive retail sales
Add sanctions and PEP context to customer reviews while separate controls examine unusual cash behaviour and potentially linked purchases.
Overseas supplier exposure
Screen suppliers and identified owners in international supply chains, then assess origin and shipping documentation separately.
Scrap and recycled gold sourcing
Review suppliers for relevant adverse information alongside evidence of provenance; absence of a screening hit does not establish lawful origin.
Intermediaries and hidden owners
Screen agents and identified controllers where relevant, and investigate unexplained ownership layers or payment by unrelated parties.
Repeat wholesale relationships
Rescreen established buyers, refiners and trading partners as details or risk data change to support ongoing UAE DNFBP due diligence.
A typical dealer workflow
- Screen retail and wholesale customers before high-value sales
- Check suppliers, refiners and trading counterparties
- Rescreen regular trading partners on an ongoing basis
Relevant products
WorldCompliance Online works well for retail counters; Bridger Insight supports wholesale traders with larger counterparty lists.
Frequently asked questions
Does supplier screening prove that gold was responsibly sourced?
No. Screening assesses risk information about parties. Responsible sourcing and provenance reviews need their own evidence, supply-chain enquiries and applicable controls.
How should a dealer assess several apparently linked cash purchases?
Review the purchases together, establish the parties and funding context and escalate indicators of avoidance or unexplained activity. Name screening cannot identify transaction patterns by itself; keep activity review distinct.
What if a bullion supplier uses an unrelated company to receive payment?
Identify the recipient, understand its relationship to the supplier and assess relevant ownership and screening checks. Obtain a credible commercial explanation before making a risk decision.
Which dealer records help a goAML assessment?
Keep customer and supplier identifiers, ownership details, invoices, payment information, provenance evidence where relevant and the documented concern. Assess required suspicious activity and any applicable prescribed dealer reports separately under current UAE rules.
See it working on your own customer data
A short demo with our UAE team — no obligation.